New residential mortgage standard interest rates - B20

Released
07 December 2018 03:00 p.m.
Next release
11 January 2019 03:00 p.m.
Source
Reserve Bank of New Zealand
Periodicity
Monthly
Previous years: Monthly:
Nov 2016 Nov 2017 Jul 2018 Aug 2018 Sep 2018 Oct 2018 Nov 2018
New standard residential mortgage interest rates (average % end of month)
Floating1 5.70 5.75 5.77 5.77 5.77 5.77 5.77
6 months1 5.13 5.10 5.14 5.14 5.09 5.07 5.04
1 year1 4.94 4.89 4.83 4.81 4.78 4.77 4.72
18 months1 .. 4.93 4.85 4.85 4.76 4.70 4.70
2 years1 5.09 5.08 5.01 5.00 4.93 4.92 4.91
3 years1 5.33 5.30 5.26 5.26 5.09 5.04 5.05
4 years1 5.37 5.72 5.65 5.61 5.38 5.33 5.33
5 years1 5.74 5.92 5.86 5.80 5.56 5.51 5.51
  1. The interest rates recorded here are simple averages of the advertised (or ‘carded’), standard, first mortgage interest rates offered by banks to new borrowers for residential property. Any special rates or discounts offered to borrowers with conditions (e.g. 30 percent equity) are excluded from the results.

The data: coverage, periodicity, and timeliness

Coverage characteristics

New customer standard residential mortgage average interest rates at the end of month for registered banks.

Periodicity

Monthly.

Timeliness

Data is published approximately five weeks after the end of the reference month.

Access by the public

Data Release

Data is released on the Reserve Bank’s Statistics page.

Statistics release calendar

The Statistics Release Calendar provides a long-term plan of scheduled releases. It is updated and released on the first working day of the month.

View the Statistics Release Calendar page.

Integrity

Dissemination of terms and conditions under which official statistics are produced, including confidentiality of individual responses

Data are collected under Section 36 of The Reserve Bank of New Zealand Act 1989 (The Act).

Read the Reserve Bank of New Zealand Act 1989.

The Reserve Bank of New Zealand publishes only aggregated data. Individual institutional data is confidential.

Provision of information about revisions and advance notice of major changes in methodology

Revisions are generally published when the table is next due to be updated and released. Should revisions need to be made more promptly, a note is posted on the website as a special note.

Any major changes in methodology are posted on the website as a special note.

Quality

Dissemination of documentation on methodology and sources used in preparing statistics

A copy of the survey template and definitions is available here.

Dissemination of statistics that support statistical cross-check and provide assurance of reasonableness

The Reserve Bank publishes data on the weighted floating first mortgage new customer housing rate in the Retail interest rates on lending and deposits (B3).

Interest.co.nz publishes mortgage interest rates for a range of terms.

New customer average rate

The interest rates recorded here are simple averages of the advertised (or ‘carded’), standard, first mortgage interest rates offered by banks to new borrowers for residential property. Any special rates or discounts offered to borrowers with conditions (e.g. 30 percent equity) are excluded from the results.

Please note that the same floating interest rate source is published as a weighted average advertised rate for standard first mortgage interest rate borrowers in the B3 web table compared to a simple average in B20 – so the two rates will not necessarily align.

New interest rate series published

The Reserve Bank has been working with banks to collect a wider range of advertised interest rates for both deposits and mortgage lending in a new Retail Interest Rates Survey.

At the beginning of this year we published revised data for “New residential mortgage standard interest rates” (table B20). We have now extended the series released from this survey and have published a new table, B21: New residential mortgage special interest rates. Both these tables are simple averages. Both tables now include fixed rates for 18 months.

Special (or ‘discounted’) interest rates are advertised first mortgage interest rates offered by banks to new borrowers for residential property. Special rates or discounts are offered to borrowers who meet specific lending criteria, terms or conditions (e.g. at least 30 percent equity).

Over the coming months, we plan to release further series from this survey, including interest rates for:

  • Interest bearing call savings accounts, and
  • Interest bearing term and term PIE deposits.

If you have any questions please contact stats-info@rbnz.govt.nz.

Symbols and conventions for summary table

0 Zero or value rounded to zero
- Not applicable
.. Not available
bold Revised/new
italics Provisional
light red background Historical

General notes

  • Individual figures may not sum to the totals due to rounding
  • Percentage changes are calculated on unrounded numbers
  • You are free to copy, distribute and adapt these statistics subject to the conditions listed on our copyright page.