Home buyers paddle, as mortgage rates hit high water mark

Home buyers paddle, as mortgage rates hit high water mark
About 23% of fixed-rate mortgages will roll over by the end of March. (Image: Getty)
Brent Melville
With mortgage rates about to head above 7%, new home buyers struggling to get finance are looking at other options.Julius Capilitan, managing director of Century 21 Financial, said the firm had experienced an upsurge in calls, particularly from first-home buyers who may now not qualify under standard lending criteria.At issue are the test servicing rates – generally 2% higher than the bank’s carded floating interest rate and intended to provide interest rate 'headroom' – which have now climbed to 8.15%. That&rsquo...

More Finance

ANZ vows to fight CCCFA class action despite ASB settlement
Finance

ANZ vows to fight CCCFA class action despite ASB settlement

“ANZ NZ will continue to defend its case. Our position hasn’t changed.” 

ASB settles CCCFA class action for hefty $135.6m
Finance

ASB settles CCCFA class action for hefty $135.6m

 It ended a four-year class action centred on disclosure obligations.

Andy Macdonald 07 Oct 2025
ASB pays $135.6m to settle long-running CCCFA class action
Finance

ASB pays $135.6m to settle long-running CCCFA class action

High-street lender ASB has agreed to pay $135.6 million to settle a class action brought against it for alleged breaches of the Credit Contracts and Consumer Finance Act (CCCFA).The settlement – without admission of liability or wrongdoing – concluded four years of legal proceedi...

Staff reporters 07 Oct 2025