tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Wednesday, November 6th, 6:25PM

Mortgages

Mortgage Rates Daily Commentary
Tuesday 5 November 2024  Add your comment
Banks asses what stressors could destroy capital buffers; Kiwibank lifted its home loans business; Advisers wrote 63% of Westpac's new mortgages

The Reserve Bank has had 13 banks design “severe but plausible” stress tests that would cause their capital to drop below regulatory minimums and the results show that it would take a set of more severe stresses than RBNZ's own stress scenarios. [READ ON]

Kiwibank has lifted its home loans business to now have an 8% market share, with about 64% of its mortgage business originated by advisers. [See here]

Mortgage advisers accounted for 63% of Westpac's new mortgage lending in the year ended September, the bank's chief executive Catherine McGrath told TMMO. [See here]

 

rss
Latest Headlines

NZMBA opposed to Kiwibank scheme

The New Zealand Mortgage Brokers Association is concerned that the current housing boom is pushing home ownership out of reach of first home-buyers.

Friday, October 17th 2003, 7:33AM

by Jenny Ruth

Association chairman Brian Berry suggests that one way to combat this would be for lenders to relax their rules on the need for would-be mortgage holders to provide evidence of saving.

Most banks currently want evidence that people have saved at least 5% of the deposit they need to buy a house.

"That’s unrealistic as property values go up and rentals go up. It’s become more difficult for people to save. There are a lot of people out there with good incomes but no deposits," Berry says.

He is opposed to the government’s scheme to help first home buyers solely through Kiwibank. "It’s something that should be made available to the whole market at the same time."

Kiwibank doesn’t currently deal with mortgage brokers, although chief executive Sam Knowles hasn’t ruled it out.

"Those in the market place who make their living from mortgages can feel aggrieved by the government assistance provided solely to Kiwibank," Berry says.

He suggests the scheme is "a thinly veiled anti-competitive attempt at ensuring Kiwibank picks up more business and therefore is more likely to achieve profitability in a timely manner."

Berry is also concerned about the number of subdivisions in the pipeline and that speculative builders buying such sections could exacerbate a future housing downturn.

Subdivisions typically take up to two years to develop and gain individual titles and annecdotal evidence suggests there are many in the pipeline. "There could be a number of subdivisions coming on stream all at the same time. A lot of the sections have been bought by builders in anticipation of demand continuing," he says.

« Boom takes a toll on confidenceRB expected to hold OCR till mid-2004 »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 5.44 - - -
AIA - Go Home Loans 7.99 5.99 5.69 5.69
ANZ 7.89 6.59 6.29 6.29
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.99 5.69 5.69
ASB Bank 7.89 5.99 5.69 5.69
ASB Better Homes Top Up - - - 1.00
Avanti Finance 8.40 - - -
Basecorp Finance 9.60 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.94 - - -
BNZ - Rapid Repay 7.94 - - -
BNZ - Std 7.94 5.99 5.69 5.69
BNZ - TotalMoney 7.94 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.79 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 7.65 5.99 5.75 5.69
Co-operative Bank - Standard 7.65 6.49 6.25 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - 6.40 6.10 -
First Credit Union Standard 8.50 7.00 6.70 -
Heartland Bank - Online 7.49 5.65 5.55 5.55
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 ▼6.75 ▼6.40 -
ICBC 7.49 5.99 5.65 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.75 6.89 6.59 6.49
Kiwibank - Offset 8.25 - - -
Kiwibank Special 7.75 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 8.44 ▼5.95 6.09 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 7.99 6.95 6.29 6.29
SBS Bank Special - 6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 5.44 5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.69 ▼6.49 6.49 6.49
TSB Special 7.89 ▼5.69 5.69 5.69
Unity 7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society ▼8.10 6.19 5.79 -
Westpac 8.39 6.89 6.39 6.39
Westpac Choices Everyday 8.49 - - -
Westpac Offset 8.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 6.29 5.79 5.79
Median 7.99 6.07 5.79 5.69

Last updated: 6 November 2024 2:09pm

Previous News

MORE NEWS»

News Bites
Compare Mortgage Rates
Compare
From
To
For

To graph multiple lenders, hold down Ctrl key while clicking in list box

Also compare rates to OCR
Find a Mortgage Broker

Add your company

Use map
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com