A mixed market: NZMortgages

The mortgage market is a mixed bag with widely varying rates.

Nathan Migilani, Director NZ Mortgages

The market is stabilising, but we’re seeing widely varying rates on offer – even within the same bank, with one rate for customers dealing direct, and then a lower rate for those working with mortgage advisers.

Why is this happening? Banks follow rules about how much they can lend on ‘low deposit’ deals (under 20 percent deposit). If the numbers aren’t adding up, they’ll want more business from customers, with at least a 20 percent deposit.

As the banks get their numbers into line, we will see less variation, and hopefully less volatility, across the board as inflation comes under control, and the OCR starts to stabilise.

In terms of interest rates, we’re near the peak and by the end of the year we might see rates easing. Fixing for one year or 18 months is probably best, but circumstances differ for everyone, so talk to a mortgage adviser first.

If you need to renew, restructure or refinance, contact NZ Mortgages on 0800 100 300 or email hello@nzmortgages.co.nz. And if you require new lending for a first home, next home, or investment property, we can help with that too.



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