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Mortgages

Mortgage Rates Daily Commentary
Friday 3 July 2020  Add your comment
TSB makes big rate cuts; Bank profits drop 20%

This morning TSB has made some significant cuts to its home loan lineup. Its 18 month special falls by 30 basis points, and its six-month home loan drops by 40 basis points. See the latest rates here.

With record-low rates and Covid-19 to contend with, bank profits are taking a big hit this year. KPMG's latest report shows profits fell by 20% in the first quarter: [READ ON]

 

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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 3.19 3.19 3.49
AIA Special - 2.69 2.69 2.99
ANZ 4.44 3.15 3.25 3.85
ANZ Special - 2.65 2.75 3.35
ASB Bank 4.45 3.19 3.19 3.49
ASB Bank Special - 2.69 2.69 2.99
Bluestone 4.44 4.44 4.44 4.44
BNZ - Classic - 2.65 2.69 2.99
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.25 3.29 3.59
Lender Flt 1yr 2yr 3yr
BNZ - TotalMoney 4.55 - - -
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 4.75 4.75 -
Credit Union South 5.65 4.75 4.75 -
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 4.35 4.45 -
HSBC Premier 4.49 2.60 2.65 2.80
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 3.99 2.58 2.68 2.79
Kainga Ora 4.43 3.29 3.39 3.85
Kiwibank 3.40 3.40 3.54 4.00
Kiwibank - Capped - - - -
Kiwibank - Offset - - - -
Kiwibank Special 3.40 2.65 2.79 3.25
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Lender Flt 1yr 2yr 3yr
Resimac 3.49 3.45 3.39 3.69
SBS Bank 4.54 3.29 ▼3.19 ▼3.49
SBS Bank Special - 2.79 ▼2.69 ▼2.99
The Co-operative Bank - Owner Occ 4.40 2.79 2.79 3.39
The Co-operative Bank - Standard 4.40 3.29 3.29 3.89
TSB Bank 5.34 3.59 3.49 3.79
TSB Special 4.54 ▼2.65 2.69 2.99
Wairarapa Building Society 4.99 3.75 3.99 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
Westpac Special - ▼2.65 2.69 2.79
Median 4.55 3.22 3.22 3.44

Last updated: 3 July 2020 8:15am

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