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Mortgage Rates Daily Commentary
Wednesday 24 April 2024
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Wizard and AMS sold for more than $A400 million
The consumer finance arm of General Electric, GE Money, is to pay something over $A400 million ($NZ433.4 million) for Australian Financial Investment Group whose subsidiaries include retailer Wizard Home Loans and wholesale mortgage funder AMS.
Thursday, October 28th 2004, 1:12PM
by Jenny Ruth
The sale price wasn’t officially announced and the actual amount paid will depend on how AFIG performs. AFIG, which has $A18 billion in assets, 230 branches and 80.000 customers, has been on the market for more than a year. It brings GE Money’s Australian and New Zealand assets to about $A38 billion, about $A8 billion of that in New Zealand.
It brings GE to being Australia’s sixth largest home lender behind the four major banks and St George.
The business was previously owned by a consortium including Kerry Packer’s Publishing & Broadcasting (PBL), Deutsche Asset Management and ABN Amro and founder Mark Bouris who is staying on as AFIG’s chairman – GE plans to operate AFIG as a stand-alone business.
The deal delivers PBL, the only listed company in the consortium which paid $A25 million for its stake five years ago, a $A58 million profit.
Bouris founded AFIG in 1996. Broking firm Citigroup Smith Barney estimates AFIG made a $A40million profit in 2003/04.
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
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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
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Monday, May 8th, 6:00AM
Focus on tone, not content, of OCR call this week
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Tuesday, May 2nd, 11:10AM
ANZ half-year profit jumps
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Monday, April 24th, 10:23AM
Local flavour makes for bank winners
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