- April 23, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Challenger Bank SBS Makes Big Splash in Mortgage Market
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****** just grabbed a
SBS tends to try and separate themselves from the (smaller) pack usually. From memory they were the first bank to be offering 5 or 6% term deposit rates when interest rates were rising (miles ahead of what other main banks were offering). Banks eventually followed suit but it took a few months.
This is reminiscent of BNZ offering 4.99% for 1 year mortgage (about a year/year and a half ago).
My feeling is that the mortgage market is hurting really bad. No one really wants to drop their rates so I would expect SBS to be an exception. If one of the big four/five come out with a huge drop somewhere we may see some steeper competition.
The vast majority of what mortgages being taken up are 6 month/1 year terms at the moment. 6.84-6.99%. I expect this to drop about 0.05% every month or so but wouldn’t expect a huge drop of 0.25% for example. There is just too much money to be made by banks in this tough period of time and I expect they want to ride this smooth wave down very nice and slowly until we eventually see any rate cuts from the RBNZ.
How would any of us know?
But IMO it’s unlikely,
Also worth noting this is the 3yr rate.
The 1 & 2 yr rates are still significantly higher.
My mortgage is with SBS at 3.75%. Up for renewal in December. Fingers crossed rates ease a bit by then.
That’s a 3 year rate. I’d be hesitant to lock that in tbh.
Very very unlikely. SBS is too small for the big banks to notice the loss of share and the three year term was a poor choice (made to manage costs because no one is taking it). This is just for marketing not an actual good offer for consumers. 6 and 12 months are the same as the big banks and their 24 month rate is a whopping 6bps lower than the big banks.
Interest shouldn’t have wasted their time with a full article.
They’re just trying to lock
In some high quality lending for the next 3 years. Also suggests rates aren’t going much lower over the next three years.
No, big banks have already made a statement they only compete against each other. They have excluded Kiwibank too.
Big 5 have 96% of the market. That 4% left in the market have a big bunch of little banks fighting over them.