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AMP and Sentinel in deal, Viking launch delayed. Comment: Why the silence on Provincial?

Monday, June 19th 2006, 6:42AM
AMP has entered into a distribution deal to sell Sentinel home equity release schemes through its advisory network.

"The potential market for this product is set to increase when you look at the population projections," AMP general manager distribution David Chote says.

AMP is making home equity releases available through selected, accredited advisers, following a deal with Sentinel, who among other factors, were chosen for their commitment to ensuring retirees taking up the product receive independent financial advice.

"AMP has an advice-driven distribution model which means our focus will be on ensuring that customers have the option of incorporating a home equity release as part of their wider retirement savings plan," Chote says.

Home equity releases fill a gap in AMP’s current product suite by providing a complementary retirement planning option for mature customers, many of whom have little need for most other types of products.

Latest OM-IP fund out
OM-IP Eclipse, the latest OM-IP fund to be launched by Man Investments Australia, came to market last week. It aims to generate medium term capital growth by harnessing the performance of the AHL Diversified Program and the RMF Portfolio and also provides the security of a capital guarantee and rising guarantee from Commonwealth Bank of Australia.

Viking listing delayed
Viking Capital has extended the closing date for its IPO from June 21 to June 23. It says the extension was to ensure the delays in distribution of prospectuses occasioned by Queens Birthday and the power crisis did not impact adversely on the offer period.

Viking is the new investment company headed by former Dorchester Pacific founder Brent King

LM downgraded
Standard & Poor's has downgraded its rating on LM Investment Management LM Mortgage Income Fund (12 Months) from three stars to two stars after becoming aware of material changes to the fund, including increased loan arrears and loans past due.

LM, earlier, disclosed increased loan arrears greater than 60 days of 13.55% and loans past due of 26.57% as at March 31. Arrears have since risen to 16.55%.

"While LM remains confident that all loans in arrears will be repaid, and that there are no new arrears over 30 days as at May 31 2006, Standard & Poor's believes the levels and increases in arrears and loans past due are significant and warrant a ratings downgrade," fund analyst Peter Ward says.

Comment: Why the silence on Provincial?
One of the more bizarre things in the Provincial Finance collapse has been the reaction (or lack of) from the Financial Planners and Insurance Advisers Association*.

The Provincial failure is a huge issue for advisers as many, collectively, had a good sum of money in Provincial. Added to that Provincial sponsored the FPIA and Society of Independent Financial Advisers.[MORE]

« Another mortgage trust arrivesSovereign takes regulation bull by the horns »

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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 7.74 7.35 6.99
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 7.65 7.25 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 8.74 7.74 7.09 6.95
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 7.14 6.49 6.35
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
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 -
Lender Flt 1yr 2yr 3yr
Westpac 8.64 ▼7.49 7.35 6.99
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - ▼6.89 6.75 6.39
Median 8.64 7.14 6.82 6.65

Last updated: 15 July 2024 11:47am

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