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Mortgage brokers need to be regulated: Caird

Mortgage Choice executive director Miranda Caird says mortgage brokers need to lift their game and the industry should be regulated.

Thursday, July 26th 2001, 7:21AM

by Philip Macalister

The head of Mortgage Choice in New Zealand, Miranda Caird, is calling for all mortgage brokers to be regulated.

"I would like to see (mortgage broking) legislated," she told a session at last week's Financial Planners and Insurance Advisers Association Conference in Christchurch.

Currently, mortgage brokers aren't covered by any form of regulatory control and anyone can call themselves a broker.

Lenders estimate there are about 1000 people selling mortgages in New Zealand and that number is likely to grow as mortgage brokers capture a bigger slice of the market.

Estimates are that brokers account for about 25% of all the mortgages written in New Zealand each year, and that figure, based on international trends, is likely to grow to 40%.

About half of the brokers belong to the Mortgage Brokers Association.

Caird, who was a founder of the association, no longer belongs to it.

She told the FPIA conference that the MBA's standards weren't high enough.

"I'm not prepared to be part of it until it lifts its standards."

She says her franchise operation has high standards than the association, and "they have to come up to us."

Caird says mortgage broking is at an adolescent stage in its development. As it matures minimum standards will rise and it will be difficult for one-man bands to survive.

Dunedin-based Mortgage Choice has 28 offices in New Zealand and is currently trying to expand its number of franchises in Auckland and Christchurch.

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You can read Philip's blog here: http://www.goodreturns.co.nz/blog/

« Housing figures a mixed bagMortgage Brokers Association claims high standards »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AMP Home Loans 7.24 5.79 6.39 6.65
AMP Home Loans $200k+ 7.14 5.69 6.29 6.55
AMP Home Loans LVR <80% - - 5.85 6.29
ANZ 6.74 6.15 6.49 6.49
ANZ LVR > 90 6.74 6.65 6.99 6.99
ANZ Special - 5.75 5.99 -
ASB Bank 6.75 6.09 6.40 6.65
ASB Bank Special - - 5.99 6.19
BankDirect 6.75 6.09 6.99 6.65
BankDirect Special - - 5.99 6.19
BNZ - Classic - - 5.99 6.19
Lender Flt 1yr 2yr 3yr
BNZ - GlobalPlus 6.74 5.99 6.39 6.59
BNZ - Mortgage One 7.15 - - -
BNZ - Rapid Repay 6.74 - - -
BNZ - Std, FlyBuys 6.74 5.99 6.39 6.59
BNZ - TotalMoney 6.74 - - -
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.45 5.90 6.50 -
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
Lender Flt 1yr 2yr 3yr
First Credit Union 6.45 - - -
General Finance 5.95 6.25 6.50 7.10
HBS Bank 6.15 5.85 5.99 6.19
HBS Special - - - 5.89
Heartland 6.70 7.00 7.25 7.85
Heretaunga Building Society 6.70 6.00 6.50 -
Housing NZ Corp 6.74 5.99 6.39 6.59
HSBC Premier 6.84 5.95 5.95 6.39
HSBC Premier LVR > 80% - 5.75 5.75 5.75
HSBC Special - - - -
ICBC 6.75 5.99 6.39 -
Lender Flt 1yr 2yr 3yr
Kiwibank 6.65 5.79 6.39 6.65
Kiwibank - Capped 5.65 6.50 - -
Kiwibank - Offset 6.55 - - -
Kiwibank LVR > 80% - - 5.89 6.19
Liberty - - - -
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 6.35 6.58 6.77
SBS Bank 6.15 5.85 5.99 6.19
Lender Flt 1yr 2yr 3yr
SBS Bank Special - - - 5.89
Silver Fern 5.95 6.10 6.55 7.05
Sovereign 6.85 6.09 6.40 6.65
Sovereign Special - - - 6.19
The Co-operative Bank 6.70 5.95 5.99 6.19
TSB Bank 6.74 5.95 6.19 6.30
TSB Special - - 5.79 -
Wairarapa Building Society 6.20 5.75 5.95 -
Westpac 6.59 6.09 6.39 6.65
Westpac - Capped rates - 6.74 6.99 -
Westpac - Offset 6.59 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - - 5.99 6.19
Median 6.70 6.00 6.39 6.57

Last updated: 23 September 2014 9:10am

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