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DorchesterLife joins SHERPA

DorchesterLife, which offers both home equity release loans and reverse mortgages, has joined industry group SHERPA (Safe Home Equity Release Plans Association).

Tuesday, November 13th 2007, 7:46AM
SHERPA's goal is the promotion of safe home equity release plans and the protection of plan-holders.

The increasing popularity of reverse mortgages means organisations such as SHERPA are becoming more important for New Zealanders in the current financial climate, executive director Rob Dowler says.

"The level of interest in home equity release plans is reflected by the total outstanding loan balances doubling during last year. This rate of growth is expected to be maintained this year."

DorchesterLife group general manager Henry Lynch says that with the increasing popularity of reverse mortgages, an organisation such as SHERPA is ever more important to ensure that public trust in the industry is maintained. He says Dorchester's current practices and policies are in line with the association's code of practice.

"By joining SHERPA, DorchesterLife subjects itself to accountability through compliance requirements such as full disclosure of fees and charges, the no-negative equity guarantee and lifetime occupancy, amongst others."

DorchesterLife has recently changed its reverse mortgage products, reducing the minimum house value from $200,000 to $100,000, the minimum additional drawdown from $5,000 to $1,000 and cutting the cost of set up fees.

It also offers free life insurance of $1000 and free accidental death cover of $5000.

« Bank loan funding costs at 10 year peakMore rate increases flow through »

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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
Basecorp Finance 5.49 - - -
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 - - -
Lender Flt 1yr 2yr 3yr
CFML Loans 4.95 - - -
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 3.40 3.50 -
HSBC Premier 4.49 2.25 2.35 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - 2.25 - -
ICBC 3.69 2.25 2.35 2.65
Kainga Ora 4.43 2.67 2.97 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
Lender Flt 1yr 2yr 3yr
SBS Bank 4.54 2.79 ▲2.99 ▲3.29
SBS Bank Special - 2.29 ▲2.49 ▲2.79
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 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 2.29 2.69 2.79
Median 4.55 2.73 2.99 2.80

Last updated: 12 April 2021 8:56am

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