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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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  • Bank advice concerns questioned
    “@Dr. Taylor. Dave Mason from BNZ here. BNZ has no restrictions on produce being on house as we do not manufacture. We prefer...”
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  • Bank advice concerns questioned
    “Just out of interest Mike - where would you suggest they go and work? Presumably just not in QFEs? In any capacity? It's...”
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  • Bank advice concerns questioned
    “Just out of interest Mike - where would you suggest they go and work? Presumably just not in QFEs? In any capacity? It's...”
    2 days ago by interested observer
  • Bank advice concerns questioned
    “Hi Mike, I think you are sharply understating the risks here of FMA directors and staff ultimately working for the banks...”
    2 days ago by Brent Sheather
  • Action needed on DIMS
    “Perhaps rather than reminding AFAs to get their house in order, the FMA would be better off spending that time finalising...”
    2 days ago by MPT Heretic
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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AMP Home Loans 7.24 5.99 6.39 6.65
AMP Home Loans $200k+ 7.14 5.89 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 5.99 6.39 6.65
Kiwibank - Capped 5.65 6.50 - -
Kiwibank - Offset 6.55 - - -
Kiwibank LVR > 80% - - 5.89 6.19
Liberty 5.64 - - -
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 6.00 6.00 6.25
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: 17 September 2014 7:43am

News Quiz

BNP Paribas Securities Services’ latest Asset Administration and Custody Review found worries about government regulation is causing how many to lose sleep?

50%

90%

33%

10%

67%

MORE QUIZZES »

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