Finware Focus

1 May 2014 - Westpac and Resimac Rate Updates

Effective 1st May, a couple of the lenders in New Zealand have updated their rates. Westpac introduced a new 4 year fixed special, and Resimac increased their variable rates following the Reserve Bank’s increase to the Official Cash Rate.

Westpac introduced a new 4 year fixed special at 6.59% p.a.

Eligibility criteria is as follows:

  • Minimum of 20% deposit and a minimum of 20% of the loan on floating (Choices Floating, Everyday Floating and Offset are eligible).
  • Salary/wages credited to a Westpac transactional account plus one other Westpac product.

In addition, Westpac reduced their 2 year fixed rate by 0.30% p.a. to 6.19% p.a.

Resimac increased their variable rates by 0.25% p.a. in line with the increase of the Official Cash Rate by the Reserve Bank. The new rates apply to all new and existing customers on 2nd May, 2014.

Resimac Home Loans Product

Initial Rate

+/-

Standard Loan

6.09%
7.09% if LVR > 80%
8.09% if LVR > 85%

0.25%

Standard Plus - Level 1

7.9%
8.15% if LVR > 65%
8.4% if LVR > 70%
8.65% if LVR > 75%

0.25%

Standard Plus - Level 2

8.55%
8.9% if LVR > 65%
9.3% if LVR > 70%
9.8% if LVR > 75%

0.25%

Standard Plus - Level 3

9.35%
9.9% if LVR > 65%
10.5% if LVR > 70%
11.3% if LVR > 75%

0.25%

Low Doc Loan

7.59%

0.25%

Low Doc Plus - Level 1

8.3%
8.65% if LVR > 65%
9.05% if LVR > 70%
9.65% if LVR > 75%

0.25%

Low Doc Plus - Level 2

9.05%
9.65% if LVR > 65%
10.3% if LVR > 70%
11.2% if LVR > 75%

0.25%

Low Doc Plus - Level 3

10.05%
10.9% if LVR > 65%
11.9% if LVR > 70%
13.05% if LVR > 75%

0.25%

 

Check out the new rates in iLend™.

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