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News Round Up

Monday, February 19th 2001, 6:54AM

The net worth of New Zealand households fell for the fourth consecutive quarter in December according to the latest WestpacTrust Household savings indicators.

They say that household net worth fell by $1.5 billion or 0.7% and is now $5 billion (2.4%) lower than a year ago.

While household net worth is down, financial net worth, that is the number less housing assets and liabilities, is up nearly 0.7%.

A declining net worth is being attributed to a growth in liabilities with households borrowing an additional $1.1 billion more in the December quarter than the previous one.

NZ Institute of Economic Research director Alex Sundakov says because house prices are rising more slowly than in the mid-1990s, housing is becoming less attractive for investments.

More fallout possible
The New Zealand Society of Investment Professionals (NZSIP) says the fall out from Lion Nathan's raid on Montana is likely to have detrimental effects on the country's savings rate.

It says local minority investors will continue to avoid investing in the New Zealand market due to a lack of confidence or trust in the rules that govern market participants and the behaviour of those participants.

NZSIP president Louis Boulanger says that with the possibility of similar corporate activity before a new takeover code comes into force on July 1 is likely to an even greater loss of investor confidence.

"The potential damage to New Zealand's reputation as an investment destination from continued inaction on the legislation front could be significant."

Boulanger says a new NZ code should be based on the one used in the US.

New book


If you invest in Australian shares you will need a copy of the Australian Investment Handbook. This book is available in the bookstore for $25.95.

The book is a sister copy to the popular New Zealand Investment Year Book published by Datex. The book profiles major Australian listed companies and stock exchange information.

Buy the book now by clicking here

« More options for ethical investorsGet your tax questions answered online »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.74 4.89 5.05 5.10
ANZ Special - 4.39 4.49 -
ASB Bank 5.75 4.85 4.99 5.25
ASB Bank Special - 4.39 4.49 4.75
BankDirect 5.75 4.85 4.99 5.25
BankDirect Special - 4.39 4.49 4.75
BNZ - Mortgage One 6.40 - - -
BNZ - Rapid Repay 5.85 - - -
BNZ - Special - 4.39 4.39 4.49
BNZ - Std, FlyBuys 5.79 4.85 5.09 5.25
BNZ - TotalMoney 5.79 - - -
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 6.70 - - -
Credit Union Baywide 5.95 5.25 5.15 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct 6.10 6.45 6.69 7.10
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heretaunga Building Society 5.75 4.85 5.05 -
Housing NZ Corp 5.74 4.85 4.99 5.10
HSBC Premier 6.10 4.25 4.49 4.99
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - 4.25 4.25 -
ICBC 5.60 4.69 4.69 4.99
Kiwibank 5.65 4.85 5.00 5.25
Kiwibank - Capped - - - -
Kiwibank - Offset 5.65 - - -
Kiwibank Special - 4.39 4.49 4.85
Liberty - - - -
Napier Building Society 6.50 5.80 6.70 -
Nelson Building Society 6.35 5.20 5.40 -
NZ Home Loans 5.85 4.85 4.99 5.25
Perpetual Trust 7.70 - - -
Lender Flt 1yr 2yr 3yr
Resimac 5.59 5.24 5.29 5.39
SBS Bank 5.74 4.85 4.99 5.10
SBS Bank Special - 4.35 4.35 4.65
Sovereign 5.85 4.85 4.99 5.25
Sovereign Special - 4.39 4.49 4.75
The Co-operative Bank 5.70 4.39 4.49 4.75
TSB Bank 5.74 4.85 4.95 5.25
TSB Special - 4.35 4.29 4.79
Wairarapa Building Society 6.20 5.75 5.95 -
Westpac 5.85 4.85 5.05 5.10
Westpac - Capped rates - 6.15 6.15 -
Lender Flt 1yr 2yr 3yr
Westpac - Offset 5.85 - - -
Westpac Special - 4.39 4.39 4.65
Median 5.85 4.85 4.99 5.10

Last updated: 10 February 2016 10:11am

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