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Weekly Wrap: Who’s partnering with whom?

One of the most interesting stories this week had to be the one Good Returns ran about AXA and Gould Wealth Management.

Friday, February 13th 2009, 4:37PM

For those of you who missed it, you can read it here. In a nutshell, and reading between the lines a little, AXA seems dead keen on building a relationship with Goulds, which acquired many of Vestar’s customers. However, it seems as though there is some way to go on this.

I suspect we are going to see more of this type of activity where manufacturers buy up distribution groups. Also it would be no surprise to see advisers changing their allegiances during the year from one firm to another.

The other story which grabbed headlines was about ING and its CDO funds again. The key part is that the unitholder meeting to vote on a rescue plan for the Diversified Yield and Regular Income funds has been postponed, and another of its funds has also been frozen.

I think it would be fair to say the reaction to the original ING proposal to make a $100 million loan to investors wasn’t particularly favourably received. Reading into the firm’s comments this week they have taken that on board and will come back with a revised proposal.

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The flood of retail money into corporate bonds at the moment has a whiff of the type of investor behaviour we saw over finance companies. [more]
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AMP put out some research on kids and pocket money. Bit of an odd story for us to run, but I like it as providing financial literacy and knowledge to kids at school is something I absolutely endorse. If we can achieve this it will be a hugely important social change.

The insurance sector has been busy this week with the latest health figures out. The report from the Health Funds Association says there continues to be growth in this sector. It is indeed good news that, although times are tough, people aren’t cutting back on their cover.

We also have a piece for advisers on selling insurance in a recession. The one observation I make, and it is a point I spoke about at an adviser conference this week, was that risk is the area less cyclical than investments and mortgage broking and advisers seem to be enjoying a period of golden weather.

We have less political/regulatory news than usual this week, but it is worth noting the wide-ranging changes to life insurance tax look as though they have been put back so more consultation can be completed.

Shorter term home loan rates continue to edge down, but Good Returnscomprehensive table of rates shows a couple of lenders upped their three, four and five year rates during the week. We provide an overall wrap of the market in our regular home loan report here.

There are plenty of events coming up for advisers at the moment, the other change is on April 1 to KiwiSaver. In our section here we have more information on what is planned and what employers have to do.

Have a great weekend.

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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 7.45 7.05 6.85
ANZ 8.64 7.99 7.49 7.35
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.39 6.89 6.75
ASB Bank 8.64 7.39 6.89 6.65
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 - 7.35 6.89 6.79
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.95 7.65 7.45
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 - 7.15 - -
Co-operative Bank - Owner Occ 8.40 7.35 6.89 6.75
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.85 7.39 7.25
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 6.69 6.45 6.19
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 6.85 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.59 7.29
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.35 7.89 7.65
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.35 6.89 6.75
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.90 7.39 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 8.30 7.89 7.69
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 9.30 8.89 8.69
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.95 7.45 7.29
SBS Bank Special - 7.45 6.95 6.79
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 7.05 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.19 7.55 7.55
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.39 6.75 6.75
Unity 8.64 6.99 6.85 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 7.15 6.85 -
Westpac 8.64 7.89 7.49 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.89 6.65
Median 8.64 7.45 7.37 6.79

Last updated: 14 February 2024 1:37pm

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