Record levels of home loans were approved in December 2015. For two weeks in a row more than $1.5 Billion of new lending was approved. In the seven days till 11 December 2015 $1.56 Billion was approved making it the highest value of home loans approved in a week since records began.
However a week later $1.59 Billion was approved making it the new record. Auckland property value growth has cooled over the past couple of months so the buying activity is occurring in the regions.
Property investors have well and truly set their sights on properties in Waikato, Bay of Plenty, Northland and as far south as Wellington and property values are on the rise.
SBS has recently raised it’s lowest home loan rate to over 4 percent. Their one year rate was 3.99 percent and it is now advertised on their website at 4.35 percent. This could be the sign borrowers have been looking for to now lock in fixed rates says Kris Pedersen of Kris Pedersen Mortgages.
There are no fixed rates for under 4 percent any longer. The lowest around is 4.25 percent from HSBC says Kris. While there was record lending in the build up to the holidays i.e pre Christmas normal lending levels are expected from now on.
In a news item on NZHerald Massey University banking expert David Tripe suggested mortgage holders holding large amounts of debt coming off fixed rates should look at fixing again soon.
This blog article was written for PropertyBlogs by Mobilize Mail.