tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Tuesday, July 14th, 11:05AM

Mortgages

Mortgage Rates Daily Commentary
Tuesday 14 July 2020  Add your comment
TMM digital edition: Succession planning special; Kiwibank OCR warning

In the latest digital edition of TMM, we look at succession planning, and how preparation can build value in your business and protect your future. Check out the article on page 23: [READ HERE]

Economists believe the likelihood of a negative Official Cash Rate is falling. Kiwibank says the Reserve Bank will probably only cut rates below zero if Covid-19 returns: [READ ON]

rss
Latest Headlines

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 »

Special Offers

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.

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 3.19 3.19 3.49
AIA Special - 2.69 2.69 2.99
ANZ 4.44 3.15 3.25 ▼3.39
ANZ Special - ▼2.55 ▼2.69 ▼2.79
ASB Bank 4.45 3.19 3.19 3.49
ASB Bank Special - 2.69 2.69 2.99
Bluestone ▼3.49 ▼3.49 ▼3.49 ▼3.49
BNZ - Classic - ▼2.55 2.69 2.99
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.25 3.29 3.59
Lender Flt 1yr 2yr 3yr
BNZ - TotalMoney 4.55 - - -
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 4.75 4.75 -
Credit Union South 5.65 4.75 4.75 -
First Credit Union Special 5.85 3.35 3.85 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Heretaunga Building Society 4.99 4.35 4.45 -
HSBC Premier 4.49 2.60 2.65 2.80
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 3.99 2.58 2.68 2.79
Kainga Ora 4.43 3.29 3.39 3.85
Kiwibank 3.40 3.40 3.54 4.00
Kiwibank - Capped - - - -
Kiwibank - Offset - - - -
Kiwibank Special 3.40 2.65 2.79 3.25
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Lender Flt 1yr 2yr 3yr
Resimac 3.49 3.45 3.39 3.69
SBS Bank 4.54 3.29 3.19 3.49
SBS Bank Special - 2.79 2.69 2.99
The Co-operative Bank - Owner Occ 4.40 ▼2.69 ▼2.75 ▼2.99
The Co-operative Bank - Standard 4.40 ▼3.19 ▼3.25 ▼3.49
TSB Bank 5.34 ▼3.35 3.49 3.79
TSB Special 4.54 ▼2.55 2.69 2.99
Wairarapa Building Society 4.99 3.75 3.99 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
Westpac Special - ▼2.55 2.69 2.79
Median 4.55 3.19 3.22 3.39

Last updated: 13 July 2020 7:38am

Previous News

MORE NEWS»

News Bites
Compare Mortgage Rates
Compare
From
To
For

To graph multiple lenders, hold down Ctrl key while clicking in list box

Also compare rates to OCR
Find a Mortgage Broker

Add your company

Use map
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com