GoodReturns.co.nz - Mortgage News

Fraud accused not registered adviser

A woman at the centre of an alleged series of complex mortgage frauds was operating as a mortgage broker but was not registered, the Serious Fraud Office says.

ANZ cuts one-year rate

ANZ is offering a special one-year fixed rate as it launches its "best-ever" package to attract lower-LVR lending.

Strong disapproval of ban on low home deposits

Nearly 40% of New Zealanders would disapprove of any Reserve Bank move to require home buyers to have a minimum 20% deposit, a HorizonPoll survey finds.

Kiwibank outlook downgraded

Standard and Poors has revised its credit rating outlook to “negative” for NZ Post and its subsidiary, Kiwibank.

Top mortgage brokers named

RBNZ confirms macroprudential tools

The Reserve Bank says it agrees with those who say loan-to-value ratio “speed limits” are a better way of implementing restrictions than blanket rules.

S&P sounds warning to some lenders

Ratings agency Standard and Poor’s has revised its outlook on some banks and credit unions moving their ratings from stable to negative. This means they each could be facing a ratings downgrade.

Mike Pero accusations fly

The final step in the sale of Mike Pero Mortgages has started, accompanied by a war of words between joint venture partners NZF and Liberty Financial and revelations of a disputed shareholder loan.

Kiwibank switches home loan specials to two year term

Kiwibank has switched its headline home loan special rate from one year to two years.

RBNZ introducing macroprudential tools 'soon'

Loan-to-value restrictions would be difficult to implement and less effective if they were not applied across the board, the Reserve Bank said in its six-monthly financial report, out today.

Interest rate warning for borrowers

ASB is expecting floating home loan interest rates to reach 6% by March next year.

More action with one-year home loan rates

BNZ has started the week by upping the ante in the one-year home loan rate market.

Westpac reduces appetite risk

Westpac New Zealand wants to be at the forefront of responsible lending in New Zealand, its head of retail banking says.

Finance company customers seek out banks

Customers who previously might have applied for loans from finance companies have been driven to mainstream lenders by a series of high-profile failures, says ANZ.

RESIMAC rate changes

RESIMAC’s interest rate specials were meant to run out two months ago, says sales director Adrienne Church.

Westpac makes its one-year rate look good

Westpac is the latest bank to lower its one-year fixed rate, but it has conditions on the offer.

New low equity charge for Westpac customers

Westpac will tomorrow introduce a new low-equity margin for lending with a loan-to-value ratio between 80% and 85% LVR.

Threats of OCR hike possibly a ploy: Economist

Hints that the Reserve Bank could be tempted to raise the official cash rate were possibly just ploys to try to spook borrowers, one economist says.

The latest on the OCR

The Reserve Bank has this morning left its official cash rate unchanged and reiterated its views on when rates will change in the future.

SBS goes under 5% across the board

Another of the smaller banks. SBS, has taken its short term home loan rates below the 5% mark.

No move in OCR yet: Economists

Despite a change in tone from the Reserve Bank this month, a survey of economists shows none expect the official cash rate to move this week.

Banks cut one-year rates ahead of OCR

Two banks have today cut their one year fixed mortgage rate, with one going below the 5% mark.

Competition keeps bank margins low: KPMG

Hot competition in the mortgage markets is keeping pressure on bank margins, according to the latest KPMG financial institutions performance survey.

Buoyant market tempts new brokers

Auckland’s buoyant property market is prompting more brokers to enter the industry, says Loan Market’s chief executive David Hart.

Low OCR may not be a sure bet: RBNZ

New Zealand’s rising house prices are a risk to the economy, the Reserve Bank’s deputy governor says, and previous predictions of low interest rates for the next year or two may be revised.

Kiwibank's 4.79% offer ends

Kiwibank is no longer offering its six-month 4.79% home loan rate but has cut its one-year fixed rate from 5.25% to 4.99%.

Lo-doc lending for Christchurch

Specailist lender Liberty Financial says lo-doc lending is needed in Christchurch following the earthquakes.

Lo-doc for Christchurch

Specailist lender Liberty Financial says lo-doc lending is needed in Christchurch following the earthquakes.

The Co-operative Bank's latest changes

The Co-operative Bank has an attractive three-year special home loan rate, is reviewing one of its floating rates and started a push into the Auckland market.

Customers switch banks at twice normal rate

A banking industry specialist who predicted National Bank customers would change to other banks instead of transferring automatically to ANZ says the number who have has surprised her.

Increased capital requirements 'could make loans more expensive'

Banks may soon have to hold more capital to offset high loan-to-value home lending, the Reserve Bank has indicated. And one expert says that may lead to higher interest rates.

Kiwi banks ranked in top 25

New Zealand’s big four banks have been named among the top 20 safest in the world by Global Finance.

Wheeler should move rate now: Economist

New Zealand house prices are increasing at such a pace that the Reserve Bank should act now, says TD Securities economist Annette Beacher.

Brokers should make gimmicks irrelevant: McLeod

If brokers are doing their jobs correctly, they should be able to match any special offer touted by the banks, says Glen McLeod, founder of Edge Mortgages.

Westpac matches ANZ

Westpac has made three changes to its home loan rates including a match to ANZ's new one-year offer.

Fitch warns about high LVR lending

Credit rating agency Fitch has affirmed the AA- ratings of ANZ, ASB BNZ and Westpac.

ANZ cuts a rate but increases others

ANZ has announced a one-year fixed home loan rate of 5.19% for a limited time - and then it is increasing the rate. It has also increased its six month and two year rates.

No OCR change this year, lower mortgage rates possible

Today’s official cash rate announcement and monetary policy statement will have come as a shock to those who had been predicted an increase in the rate this year, commentators say.

OCR on hold: RBNZ

The Reserve Bank has left the official cash rate unchanged at 2.5% and expects it to stay that way at least until the end of the year.

RBNZ leaves OCR unchanged

The following is the Reserve Bank's latest Official Cash Rate announcement.