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Mortgage rate competition heats up, expected to drop below 5% by Christmas

Interest rates news 2024

New Zealand’s banks are entering a competitive “war” over home loan rates, with mortgage brokers predicting that rates could drop below 5% before Christmas.

ANZ’s secret 5.65% rate and TSB’s advertised 5.99% have set the stage for further reductions, with rates already falling from over 7% last November to around 5.8% in September.

As competition intensifies, experts believe that one-year and three-year fixed rates could drop further. However, the drop in mortgage rates has also led to a decrease in savings and term deposit rates, reflecting the shifting economic environment.

Image credit: Picas Joe

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2 COMMENTS

  1. Mortgage rates- down!
    House prices-UP
    Result- indefinite housing UN-affordability!
    Special sales and mortgage rates will probably be applied for the :15 Minute City human dog kennels posing as 80 square meter ‘Smart Homes’… attached to each other with high Council Rates irregardless of the size of the dog kennel itself…

    • I appreciate you think for yourself and not for others. We all do.

      The peak of the market was 2021. Those people who purchased then have lost their deposit and some even more. Years of saving and going without to get started. To create a nest for family.

      Forced to top up or sell by their bank. Abandoned by their government. I am not surprised they fled this once fiscally sound nation for other nations who are.

      At this time, retail interest rates need to be no more than 2.75% just to hold the rot. Business are falling over. Vacant commercial is sweeping the nation. That Reserve Bank governor should be dismissed for inaction.

      If the members of government thinks for themselves too, it would be also wise and without delay, get immigration from like-minded and compatible nations moving here for the same very reason. MP’s popularity and job depends on it.

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