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[Weekly Wrap] Controversy and changes

We have just had confirmation of a rather controversial press release about who is the top fund manager. FundSource has announced that ING is its Fund Manager of the Year, even though it has frozen its two CDO funds.

Friday, October 24th 2008, 4:50PM
The big business news story of the week has been the Reserve Bank's decision to chop 100 basis points off the OCR.

In our industry though the two stories which have dominated minds are the government's deposit guarantee scheme and the on-going story around the innocuous sounding phrase 'transfer terms'.


This is in the insurance space where a couple of firms are actively trying to encourage advisers to switch books of AIG business to other carriers. Last night I attended a Share conference dinner. The message from advisers and the industry was that they were appalled companies were trying to do this. It also seems that the 'offer' is being done by visits and calls to brokers, rather than letters.

There is more on this story here.

Also in Insurance News this week we have a story about how Sovereign is encouraging mortgage brokers to sell insurance and the latest update on the health insurance market.

The government's deposit guarantee scheme is close to kicking off and it was good to see this week that the rules have been further tightened. One of the changes is that it encourages finance companies which don't have a rating to go out and get one. The talk we hear on the street is that investors are flocking to finance companies to lock in some good rates.

PIMCO have been in the country this week talking about international fixed interest markets. It says concerted government efforts to support leading banks and institutions around the world have created value in the debt of some of the firms.

Meanwhile various investment analysts are now talking about the opportunities which equity markets present to investors and advisers.

« News Round UpSovereign takes regulation bull by the horns »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 4.44 - - -
AIA - Go Home Loans 6.54 4.95 4.95 5.15
ANZ 6.49 5.55 5.55 5.69
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 4.95 4.95 5.09
ASB Bank 6.44 4.95 4.95 5.15
ASB Better Homes Top Up - - - 1.00
Avanti Finance 7.15 - - -
Basecorp Finance 7.25 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 6.54 - - -
BNZ - Rapid Repay 6.54 - - -
BNZ - Std 6.44 ▼4.89 4.95 5.09
BNZ - TotalMoney 6.54 - - -
CFML 321 Loans 4.99 - - -
CFML Home Loans 6.70 - - -
CFML Prime Loans 7.20 - - -
CFML Standard Loans 7.99 - - -
China Construction Bank 6.44 ▼4.85 ▼4.95 ▼4.95
China Construction Bank Special 6.44 ▼5.85 ▼5.95 ▼5.95
Co-operative Bank - First Home Special - 4.85 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 5.95 4.95 4.99 5.25
Co-operative Bank - Standard 5.95 5.45 5.49 5.75
Credit Union Auckland 7.70 - - -
First Credit Union Special - 5.29 5.19 -
First Credit Union Standard 6.94 5.79 5.49 -
Heartland Bank - Online 5.99 5.89 - -
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 7.45 5.90 5.80 -
ICBC 6.50 4.85 4.95 5.05
Kainga Ora 6.44 4.99 4.99 5.35
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 6.35 5.79 5.85 6.09
Kiwibank - Offset 6.35 - - -
Kiwibank Special - 4.89 4.95 5.29
Liberty 6.90 6.80 6.50 6.45
Nelson Building Society 6.94 4.99 4.93 -
Pepper Money Advantage 10.65 - - -
Pepper Money Easy 8.16 - - -
Pepper Money Essential 7.40 - - -
SBS Bank 6.49 5.55 5.55 5.75
SBS Bank Special - 4.95 4.95 5.15
SBS Construction lending for FHB 3.94 - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo - 4.29 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 8.89 - - -
TSB Bank 7.19 ▼5.75 ▼5.75 ▼6.09
TSB Special 6.39 ▼4.95 ▼4.95 ▼5.29
Unity First Home Buyer special - 4.29 - -
Unity Special 6.64 4.99 4.99 -
Unity Standard 6.64 5.79 5.79 -
Wairarapa Building Society 6.75 5.19 4.95 -
Westpac 6.59 5.49 5.55 5.59
Westpac Choices Everyday 6.69 - - -
Lender Flt 1yr 2yr 3yr
Westpac Offset 6.59 - - -
Westpac Special - 4.89 4.95 4.99
Median 6.59 4.99 4.99 5.29

Last updated: 18 June 2025 11:19am

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