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Mortgages

Mortgage Rates Daily Commentary
Friday 29 May 2020  Add your comment
Tough servicing tests remain; Westpac and TSB slash rates

Advisers have called on banks to lower servicing test rates as home loans plummet to record lows: [READ ON]

More rate cuts this morning. Westpac cuts two to five year special rates, reducing its three and six year loans by 60 basis points. 

TSB has cut its two year special by 20 basis points to 2.79%. Westpac and TSB's new rates are effective this morning. See all the latest market rates here.

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Mortgage fraudster heading to prison

Auckland woman, Eli Devoy, was sentenced to five years in prison in the Auckland District Court today for involvement in an extensive mortgage fraud scheme.

Wednesday, August 17th 2016, 12:43PM

by Miriam Bell

In June, a jury found socialite Devoy, who was also known as Ellie Stone, Ghorbani and Elaheh Ghorbani Sar Sangi, guilty of her part in the $9.2 million scheme.

The scheme involved a series of property transactions between 2007 and 2010 which deceived lending institutions into approving mortgage applications that contained false information and supporting documents.

Six other parties were involved in the scheme but the Serious Fraud Office, which laid 48 charges against the group, considered Devoy to be the ringleader.

Devoy was found guilty of 17 charges in relation to the scheme.

When sentencing Devoy today, Judge Brooke Gibson said there was a high level of "pure deceit and dishonesty" in her offending.

Judge Gibson also told Devoy there was a complete absence of remorse on her part and that her protestations of innocence verged on fantasy.

Imprisonment was the best option for Devoy, Judge Gibson said.

As such, she was sentenced to five years in prison with a minimum period of imprisonment of two years and six months.

The other defendants were Mehrdad Ghorbani (also known as Mohammad Ghorbani Sarsangi), Mehrzad Ghorbani (Mehdi Ghorbani), Hassan Salarpour, Nasrin Kardani, Mehran Ghorbani (Massoud Ghorbani, AKA Ken Williams) and Javad Toraby. 

Mehrdad Ghorbani was sentenced to two years and seven months in prison.

Mehrzad Ghorbani was sentenced to 10 months home detention.

Mehran Ghorbani was sentenced to seven months home detention.

Nasrin Kardani, has been remanded on bail until 9 September 2016 for sentencing.

Hassan Salarpour and Javad Toraby were found not guilty.

SFO director Julie Read welcomed Judge Gibson’s decisions which she said demonstrate there are significant penalties for those who do not provide truthful information to banks and lenders.

Read has previously said the case is important for genuine buyers who are applying for mortgages as the cost of borrowing is increased by this sort of fraudulent conduct.

“We will continue to work with banks who are targeted with false information.

“Every lender should be monitoring this risk and people applying for mortgages should be aware that there are significant penalties for those who do not provide truthful information.”

Tags: mortgages

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 3.55 3.89 3.99
AIA Special - 3.05 3.39 3.69
ANZ 4.44 3.29 3.45 3.85
ANZ Special - 2.79 2.95 3.35
ASB Bank 4.45 3.35 3.19 3.85
ASB Bank Special - 2.85 2.69 3.35
Bluestone 4.44 4.44 4.29 4.34
BNZ - Classic - ▼2.79 ▼2.69 ▼2.99
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 ▼3.39 ▼3.29 ▼3.59
Lender Flt 1yr 2yr 3yr
BNZ - TotalMoney 4.55 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 2.80 3.15 3.19
Credit Union Auckland 5.95 - - -
Credit Union Baywide 5.65 4.75 4.75 -
Credit Union North 6.45 - - -
Credit Union South 5.65 4.75 4.75 -
Finance Direct - - - -
First Credit Union 5.85 3.99 4.49 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Lender Flt 1yr 2yr 3yr
Heretaunga Building Society 4.99 4.35 4.45 -
HSBC Premier 4.49 2.80 2.89 3.50
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC ▼4.40 ▼2.95 ▼2.95 ▲3.69
Kainga Ora 4.43 ▼3.29 ▼3.39 ▼3.85
Kiwibank 4.40 3.74 4.14 4.40
Kiwibank - Capped - - - -
Kiwibank - Offset 4.40 - - -
Kiwibank Special - 2.65 2.79 3.25
Liberty 5.69 - - -
Lender Flt 1yr 2yr 3yr
Napier Building Society - - - -
Nelson Building Society 4.95 3.75 3.99 -
Pepper Essential 5.18 - 4.98 4.98
Resimac 3.49 3.45 3.39 3.69
RESIMAC Special - - - -
SBS Bank 4.54 4.85 5.05 5.49
SBS Bank Special - 2.99 3.05 3.69
The Co-operative Bank - Owner Occ 4.40 ▼2.79 ▼2.95 ▼3.39
The Co-operative Bank - Standard 4.40 ▼3.29 ▼3.45 ▼3.89
TSB Bank 5.34 3.59 ▼3.59 4.19
TSB Special 4.54 2.79 ▼2.79 3.39
Lender Flt 1yr 2yr 3yr
Wairarapa Building Society 4.99 3.95 3.99 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
Westpac Special - 2.79 ▼2.69 ▼2.79
Median 4.55 3.32 3.39 3.69

Last updated: 28 May 2020 10:38am

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