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Mortgages

Mortgage Rates Daily Commentary
Friday 17 May 2024  Add your comment
Negative disclosure anyone? Sue Griffiths gets a new job, plus another appointment

We have lots in today's newsletter. Our lead story today asks whether advisers should have to disclose which lenders they do not work with - as advisers in Australia have to do. It's an interesting debate.

Our story on clawbacks yesterday has been updated. That story included an accurate comment from an ANZ staffer. However the comment related to cash contribution clawbacks, not adviser commission clawbacks.

In People news Sue Griffiths has a new job and FMT appoints a second Christchurch-based business development manager.

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Latest Headlines

Online lodgement looms

Banks are working on developing systems to allow brokers to lodge mortgage applications online. Jenny Ruth reports.

Tuesday, October 7th 2003, 6:42AM

by Jenny Ruth

One of the results of the banks’s desire to cut costs involved with mortgages originated through mortgage brokers has been a drive to enable brokers to lodge applications directly online.

None of the banks here are there yet, although National Bank and ANZ Bank say they are close – they won’t say exactly when they will be ready – and ANZ and Westpac already have such systems operating in Australia.

Brian Robb, head of mortgage distribution at ANZ, says there are a number of other benefits likely to come from online applications including convenience, quicker response times and quality.

"From our point of view, we already have an online lodgement tracking system. The natural development of that is to have an online lodgement system," Robb says.

Tom Roberts, manager of mobile banking and alliances at ASB Bank, says the big problem is "your security must be of a high standard. We’ve got to stop hackers getting into it."

His bank will be launching a new computer system for its front line staff next year which he claims will put ASB "a proverbial mile ahead" of its competitors and it may then develop the ability for broker-originated online applications.

"The ultimate dream is for a third party originator to be able to key it straight into the mainframe, but that’s some time off yet," Roberts says.

Niki Hodge at Westpac says the New Zealand bank’s IT systems are different from those of its Australian parent. "We’re currently just at the review stage," she says.

« Non-conforming market worth up to $1 billion: BluestoneDeposit guarantee companies test NZ market »

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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 7.14 6.75 ▼6.39
ANZ 8.64 7.74 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.14 6.79 6.65
ASB Bank 8.64 7.14 6.75 ▼6.39
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 - ▼7.14 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 ▼7.74 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 - ▼6.79 - -
Co-operative Bank - Owner Occ 8.40 ▼6.99 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 ▼7.49 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 ▼6.69 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 ▼7.99 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - ▼6.99 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 ▼7.74 7.29 6.59
SBS Bank Special - ▼7.14 6.69 5.99
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 ▼6.14 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 7.79 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 6.99 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - 6.55 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 7.21 7.29 6.65

Last updated: 17 May 2024 9:41am

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