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Two associations to become one

Talks between the New Zealand Mortgage Brokers Association (NZMBA) and Professional Advisers Association (PAA) on how they can work more closely together have culminated in a decision to have a single organisation from the beginning of April.

Monday, February 13th 2012, 1:00PM

by Jenny Ruth

Rather than setting up a new organisation, the PAA will become the single body with its current seven member board structure changing to have five PAA representatives, four NZMBA representatives and up to two other independents.

The plan is for the NZMBA brand to continue to exist under the PAA structure along with existing NZMBA member services such as its continued professional development (CPD) training services and its annual awards. PAA doesn't currently offer CPD services.

NZMBA's two staff members and its existing infrastructure will move across to the PAA.

The two bodies also expect one organisation with a larger membership - PAA currently has about 850 members, a third of whom write mortgages, and NZMBA has about 430 members - will mean greater clout in lobbying government and working with the regulator, the Financial Markets Authority.

"The key for both associations is wanting to maintain consistency of service and, indeed, some enhancements for our members," says PAA chairman Peter Leitch.

"There's no sense of one group coming up trumps here. This is all about raising professional standards for members. It's about making sure there's strength and sustainability going forward," Leitch says.

While the two organisations had looked at creating a new association, the chairman of the joint interim board set up last August, Angus Dale-Jones, had convinced them that going down that track would have been more expensive, he says.

NZMBA chairman Darren Pratley says while the NZMBA will be wound up as part of the process of amalgamation, this is just a technical issue. "You can't have two governance structures running one industry association," he says.

The pathway chosen is "the most cost-effective way of providing a new environment" and an enhanced offer to both memberships, Prattley says.

Leitch says he doesn't want the move to be seen as an NZMBA windup. "Yes, technically the association needs to be wound up," he says.

"But the members are what makes an organisation - it's not the technical structure, it's the people."

For NZMBA members it will mean a big reduction in annual fees - they paid $695 for the year ending March 31 this year, down from $895 previously. The PAA's fees charges mortgage broker members are currently $46 per month, or $552 a year, and Leitch says that won't change.

To effect the changes, at least 75% of NZMBA members will need to vote in favour and the PAA also plans to hold a meeting of its members to vote on allowing NZMBA members to automatically become PAA members, rather than having to go through PAA's normal application process.

« News Round Up : February 13KiwiSaver mismatch a 'huge challenge' for advisers »

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.24 6.79 6.65
ANZ 8.64 7.84 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.24 6.79 6.65
ASB Bank 8.64 7.24 6.79 6.65
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
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Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.24 6.79 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.84 7.39 7.25
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 - 7.04 - -
Co-operative Bank - Owner Occ 8.40 7.24 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.74 7.29 7.15
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 6.75 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.39 7.25
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.25 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.25 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.75 7.35 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 ▼8.09 ▼7.59 ▼7.29
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 ▼9.09 ▼8.59 ▼8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.84 7.45 7.25
SBS Bank Special - 7.24 6.85 6.65
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.74 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.04 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.24 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 6.95 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 7.29 7.32 6.65

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