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Levy collecting proving difficult

The New Zealand Mortgage Brokers Association is having trouble collecting its first advertising levy from members which is needed to pay for the current high-profile television advertising campaign.

Wednesday, March 8th 2006, 6:39AM

by Jenny Ruth

Association chairman Geoff Bawden says it is still owed some $16,000 with just under 20% of members yet to pay $150 each. The bills were sent last October.

"We're disappointed, obviously, we're hugely disappointed," Bawden says.

While the association's executive committee came under pressure at last year's annual conference to charge a higher levy, Bawden says he always suspected it would be difficult to collect.

"Given the length of time it takes to collect subs, we're not totally surprised," he says, adding that some members seem to take a more relaxed approach to paying membership fees than they do to their other creditors.

Much of the advertising campaign is centred on sponsoring a program called The Property Climbers which is currently screening in prime time on Sundays. The advertising agency the association is using is Brandish. Formal research of the campaign's effectiveness will be conducted in April.

"When you consider what we've spent, we've got an awful lot of bang for our buck," Bawden says. "The early signals we're getting are certainly encouraging."

He stresses that it's also important that all association members back the campaign through doing things such as having the NZMBA logo on their business cards and letterheads.

A further advertising levy of $275 per member is due in April with the annual subscription and any unpaid amounts will be added to those bills, Bawden says.

While each case will be considered on its merits, NZMBA has terminated membership in the past for non-payment of subscriptions, he says. However, he's hopeful that simply reminding late payers will lead to most paying up --about $3,000 or $4,000 has been paid as a result of the latest reminder letter, he says.

« Home loan changes muted in past weekOCR unchanged at 7.25% »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 ▼2.29 ▼2.59 ▼2.65
ANZ 4.44 2.89 3.25 3.39
ANZ Special - 2.29 2.69 2.79
ASB Bank 4.45 2.29 2.59 2.65
Bluestone 3.49 3.34 2.99 3.34
BNZ - Classic - 2.29 2.59 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 2.89 3.19 3.39
BNZ - TotalMoney 4.55 - - -
CFML Loans 4.95 - - -
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 2.95 3.45 -
Heartland Bank - Online 2.50 1.99 2.35 2.45
Heretaunga Building Society 4.99 3.50 3.40 -
HSBC Premier 4.49 2.25 2.35 2.65
HSBC Premier LVR > 80% - - - -
HSBC Special - 1.99 - -
Lender Flt 1yr 2yr 3yr
ICBC 3.69 2.25 2.35 2.65
Kainga Ora 4.43 2.79 3.04 3.13
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.40 3.20 3.50 3.50
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.35 2.65 2.65
Liberty 5.69 - - -
Nelson Building Society 4.95 3.20 3.24 -
Pepper Essential 4.79 - - -
Resimac 3.39 3.35 2.99 3.35
SBS Bank 4.54 2.79 2.79 3.15
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 2.29 2.29 2.65
Select Home Loans 3.49 3.34 2.99 3.34
The Co-operative Bank - First Home Special - 2.09 - -
The Co-operative Bank - Owner Occ 4.40 2.29 2.59 2.79
The Co-operative Bank - Standard 4.40 2.79 3.09 3.29
TSB Bank 5.34 3.09 3.29 3.45
TSB Special 4.54 2.29 2.49 2.65
Wairarapa Building Society 4.99 3.55 3.49 -
Westpac 4.59 3.09 3.29 3.39
Westpac - Offset 4.59 - - -
Westpac Special - 2.29 2.69 2.79
Median 4.55 2.79 2.99 2.80

Last updated: 4 March 2021 8:47am

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