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Westpac looks over Tower, National opposes prefunding, Pay off debt sooner, Register now

Sunday, April 22nd 2001, 10:59PM

There has been speculation in the markets that Westpac has been considering mounting a takeover bid for Tower Corporation.

Neither Tower nor Westpac have confirmed the speculation. However, reports in Australia and in the Evening Post say Westpac has decided against bidding for the group.

Tower is seen as a potential takeover target even though its constitution has a share cap which prevents any investor holding more than 10% of the stock before 2003.

Others thought to be interested in Tower are Sir Ron Brierley's GPG Group (which used to own Tyndell in Australia).

National opposes prefunding
The National Party has put out a policy paper on superannuation that opposes the Government's plans to prefund New Zealand Superannuation, but supports tax incentives.

The paper was written by a taskforce that was established in August and chaired by former party president Sir George Chapman.

It is not official party policy. Rather it is a discussion paper designed to develop a policy.

The key ideas in it are that it opposes pre funding of super on the grounds that the proposed scheme will only provide 14% of NZ Super costs.

That tax incentives for long term contractual savings become a key plan in the party's super policy and that tax incentives are provided for health insurance.

A full report on the paper will be published in SuperTalk (www.supertalk.co.nz) on Tuesday.

Pay off debt sooner
Retirement Commissioner Colin Blair is urging New Zealanders with mortgages to take advantage of lower interest rates to get rid of their debt quickly so they can start saving for retirement sooner.

"When mortgage interest rates drop, the temptation may be for new home buyers to purchase a more expensive home than they might otherwise.

"Likewise, people already with mortgages may be tempted to take advantage of a drop in their repayments to increase their discretionary spending in other areas.

"Our advice is to view the drop in mortgage lending rates as a great opportunity to improve your financial position by getting rid of your debt faster.

Register online
FPIA Conference detailsYou can register for this year's Financial Planners and Insurance Advisers Conference online at Good Returns.
For full details of the conference, plus an online registration form CLICK HERE.
This page includes programme details - speakers and workshops, conference information and an accomodation guide.

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.45 7.05 6.85
ANZ 8.64 7.99 7.49 7.35
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.39 6.89 6.75
ASB Bank 8.64 7.39 6.89 6.65
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - ▼7.29 ▼6.85 ▼6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 ▼7.89 ▼7.45 ▼7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 7.15 - -
Co-operative Bank - Owner Occ 8.40 7.35 6.89 6.75
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.85 7.39 7.25
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.69 6.45 6.19
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.85 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.59 7.29
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.35 7.89 7.65
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.35 6.89 6.75
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.90 7.39 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 8.30 7.89 7.69
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 9.30 8.89 8.69
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.95 7.45 7.29
SBS Bank Special - 7.45 6.95 6.79
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 7.05 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.19 7.55 7.55
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.39 6.75 6.75
Unity 8.64 6.99 6.85 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 7.15 6.85 -
Westpac 8.64 7.89 7.49 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.89 6.65
Median 8.64 7.45 7.37 6.77

Last updated: 26 February 2024 9:10am

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