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: Thursday, June 13th, 12:06PM

News

rss
Latest Headlines

Weekly Wrap: What a week

It's been a full on week with a new chief executive at ING, more finance company collapses and new insurance products being rolled out.

Friday, June 27th 2008, 3:48PM

It's nice to see that ING have quickly found a replacement for its outgoing CEO Marc Lieberman, the new appointment appears to be quite different to the previous two (a young woman!). What is most interesting is that she has a strong life insurance background. Interesting as ING, although doing very well in the life market, is traditionally seen as being first and foremost an investment business. It's also interesting as it is already a strong leader in the life space. What can this mean? (If anything?)

Finance company news came thick and fast this week. Firstly, there was news of an intensive review and talk of a management buyout at Strategic Finance.

Next, St Laurence pulled out of the market, followed by its related company Dorchester Finance and also news that OPI (MFS) was suing its parent company in Australia over the unputtable put option. I guess it had to do this, but I wonder what the chances of success are?

As usual we would like to put some questions to OPI, but that is impossible (they won't talk). It is amazing that this legal action has not been announced to the NZX, as OPI is still a listed company, albeit suspended from trading.

We have lots of exclusive coverage on Good Returns about these stories, plus a Blog on the St Laurence move – which certainly surprised the market.

Blog

Maybe ratings do mean something after all?
St Laurence's decision to pull the pin on property lending has surprised many in the industry, including myself. [more]

There is good news for finance companies though. UDC had its rating reaffirmed and Marac has its bond offer in the market.

Today we talk to Marac managing director Brian Jolliffe about the offer and Marac.

Our insurance news this week includes TOWER Health and Life launching yet another new product (they are very busy at the moment), the next piece in our series from analyst Graeme Lindsay and an important update on what is happening with adviser regulation.

The biggest appointment this week was at ING, as mentioned earlier, however our People page has a new investment strategist at ASB and a new business development manager at UDC. Full details here.

A sort of related people story is news that Bridgecorp executive directors Rod Petricevic and Robert Roest face criminal charges over alleged false statements in a company prospectus. Hopefully there will be an appointment here.

Mortgage news this week has been firmly on how the banks are doing in this market. Check out what is happening at Kiwibank, ASB and TSB.

It has been a quiet week for home loan rate changes with just one bank, Westpac, moving rates.

It lowered its six-month rate by 10 points and its four and five-year rates by 5 points. Amongst the non-bank lenders General Finance, SBS and United Home Loans all changed rates. General Finance lowered its one, two and three-year rates by 20 points, United Home Loans reduced its one, two and five-year rates by a 50 points and SBS increased its floating rate by 25 points.

Advertisement
TRANS-TASMAN MUTUAL RECOGNITION
New regime, new opportunities

The new regime trans-Tasman mutual recognition of securities offerings is now in effect. Join us to find out the requirements under the new regime and to explore the opportunities for offering securities in both countries with minimal costs. Click here for more information.


Get your own copy of the Weekly Wrap delivered directly to your inbox each Friday. Click here to join the mailing list.

« Don't miss the KiwiSaver boatSovereign takes regulation bull by the horns »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

Weekly Wrap

Previous News
Most Commented On
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: 12 June 2024 4:04pm

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com