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Mortgages

Mortgage Rates Daily Commentary
Tuesday 11 August 2020  Add your comment
Kainga Ora rate cuts; Greens propose further tenancy reforms

Kainga Ora has slashed one, two, three, and five year rates this morning. Its one year rate is available at 2.93%. See the latest rates here.

Meanwhile, the Green Party does not believe recent tenancy reforms went far enough. It has proposed new rules on its election campaign. 

 

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What regulation means for brokers

The mortgage broking industry is continuing to consider how brokers will be policed under the latest set of proposals for regulating financial advisers.

Monday, August 25th 2008, 5:08AM

by Maria Scott

Many brokers are considering expanding their activities beyond home loans as they seek ways to widen their sources of income.

Those who want to sell KiwiSaver retirement plans will be subject to the stricter of two regulatory regimes envisaged for the industry, according to NZF Money chief operating officer Adrienne Smith. The company has recently started promoting sales of KiwiSaver to mortgage brokers through a tie-up with investment management company Huljich Wealth Management.

NZF has set up its KiwiSaver campaign for brokers on the basis that they are giving information on the products rather than advice.

But Smith says that NZF believes KiwiSaver would fall within Category One of the proposed regime. However, NZF's business partner, Huljich Wealth Management, would apply to become a certified finance institution and mortgage brokers would 'fit in' under this certified institution model.

"The fundamental principle underlying certification of institutions is that the institution is responsible for ensuring that advice tendered by its employees and agents is appropriate to the needs that the advice is serving."

New Zealand Mortgage Brokers Association chief executive Megan Salt does not expect traditional mortgage broking to be classed as an activity requiring full authorisation.

Salt expects that most NZMBA members, for the bulk of their businesses would fall into the category two group and would not have to be authorised. But Professional Advisers Association chief executive Dave McMillanbelieves that it is not clear whether mortgage brokers will have to be authorised.

McMillan says that he expects any "multi-sector" brokers to be considered category one advisers.

He also expects that brokers who want to be seen as home loan advisers would want to be authorised in category one. Category two appeared to be intended for "over-the-counter" type products.

« Home loan report: Tweaking continuesTSB's profit up, loan book down »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 2.55 2.69 2.79
ANZ 4.44 3.15 3.25 3.39
ANZ Special - 2.55 2.69 2.79
ASB Bank 4.45 2.55 2.69 2.79
Bluestone 3.49 3.49 3.49 3.49
BNZ - Classic - 2.55 2.69 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.15 3.29 3.39
BNZ - TotalMoney 4.55 - - -
CFML Loans 5.50 - - -
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 3.35 3.85 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Heretaunga Building Society 4.99 ▼3.85 ▼3.95 -
HSBC Premier 4.49 2.45 2.60 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 3.69 2.55 2.65 2.79
Kainga Ora 4.43 ▼2.93 ▼3.07 ▼3.24
Kiwibank 3.40 3.30 3.54 3.54
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.55 2.79 2.79
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Resimac 3.39 3.45 2.99 3.35
SBS Bank 4.54 ▼3.05 3.19 ▼3.25
Lender Flt 1yr 2yr 3yr
SBS Bank Special - ▼2.55 2.69 ▼2.75
The Co-operative Bank - Owner Occ 4.40 2.55 2.69 ▼2.79
The Co-operative Bank - Standard 4.40 3.05 3.19 ▼3.29
TSB Bank 5.34 3.35 3.49 3.79
TSB Special 4.54 2.55 2.69 2.99
Wairarapa Building Society 4.99 3.65 3.69 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
Westpac Special - 2.55 2.69 2.79
Median 4.55 3.05 3.13 3.12

Last updated: 11 August 2020 8:24am

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