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Mortgages

Mortgage Rates Daily Commentary
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The NZ Mortgage Mag – Sink or Swim

A mortgage broker who offers to sell her business for "$1 or near offer" is a sign that all is not well in the industry. Just how tough is it out there and how are businesses coping?

Friday, June 20th 2008, 12:11PM
Our lead feature in this month's issue looks at 'how bad is business' and also how brokers are charting the stormy waters.

In our 'My Business' section, we talk to John Bolton about how he has put his financial neck on the line in setting up new business Squirrel, at a time when the market is depressed. Although that hasn't stopped this livewire from aiming for the big time! This article is an inspiration and an apt reminder that when times get tough, the tough get to business – many opportunities can come from difficult times. Be encouraged!

Brokers are being urged to diversify, but moving into new areas of advice is not without risk. In the last issue of NZ Mortgage Mag had an article that debated whether mortgage brokers should – or could – diversify into selling life insurance. We continue the debate this issue and also welcome your feedback. We have an Opinion piece from the managing director of Special Risk Services, Brian Klee, on his views and also another feature by Steve Hart who talks to brokers who have made the move about their experiences.

Document, document, document! We investigate how to protect yourself from complaints and guess what – documenting is the best and most effective way to cover your bases so deals and clients don't come back to haunt you, according to NZMBA's Megan Salt.

This issue we profile Ian Webb, mortgage chair of the Professional Advisers Association, about his love of diggers, setting up his own construction lending business NewBuild Home Finance and why he's in charge of the competitive push being made by the PAA.

Other features in this issue:
NZ News:

Hey Presto! New commission structure
Presto Direct has revamped its commission structure in a move that it says has the potential to significantly boost brokers' incomes.

Ray White shakes up mortgage arm
Ray White's mortgage broking arm Loan Market has recently lost its CEO and is also in the middle of a restructure.

Canterbury exits competition race
All four finalists from Canterbury have dropped out of the race to be named Broker of the Year.

Market rebounding or just teasing?
The housing market round-up looks at how recent results, including a jump in new-build consents, have been giving mixed messages about the current state of the housing market.

International news: News bits from Australia, United Kingdom and United States to help keep you up-to-date

Book review: We look at the New Zealand Real Estate Investors' Secrets 2nd Edition, by Graeme Fowler.

Interest rates update – Relief in sight?: Lower rates are on the horizon, although it's not certain they won't continue to skyrocket, according to economists.

Mortgagee sales: The same – except for the differences: There are big differences between mortgagee sales and regular sales deals, and it pays to be aware of them!

Sales and marketing: Quest for the holy grail: Referrals are to brokers what the holy grail is to Indiana Jones – not only priceless but also vital for sustaining life in the industry. We look at how to achieve professional referrals.

CEO's letter: We all know the popular saying, 'what doesn't kill you makes you stronger' and it's the same in the current market, writes NZMBA chief Megan Salt. People in similar circumstances working together and supporting each other is the best way to survive.

Coach – Mentors: Seeking a mentor could be the best thing you ever do, both personally and professionally in terms of success and the mentor trend is catching on.

To subscribe today click here

« Good home loan news mixed with cautionBank reports show different mortgage risk appetites »

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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 - - -
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 7.74 7.09 6.95
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
Lender Flt 1yr 2yr 3yr
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 -
Westpac 8.64 7.84 7.35 6.99
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.24 6.75 6.39
Median 8.64 7.19 7.17 6.65

Last updated: 20 June 2024 10:39am

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