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Outlook for house prices

Interesting news on the housing front today. ASB, in its housing confidence survey, says expectations of house price growth have cooled significantly in the January quarter. [READ ON]

Meanwhile, Westpac are forecasting a gain of 7% for house prices this year, compared to an estimated 15% rise in 2016 and 11% in 2015.

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Ombudsman sees few mortgage broker complaints

While mortgage brokers are debating the need for formal regulation of their industry, banking ombudsman Liz Brown’s experience suggests it may not be necessary.

Thursday, August 23rd 2001, 3:26PM

by Jenny Ruth

"We do get the occasional complaint … if anything, there’s been slightly fewer recently," Brown says.

Currently, mortgage brokers aren't covered by any form of regulatory control and anyone can call themselves a broker. They are estimated to account for about 25% of mortgages being written today. Only about half the brokers operating in the market belong to the Mortgage Brokers Association.

Brown says her office is aware that more and more people are arranging their mortgages through brokers, even though their complaints usually have nothing to do with the involvement of a mortgage broker.

Brown says she suspects a lot of the less successful brokers who were the cause of many complaints have now dropped out of the industry.

Of the complaints she does receive, it’s often difficult to tell who is responsible for the problem, the mortgage broker or the bank providing the mortgage, Brown says.

But when the problem is clearly the mortgage broker’s responsibility, the banking ombudsman has no jurisdiction to do anything about it.

« Banks become regulatorsBank economists all over the place »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.69 4.89 5.29 5.49
ANZ Special - 4.39 4.79 -
ASB Bank 5.80 4.99 5.19 5.49
ASB Bank Special - 4.59 4.79 5.09
BankDirect 5.80 4.99 5.19 5.49
BankDirect Special - 4.59 4.79 5.09
BNZ - Mortgage One 6.25 - - -
BNZ - Rapid Repay 5.70 - - -
BNZ - Special - 4.59 4.79 5.09
BNZ - Std, FlyBuys 5.79 4.99 5.19 5.49
BNZ - TotalMoney 5.64 - - -
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 6.70 - - -
Credit Union Baywide 5.95 4.99 ▲5.25 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heretaunga Building Society 5.60 4.85 5.10 -
Housing NZ Corp 5.65 4.80 5.19 5.49
HSBC Premier 5.59 4.19 4.39 ▲4.89
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.60 4.39 4.69 4.99
Kiwibank 5.40 4.90 5.19 5.55
Kiwibank - Capped - - - -
Kiwibank - Offset 5.40 - - -
Kiwibank Special - 4.45 4.79 5.25
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 6.10 5.10 5.45 -
NZ Home Loans 5.65 4.90 5.19 5.55
NZ Home Loans - Specials - - - -
Lender Flt 1yr 2yr 3yr
NZ Home Loans - Specials - 4.35 4.79 5.09
Perpetual Trust 7.70 - - -
Resimac 5.30 4.86 4.94 5.30
SBS Bank 5.54 4.89 5.19 5.49
SBS Bank Special - 4.45 4.75 5.09
Sovereign 5.90 4.99 5.19 5.49
Sovereign Special - 4.59 4.79 5.09
The Co-operative Bank - Owner Occ 5.55 4.55 4.85 5.25
The Co-operative Bank - Standard 5.55 5.05 5.35 5.75
TSB Bank 5.65 4.80 ▲5.15 ▲5.45
TSB Special - 4.45 ▲4.75 ▲5.05
Lender Flt 1yr 2yr 3yr
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.65 4.99 5.19 5.49
Westpac - Capped rates - 5.15 5.25 -
Westpac - Offset 5.65 - - -
Westpac Special - 4.59 4.79 5.09
Median 5.69 4.85 5.12 5.38

Last updated: 17 February 2017 9:48am

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