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Broker still opposed to selling KiwiSaver

Mortgage Link remains opposed to its brokers selling KiwiSaver investment plans, chief executive Rod Templeton has confirmed despite plans by a branch to run an event featuring high profile speakers linked to a scheme being promoted specifically to brokers.

Friday, September 19th 2008, 9:49AM

by Maria Scott

Management of Mortgage Link Waikato arranged a seminar at which guest speakers were to be former Reserve Bank Governor and National Party leader Don Brash and Auckland Mayor John Banks, both members of the board of Huljich Wealth Management, the company behind the KiwiSaver scheme being marketed through mortgage brokers by NZF Group.

The seminar invited people to “come and hear Don and John speaking on: the world economy, NZF Kiwi Super Saver”.

This appeared potentially to be at odds with an earlier decision by management of Mortgage Link that its brokers should not sell KiwiSaver plans.

Mortgage Link management decided that it was not appropriate for its brokers to sell KiwiSaver and that if clients expressed an interest in it, they should be referred to specialist advisers.

But Templeton said that Mortgage Link Waikato had no intention of contradicting group policy. It did not intend to sell NZF KiwiSaver plans; the event was intended only to provide information on the retirement savings scheme. The Waikato branch ran many seminars on subjects of interest to clients. It would be making it clear during the seminar that Mortgage Link would not be providing KiwiSaver plans.

NZF Group is encouraging mortgage brokers to sell KiwiSaver using a scheme run by Huljich Wealth Management as a way to diversify their businesses. NZF says that it does not intend that mortgage brokers give investment advice but that they simply provide information to clients on the scheme run by Huljich.

Mike Pero Mortgages, which is part of the NZF Group is marketing the Huljich scheme.

Moves by brokers into KiwiSaver territory will remain a source of debate in the industry. One former mortgage broker who now works for a bank told Good Returns: “If it is good enough for banking consultants in branches to sell KiwiSaver then why shouldn’t brokers, as long as brokers have a disclaimer signed to protect themselves? Brokers need to market KiwiSaver as a great way to save (long term) rather than complicate things talking about specific investment strategies and financial advice.”

« KiwiSaver bolt-ons not holding, GA report showsInvestors being softened up for bad news »

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Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.19 4.05 4.05 4.49
ANZ Special - 3.55 3.55 3.99
ASB Bank 5.20 3.89 4.05 4.39
ASB Bank Special - 3.39 3.55 3.89
BNZ - Classic - 3.49 3.45 3.99
BNZ - Mortgage One 5.90 - - -
BNZ - Rapid Repay 5.35 - - -
BNZ - Std, FlyBuys 5.30 4.45 4.35 4.55
BNZ - TotalMoney 5.30 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 3.19 3.19 3.19
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 5.95 - - -
Credit Union Baywide 5.65 4.75 4.75 -
Credit Union North 6.45 - - -
Credit Union South 5.65 4.75 4.75 -
Finance Direct - - - -
First Credit Union 5.85 3.99 4.49 -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.80 4.95 -
HSBC Premier 5.24 3.54 3.54 3.69
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.15 3.18 3.18 3.20
Kainga Ora 5.18 4.04 3.95 4.39
Kiwibank ▼5.20 ▲4.20 4.30 4.64
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - ▲3.45 3.55 3.89
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.25 4.15 -
Pepper Money Near Prime 5.64 - 5.44 5.44
Lender Flt 1yr 2yr 3yr
Pepper Money Prime 5.18 - 4.98 4.98
Pepper Money Specialist 7.59 - 7.39 7.39
Resimac 4.50 4.86 3.89 3.94
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - 3.39 3.45 3.89
Sovereign 5.30 ▼3.89 ▼4.05 ▼4.39
Sovereign Special - ▼3.39 ▼3.55 ▼3.89
The Co-operative Bank - Owner Occ 5.15 3.49 3.59 3.89
The Co-operative Bank - Standard 5.15 3.99 4.09 4.39
TSB Bank 6.09 4.35 4.25 4.69
Lender Flt 1yr 2yr 3yr
TSB Special 5.29 3.55 3.45 3.89
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.15 4.09 4.49
Westpac - Offset 5.34 - - -
Westpac Special - 3.39 3.45 3.99
Median 5.34 3.99 4.07 4.39

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