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Mortgage Rates Daily Commentary
Monday 27 March 2017  Add your comment
OCR predictions; Mortgage adviser survey

Some interesting comments from Westpac today. It agrees with the RBNZ that the OCR will remain on hold for a considerable time. "We’ve pencilled in two OCR increases in the first half of 2019, but the way we’d describe this more broadly is that the first rate hike is too far away to be precise about the timing"

MORTGAGE ADVISERS: We are running a survey to gauge what the big issues are for you and your business at the moment. We would love it if you took a moment to complete the survey. By doing so you will get more info about what other advisers are thinking. Also it will help TMM deliver content to help you.

To complete the survey please click on this link.

 

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Top mortgage broker supports regulation

The inaugural Mortgage Broker of the Year, Wayne Oliver, is strongly in favour of his industry becoming regulated.

Tuesday, October 16th 2001, 3:17AM

by Jenny Ruth

"I believe anyone who’s promoting themselves as a mortgage broker should be required to belong to the Mortgage Brokers Association, to be a qualified and accredited member," Oliver says.

"I believe the public deserve that protection. It would weed out the people in the industry that I think are parasites. Those people are giving al the industry a bad name," he says.

The industry has recently been debating the merits or otherwise of formal regulation. Currently, mortgage brokers aren't covered by any form of regulatory control and anyone can call themselves a broker. Only about half New Zealand’s mortgage brokers currently are MBA members.

One of the obstacles to getting the industry regulated as Oliver sees it is that organisations like Sovereign and AMP receive a lot of mortgage applications from their insurance sales people and so are reluctant to have regulation enforced.

"I don’t go along with that. I don’t believe insurance and mortgages go hand in hand. I don’t do insurance. Likewise, I don’t believe and insurance person, unless they’re experienced, should do the lending side," Oliver says.

Generally speaking, he thinks a person can do one job well or the other, but not both.

"If the industry won’t regulate itself then, yes, I believe it should be done by the government. If the industry won’t take the hard decisions it will have to come from somewhere else," he says.

« Mortgage borrowing rises $357 million in AugustTo wrap or not to wrap? »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.79 4.89 5.29 5.49
ANZ Special - 4.49 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 6.50 - - -
BNZ - Rapid Repay 5.95 - - -
BNZ - Special - 4.59 4.79 5.09
BNZ - Std, FlyBuys 5.90 4.99 5.19 5.49
BNZ - TotalMoney 5.90 - - -
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 ▲5.75 ▲5.00 ▲5.20 -
Housing NZ Corp 5.65 ▲4.89 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 5.70 4.59 4.69 5.09
Kiwibank 5.55 4.99 5.19 5.65
Kiwibank - Capped - - - -
Kiwibank - Offset 5.55 - - -
Kiwibank Special - 4.59 4.79 5.25
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 6.10 5.10 5.45 -
NZ Home Loans 5.80 4.99 5.19 5.49
NZ Home Loans - Specials - - - -
Lender Flt 1yr 2yr 3yr
NZ Home Loans - Specials - 4.59 4.79 5.09
Resimac 5.30 4.86 4.94 5.30
SBS Bank 5.65 4.99 5.19 5.49
SBS Bank Special - ▲4.59 ▲4.79 5.25
Sovereign 5.90 4.99 5.19 5.49
Sovereign Special - 4.59 4.79 5.09
The Co-operative Bank - Owner Occ 5.65 4.59 4.85 5.25
The Co-operative Bank - Standard 5.65 5.09 5.35 5.75
TSB Bank 5.65 4.80 5.15 5.45
TSB Special - 4.55 4.75 5.15
Wairarapa Building Society 5.70 4.85 4.99 -
Lender Flt 1yr 2yr 3yr
Westpac 5.75 4.99 5.19 5.49
Westpac - Capped rates - 5.15 5.25 -
Westpac - Offset 5.75 - - -
Westpac Special - 4.59 4.79 5.09
Median 5.79 4.88 5.17 5.38

Last updated: 24 March 2017 9:44am

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