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News Round Up

Charges laid in contributory mortgage case, Colonial FS stars, UDC's new rates.

Sunday, February 11th 2001, 4:08PM

The Companies Office has laid civil and criminal charges against three people involved in the Reeves Moses contributory mortgage saga, according to NBR.

The charges, under the Securities Act and the Securities Act (Contributory Mortgage) Regulations, relate to $23.8 million worth of contributory mortgages Reeves Moses put its clients into in 1998.

Brisbane-based Harts Group, which bought Reeves Moses just over a year ago, said previously that a pre-listing internal audit revealed that "a number (of the mortgages) contained breached of the Contributory Mortgage regulations, some of which could have resulted in a loss to contributors."

Harts and the planning firm's former owner, ASB Bank subsidiary Sovereign, spent $23.8 million last year buying investors out of the mortgages.

Colonial First State stars


Morningstar has reinstated the star it took off Colonial First State Investments (CFSI) in May last year.

Back then the research house dropped CFSI's rating from four stars to three following ownership changes and a decision to discontinue its Wellington-based Australiasian equities portfolio manager role.

Colonial's new owners, Commonwealth Bank of Australia, has kept CSFI distinct and run autonomously.

Morningstar says the firm has a competent team working to regenerate and consolidate its business.

New UDC rates
UDC has made some changes to its latest deposit rates.

Its Secured Term Investment rate for one year is 6.05%, and its five year rate is 6.50% (min $25,000).

The Telephone Call Account for sums of more than $100,000 is 6.15%. The rate for $20,000 to $100,000 is 6% and for amounts between $5,000 and $20,000 UDC is paying 5.75%.

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 6.74 5.89 5.99 6.29
ANZ Special - 5.39 5.39 5.79
ASB Bank 6.75 5.99 5.99 6.39
ASB Bank Special - 5.59 5.39 5.59
BankDirect 6.75 5.99 6.09 6.39
BankDirect Special - 5.59 5.39 5.59
BNZ - Classic - 5.69 5.39 5.59
BNZ - Mortgage One 7.15 - - -
BNZ - Rapid Repay 6.74 - - -
BNZ - Std, FlyBuys 6.74 5.89 6.19 6.29
BNZ - TotalMoney 6.74 - - -
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.45 5.95 5.99 -
Credit Union North 6.45 - - -
Credit Union South 5.75 - - -
eMortgage 6.04 6.15 6.69 7.19
Finance Direct 6.10 6.45 6.69 7.10
First Credit Union 6.45 - - -
General Finance 5.95 6.25 6.50 7.10
HBS Bank 6.65 5.69 5.39 5.69
HBS Special - 5.59 5.19 5.49
Heartland 6.70 7.00 7.25 7.85
Lender Flt 1yr 2yr 3yr
Heretaunga Building Society 6.70 5.70 5.40 -
Housing NZ Corp 6.74 5.70 6.09 6.29
HSBC Premier 6.84 5.65 5.65 5.65
HSBC Premier LVR > 80% - - - -
HSBC Special - 5.29 5.29 5.29
ICBC 6.75 5.99 6.39 -
Kiwibank 6.65 5.69 6.09 6.29
Kiwibank - Capped - - - -
Kiwibank - Offset 6.55 - - -
Kiwibank LVR > 80% - - 5.55 5.55
Liberty - - - -
Lender Flt 1yr 2yr 3yr
Napier Building Society 5.80 6.00 6.70 -
Nelson Building Society 6.95 6.15 6.60 -
NZ Home Loans 6.85 6.09 6.40 6.65
Perpetual Trust 7.70 - - -
Resimac 6.59 5.92 5.95 6.04
SBS Bank 6.65 5.69 5.39 5.69
SBS Bank Special - 5.59 5.19 5.49
Silver Fern 5.95 6.10 6.55 7.05
Sovereign 6.85 5.99 6.09 6.39
Sovereign Special - 5.59 5.39 5.59
The Co-operative Bank 6.70 5.59 5.39 5.59
Lender Flt 1yr 2yr 3yr
TSB Bank 6.74 5.70 5.70 6.00
TSB Special - - 5.35 5.60
Wairarapa Building Society 6.20 5.75 5.95 -
Westpac 6.59 5.99 6.19 6.39
Westpac - Capped rates - 6.74 6.99 -
Westpac - Offset 6.59 - - -
Westpac Special - - 5.39 5.89
Median 6.70 5.89 5.97 6.00

Last updated: 25 March 2015 9:26am

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