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At the TMM Better Business Conference this week, adviser groups debated rising membership costs under the new regulatory regime. Some believe membership costs could rise by thousands of dollars, and others said they expect no major changes: [READ ON]

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Responsible lending code creeps closer

The government is asking for feedback from lenders, borrowers and brokers to help write a Responsible Lending Code.

Thursday, July 10th 2014, 9:02AM 1 Comment

The requirement for a code is a requirement of the recently implemented Credit Contracts and Consumer Finance Amendment Act.

Under the act lenders must now operate with skill, care and diligence in all dealings with a borrower throughout the life of a credit contract.

The changes are expected to have a big impact on all lenders, most noticably the non-bank sector.

Consumer Affairs Minister Craig Foss  says adopting a Responsible Lending Code will increase protection for borrowers without imposing unnecessary compliance costs on lenders who already have good systems in place.”

All lenders must comply with the lender responsibility principles outlined in the Act, including:

  • Helping a borrower reach an informed decision about whether to agree to a loan
  • Making reasonable enquiries to ensure the borrower can make repayments without suffering substantial hardship
  • Treating borrowers and their property reasonably, with respect and in an ethical manner
  • Ensuring the terms of the agreement and the exercise of powers by the lender are not oppressive
  • Meeting all legal obligations to the borrower

Submissions close on August 13, and the code is expected to be in place by March 2015.

Submissions can be made here

« First peer-to-peer lending licence issued[MRadio] The not-so-special specials »

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Comments from our readers

On 10 July 2014 at 10:11 am Andy said:
The sooner that hire purchase and ridiculous vehicle finance is stopped, the better. People need to be saving for luxuries, not spending their future. Finance companies are under no real obligation to ascertain the true affordability to a borrower, and as such do not spend any time getting the full story. The scenario where a client simply signs a declaration of statement of assets and liabilities as being correct needs to be changed, in favour of more rigorous and in-dept check, just as banks do. Until this happens, people with poor money-management skills will continue to sign up for unrealistic finance deals, and the repossessions and bankruptcies will continue.

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.19 4.05 3.95 4.49
ANZ Special - 3.55 3.45 3.99
ASB Bank 5.20 4.05 3.95 4.39
ASB Bank Special - 3.55 3.45 3.89
BNZ - Classic - 3.55 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 6.15 4.95 4.95 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
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 3.35 3.35 3.35
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 5.80 4.30 4.20 4.64
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - 3.55 3.45 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 - - - -
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 - ▼3.55 3.39 3.89
Sovereign 5.30 4.15 4.29 4.55
Sovereign Special - 3.65 3.75 4.05
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 - 3.55 3.45 3.99
Median 5.35 4.04 4.02 4.39

Last updated: 11 November 2019 4:01pm

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