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Last Article Uploaded: Friday, October 31st, 8:44AM
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News Round Up

Bondholders get some good news, FPIA signs top speaker, ANZ launches fund amid the gloom, UDC's new rates, Red ink all over the markets.

Sunday, October 7th 2001, 11:14PM

Bondholders invested in the Park Terrace Property bond in Christchurch may get some of their money back sooner than earlier anticipated.

The trustee, Tower Trust, says a court case against people who have defaulted on their purchases has been brought forward from February to November.

Tower Trust general manager Glenn Clark says this is likely to accelerate the repayment process, assuming the case goes the company's way and purchasers settle.

This case, against 18 purchasers who bought 33 apartments, is expected to net about $7 mill.

Another $4 million is being sought from purchasers who have defaulted but aren't defending their position in court. Clark says it may be necessary to pursue these defaulting purchasers into bankruptcy.

ANZ adds new fund


International shares aren't flavour of the month with investors currently, but that hasn't stopped ANZ Funds Management adding a new offshore equity fund to its range of product range.

The new fund is put together by Frank Russell using its multi-manager, multi-style approach and uses seven managers.

The main difference between this and ANZ's other fund is that the new one is fully invested in shares.

While ANZ uses Frank Russell to advise on its Ascent Investment Programme, the bank no longer has an exclusive arrangement with the firm.

Big Name signed
People attending the Financial Planners and Insurance Advisers Convention in Palmerston North next year will get to hear a top international speaker on day one.

To find out who the FPIA has signed as a platform speaker for day one click here.

New Rates
UDC's new deposit rates are:

  • UDC Secured term investment, 5.35% for 15 months. Interest quarterly, min $25,000
  • UDC Telephone call account, 4.8% for $100,000 plus, 4.65% for $20,000 to $100,00 and 4.2% for $5,000 to $20,000.
  • UDC Secured Term Investment, 6.55% for 5 years, min $25,000.

Monthly market review
It's not a pretty sight, but you'd better check it out. Returns for all the major indices in the period to the end of September are available in the Markets section of Good Returns (
click here to have a look).

The latest figues show red ink everywhere, and in most cases the loses are of 10% or more.

« Don't expect a quick recoverySovereign takes regulation bull by the horns »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AMP Home Loans 7.24 ▲5.79 ▼6.19 6.65
AMP Home Loans $200k+ 7.14 ▲5.69 ▼6.09 6.55
AMP Home Loans LVR <80% - - ▼5.75 6.19
ANZ 6.74 6.15 6.39 6.49
ANZ Special - 5.69 5.75 6.09
ASB Bank 6.75 6.09 6.40 6.65
ASB Bank Special - 5.70 5.75 6.19
BankDirect 6.75 6.09 6.99 6.65
BankDirect Special - 5.70 5.75 6.19
BNZ - Classic - - 5.75 5.85
BNZ - GlobalPlus 6.74 5.89 6.39 6.59
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.15 - - -
BNZ - Rapid Repay 6.74 - - -
BNZ - Std, FlyBuys 6.74 5.89 6.39 6.59
BNZ - TotalMoney 6.74 - - -
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.45 6.05 6.20 -
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 - - -
Lender Flt 1yr 2yr 3yr
General Finance 5.95 6.25 6.50 7.10
HBS Bank 6.65 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 ▼5.69 ▼5.75 ▼5.99
HSBC Premier LVR > 80% - - - -
HSBC Special - 5.39 - -
ICBC 6.75 5.99 6.39 -
Kiwibank 6.65 5.79 ▼6.19 6.65
Lender Flt 1yr 2yr 3yr
Kiwibank - Capped 5.65 6.50 - -
Kiwibank - Offset 6.55 - - -
Kiwibank LVR > 80% - - ▼5.75 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 6.65 5.85 5.99 6.19
SBS Bank Special - - - 5.89
Lender Flt 1yr 2yr 3yr
Silver Fern 5.95 6.10 6.55 7.05
Sovereign 6.85 6.09 6.40 6.65
Sovereign Special - 5.70 5.75 6.19
The Co-operative Bank 6.70 5.70 ▼5.75 ▼6.09
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 - - -
Westpac Special - - 5.75 6.19
Median 6.70 6.00 6.39 6.55

Last updated: 31 October 2014 8:39am

News Quiz

In a study of performance fees by Pathfinder, how many of the 10 equity PIE funds reviewed have to achieve a margin over and above their benchmark before performance fees kick in?

10

9

7

5

2

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