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, August 12th, 11:02AM

Mortgages

Mortgage Rates Daily Commentary
Wednesday 12 August 2020  Add your comment
Advisers brace for second lockdown; ASB profits drop 20%; OCR decision later

Mortgage advisers are preparing to run their businesses under lockdown once again as Auckland goes into alert level three at midday: [READ ON]

ASB Bank profits dropped by 20% in the year to June as the effects of the Covid-19 pandemic took hold: [READ ON]

The Reserve Bank will make its latest Monetary Policy Statement and OCR decision later. Keep an eye out at TMM Online.

rss
Latest Headlines

Pero sees growth in lo-doc market

Mike Pero Mortgages says its Christchurch base offers a good starting point to show its aspirations in the already fast growing lo documentation home loan business.

Thursday, January 19th 2006, 12:30AM

Christchurch franchise owner Nick Rushton says there has been substantial growth in lo-doc over the last 24 months with plenty of potential for that to continue.

“Our lo-doc business has tripled in the last two years. Although it’s still quite a small part of our business, it is growing steadily,” Rushton says.

Chief executive Jeff Staniland, is a champion of lo-doc as a way forward for tens of thousands of self-employed and independent business owners in a complex loans market.

He says arranging a home loan has historically been a difficult and often unsuccessful process for these people.

“Self-employed and business-people want and should be able to access the equity in their homes – particularly after the gains of the past few years – either for an investment property, to renovate, or perhaps to invest back into their businesses."

In Australia lo-doc loans now make up around 15% of the mortgage market, and because of their complex and variable nature are mostly placed through independent mortgage brokers.

“The good news is self-employed and business-people do not generally have to pay a premium for a lo-doc home-loan, as they would if they used old-fashioned sources of alternative finance such as lawyer’s trust funds,” he says.

Staniland says lo-doc loans now have terms and conditions, including deposit requirements and interest rates, comparable to mortgages offered to so-called traditional customers.

Although these loans are called lo-doc, there is still paperwork.

Generally lenders require three months of banks statements and a statement of position. Some lenders may call an applicant’s accountant to verify what is in the statements.

« Online underwriting rolled outSuperbank says business as usual »

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 4.55 2.55 2.69 2.79
ANZ 4.44 3.15 3.25 3.39
ANZ Special - 2.55 2.69 2.79
ASB Bank 4.45 2.55 2.69 2.79
Bluestone 3.49 3.49 3.49 3.49
BNZ - Classic - 2.55 2.69 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.15 3.29 3.39
BNZ - TotalMoney 4.55 - - -
CFML Loans 5.50 - - -
Lender Flt 1yr 2yr 3yr
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 3.35 3.85 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Heretaunga Building Society 4.99 ▼3.85 ▼3.95 -
HSBC Premier 4.49 2.45 2.60 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 3.69 2.55 2.65 2.79
Kainga Ora 4.43 ▼2.93 ▼3.07 ▼3.24
Kiwibank 3.40 3.30 3.54 3.54
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.55 2.79 2.79
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Resimac 3.39 3.45 2.99 3.35
SBS Bank 4.54 ▼3.05 3.19 ▼3.25
Lender Flt 1yr 2yr 3yr
SBS Bank Special - ▼2.55 2.69 ▼2.75
The Co-operative Bank - Owner Occ 4.40 2.55 2.69 ▼2.79
The Co-operative Bank - Standard 4.40 3.05 3.19 ▼3.29
TSB Bank 5.34 3.35 3.49 3.79
TSB Special 4.54 2.55 2.69 2.99
Wairarapa Building Society 4.99 3.65 3.69 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
Westpac Special - 2.55 2.69 2.79
Median 4.55 3.05 3.13 3.12

Last updated: 11 August 2020 8:24am

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
 
Site by Web Developer and eyelovedesign.com