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Mortgage Rates Daily Commentary
Wednesday 24 April 2024
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HSBC has five year distribution deal with AMP
HSBC says its five-year alliance to sell mortgages through the AMP Adviser channel won't alter its existing arrangements with brokers.
Thursday, May 29th 2003, 8:43PM
by Jenny Ruth
HSBC will settle its purchase of AMP Banking this weekend, a deal that makes it New Zealand’s sixth largest bank.
One aspect of the purchase agreement provides for HSBC to be able to market its banking products through the AMP advisers network for an initial period of five years.
"Our hope is that it’s such a great agreement that we continue it for many years," HSBC’s head of retail banking Alex Bentley says.
The reaction so far from both AMP advisers and AMP Banking customers has been positive, he says.
But lest mortgage brokers start feeling they might be left out in the cold, Bentley says this arrangement won’t alter its existing arrangements with brokers or provide AMP agents with any more favourable terms than brokers can access.
"The products that will be sold by AMP advisors, or anybody who we’re in an alliance with, will be HSBC products," Bentley says. "We won’t compromise our own distribution channels."
The last thing his bank wants is for their customers to find they can get different deals from it from different distribution channels, he says.
That doesn’t necessarily mean all existing relationships with brokers will continue. "Brokers are always being added and deleted," Bentley says. All existing relationships are continually monitored both in terms of the quantity and the quality of business generated, he says.
He agrees to the suggestion that HSBC is already very fussy about which brokers it deals with. "We have a pretty rigid accreditation process."
HSBC had hoped to hire most of AMP Banking’s existing 35 staff and Bentley says his company has already received 14 acceptances from the 15 AMP staff it has tried to recruit. The remaining AMP staff are still required through the transition period, but HSBC is still hoping to be able to hire them once it is able to offer them jobs.
Commenting is closed
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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 |
7.24 |
6.75 |
6.65 |
ANZ |
8.64 |
7.84 |
7.39 |
7.25 |
ANZ Blueprint to Build |
7.39 |
- |
- |
- |
ANZ Good Energy |
- |
- |
- |
1.00 |
ANZ Special |
- |
7.24 |
6.79 |
6.65 |
ASB Bank |
8.64 |
7.24 |
6.75 |
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 |
- |
7.24 |
6.79 |
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 |
7.84 |
7.39 |
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 |
- |
7.04 |
- |
- |
Co-operative Bank - Owner Occ |
8.40 |
7.24 |
6.79 |
6.65 |
Lender |
Flt |
1yr |
2yr |
3yr |
Co-operative Bank - Standard |
8.40 |
7.74 |
7.29 |
7.15 |
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 |
▲6.89 |
▲6.55 |
▲6.35 |
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 |
6.75 |
6.59 |
Lender |
Flt |
1yr |
2yr |
3yr |
Kainga Ora |
8.64 |
7.79 |
7.39 |
7.25 |
Kainga Ora - First Home Buyer Special |
- |
- |
- |
- |
Kiwibank |
8.50 |
8.25 |
7.79 |
7.55 |
Kiwibank - Offset |
8.50 |
- |
- |
- |
Kiwibank Special |
- |
7.25 |
6.79 |
6.65 |
Liberty |
8.59 |
8.69 |
8.79 |
8.94 |
Nelson Building Society |
9.00 |
7.75 |
7.35 |
- |
Pepper Money Advantage |
10.49 |
- |
- |
- |
Pepper Money Easy |
8.69 |
- |
- |
- |
Pepper Money Essential |
8.29 |
- |
- |
- |
Resimac - LVR < 80% |
8.84 |
8.09 |
7.59 |
7.29 |
Lender |
Flt |
1yr |
2yr |
3yr |
Resimac - LVR < 90% |
9.84 |
9.09 |
8.59 |
8.29 |
Resimac - Specialist Clear (Alt Doc) |
- |
- |
8.99 |
- |
Resimac - Specialist Clear (Full Doc) |
- |
- |
9.49 |
- |
SBS Bank |
8.74 |
7.84 |
▼7.29 |
▼6.59 |
SBS Bank Special |
- |
7.24 |
▼6.69 |
▼5.99 |
SBS Construction lending for FHB |
- |
- |
- |
- |
SBS FirstHome Combo |
6.19 |
6.74 |
- |
- |
SBS FirstHome Combo |
- |
- |
- |
- |
SBS Unwind reverse equity |
9.95 |
- |
- |
- |
Select Home Loans |
9.24 |
- |
- |
- |
TSB Bank |
9.44 |
8.04 |
7.55 |
7.45 |
Lender |
Flt |
1yr |
2yr |
3yr |
TSB Special |
8.64 |
7.24 |
6.75 |
6.65 |
Unity |
8.64 |
6.99 |
6.79 |
- |
Unity First Home Buyer special |
- |
- |
6.45 |
- |
Wairarapa Building Society |
8.60 |
6.95 |
6.85 |
- |
Westpac |
8.64 |
7.89 |
7.35 |
7.25 |
Westpac Choices Everyday |
8.74 |
- |
- |
- |
Westpac Offset |
8.64 |
- |
- |
- |
Westpac Special |
- |
7.29 |
6.75 |
6.65 |
Median |
8.64 |
7.29 |
7.29 |
6.65 |
Last updated: 24 April 2024 9:24am Previous News
-
Thursday, September 28th, 9:00AM
RBNZ announces OCR decision
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Tuesday, August 1st, 11:19AM
SBS eyes partnership with mortgage advisers
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Thursday, June 22nd, 9:00AM
OCR held again - here's what RBNZ had to say
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Thursday, May 11th, 10:26AM
Surprise at RBNZ’s OCR outlook
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Thursday, May 11th, 9:00AM
No change to OCR: What RB said today
-
Monday, May 8th, 6:00AM
Focus on tone, not content, of OCR call this week
-
Tuesday, May 2nd, 11:10AM
ANZ half-year profit jumps
-
Monday, April 24th, 10:23AM
Local flavour makes for bank winners
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