A review of things you need to know before you go home on Friday; Westpac adds TD 'special'; rents on the move, RBA sees rate cut danger, foreign buyer data, swaps fall, NZD inches higher

Here are the key things you need to know before you leave work today.

MORTGAGE RATE CHANGES
No rate changes to report today.

DEPOSIT RATE CHANGES
Westpac has raised its nine month ‘special’ to 3.60%, a +35 bps increase.

OUR COMPREHENSIVE RENT REVIEW
Based on the latest MBIE data, housing rents in Auckland are up as much as +11.1% year-on-year. Queenstown rents are up an eye-watering +26.7% compared to a year ago with increases in parts of Wellington also in double digits, Auckland is not far behind, Christchurch rents are declining however. Our data is based on the January tenancy bond filings.

THE DANGER OF RATE CUTS
The RBA governor appeared before Australian federal parliamentarians today in Sydney. He sees ‘green shoots’ of growth recovery in Australia, mainly based on an uptick in mining capex, and the flow from huge gas exports. He also said he is reluctant to cut interest rates further because the effect that will have on housing affordability.

AUSSIE MORTGAGE BROKERS ALL HET UP
Mortgage brokers in Australia are reacting badly to the CBA removing their credentials if they did zero business with the bank in the past year. Somehow they are claiming this ‘removes choice’ and ‘ the bank was incentivising brokers to sign up customers to home loans against a customers’ best interests’. Can’t see the issue myself.

A BIG DAIRY LOSS
And staying in Australia, dairy company Murray Goulburn has posted a -AU$31.9 mln loss in its half-year financial statement, as milk supplies fall more than -20%. Bellamy’s also reported today and that ship seems steadier.

DATA ON [SOME] FOREIGN BUYERS
Land Information NZ released the full 2016 data on the questions it asked people when they bought, sold or transferred real estate. The data also reveals Auckland results. Basically it showed that 2% to 5% of people who bought property were “overseas tax resident” buyers.

WHOLESALE RATES FALL
Across the board we have seen -1 and -2 bps fall in wholesale interest rates today. That follows Wall Street which is losing conviction that the US Fed will actually raise rates in 2017. And today’s 90 day bank bill rate is down yet another -1 bp and now at 1.99%.

NZ DOLLAR UP MARGINALLY
The NZD is slightly higher again today and now at 72.2 USc. On the cross rates we are slightly higher at 93.7 AUc, and a bit stronger at 68.3 euro cents. The TWI-5 index is now at 77.7. Check our real-time charts here.

You can now see an animation of this chart. Click on it, or click here.

Daily exchange rates

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for(i=0;i

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