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[Weekly Wrap] So, what do you think?

Friday, June 26th 2009, 4:45PM

by Philip Macalister

This week's wrap starts with a little promo. Good Returns, New Zealand's number one news website for advisers, is continually evolving and developing. From today we have added a new function where you can comment on articles. To do this use the comments box at the end of each article.

This is a great way for readers to comment on issues when they arise and give feedback to issues.

Two stories this week which you may like to comment on are the Commerce Commission's heads-up in its ING funds investigation and the Ministry of Economic Development's discussion papers on a complaints scheme.

It seems to me that the Commerce Commission announcement that any decisions on whether ING's frozen funds were mis-sold are months away, and that even if it did think there was mis-selling, action may not be taken giving investors a clear steer on how to vote.

The MED's proposals on a complaints scheme, and news that many organisations are interested in setting up suitable schemes is one of those necessary discussions. Since we published the story earlier, we have added copies of the discussion documents. You can download both here.

It seems having a robust complaints scheme will be good for the industry. It was interesting to see the latest Financial Knowledge Survey which said that less than 20% of New Zealanders have sought advice.

A couple of our other news stories this week have been strongly investment focused. These include a report on hedging strategies used by New Zealand managers, and also changes to tax rules with international bond funds.

On the life insurance product front we have the latest stats from the Health Funds Association which paint a positive picture of the health insurance market and also Russell Hutchinson asks a question: What is trauma for?

Today we also report that the move to separate the Asia-Pacific life insurance assets of AIG into a new company have taken another step forward.

Another story which you may like to comment on is this one where the ISI suggests the days of commissions are numbered. While the comments relate to investment products, particularly superannuation, one wonders when insurance products will be brought into the argument.

In depositrates.co.nz this week we report on the wind-up of the Auckland Mortgage Trust due to its inability to get a government guarantee, and the Rates Round-Up looks at what is happening with rates and the latest on Fortress Notes.

Have a great weekend. Philip

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Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 2.29 2.59 2.65
ANZ 4.44 2.89 3.25 3.39
ANZ Special - 2.29 2.69 2.79
ASB Bank 4.45 2.29 2.59 2.65
Basecorp Finance 5.49 - - -
Bluestone 3.49 3.34 2.99 3.34
BNZ - Classic - 2.29 2.59 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 2.89 3.19 3.39
BNZ - TotalMoney 4.55 - - -
Lender Flt 1yr 2yr 3yr
CFML Loans 4.95 - - -
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 2.95 3.45 -
Heartland Bank - Online 2.50 1.99 2.35 2.45
Heretaunga Building Society 4.99 ▼3.40 ▲3.50 -
HSBC Premier 4.49 2.25 2.35 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - ▲2.25 - -
ICBC 3.69 2.25 2.35 2.65
Kainga Ora 4.43 2.67 2.97 3.13
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.40 3.20 3.50 3.50
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.35 2.65 2.65
Liberty 5.69 - - -
Nelson Building Society 4.95 3.20 3.24 -
Pepper Essential 4.79 - - -
Resimac 3.39 3.35 2.99 3.35
Lender Flt 1yr 2yr 3yr
SBS Bank 4.54 2.79 2.79 3.15
SBS Bank Special - 2.29 2.29 2.65
Select Home Loans 3.49 3.34 2.99 3.34
The Co-operative Bank - First Home Special - 2.09 - -
The Co-operative Bank - Owner Occ 4.40 2.29 2.59 2.79
The Co-operative Bank - Standard 4.40 2.79 3.09 3.29
TSB Bank 5.34 3.09 3.29 3.45
TSB Special 4.54 2.29 2.49 2.65
Wairarapa Building Society 4.99 3.55 3.49 -
Westpac 4.59 3.09 3.29 3.39
Westpac - Offset 4.59 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 2.29 2.69 2.79
Median 4.55 2.73 2.99 2.80

Last updated: 7 April 2021 10:22am

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