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.
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Resimac Home Loans Product
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Initial Rate
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+/-
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Standard Loan
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6.09%
7.09% if LVR > 80%
8.09% if LVR > 85%
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0.25%
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Standard Plus - Level 1
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7.9%
8.15% if LVR > 65%
8.4% if LVR > 70%
8.65% if LVR > 75%
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0.25%
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Standard Plus - Level 2
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8.55%
8.9% if LVR > 65%
9.3% if LVR > 70%
9.8% if LVR > 75%
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0.25%
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Standard Plus - Level 3
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9.35%
9.9% if LVR > 65%
10.5% if LVR > 70%
11.3% if LVR > 75%
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0.25%
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Low Doc Loan
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7.59%
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0.25%
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Low Doc Plus - Level 1
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8.3%
8.65% if LVR > 65%
9.05% if LVR > 70%
9.65% if LVR > 75%
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0.25%
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Low Doc Plus - Level 2
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9.05%
9.65% if LVR > 65%
10.3% if LVR > 70%
11.2% if LVR > 75%
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0.25%
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Low Doc Plus - Level 3
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10.05%
10.9% if LVR > 65%
11.9% if LVR > 70%
13.05% if LVR > 75%
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0.25%
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Check out the new rates in iLend™.
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