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ANZ tightens lending controls following fraud case

Bank believes fraudsters will make it tougher for Kiwis to take out mortgages

Thursday, February 22nd 2018, 10:54AM

by Dan Dunkley

ANZ Bank has enforced extra lending controls in the aftermath of a high-profile fraud case that saw it cheated out of millions of dollars.

ANZ was one of three banks hit by Auckland property fraudster Kang Huang, who used false identities and the names of friends and family to obtain mortgages worth $52.5m. Huang’s fraud involved loans against more than 70 Auckland and Hamilton properties. Huang also bribed a banker with $7000 to approve loans.

Huang pleaded guilty to 10 charges before Christmas. He was sentenced to four years and seven months by Justice Graham Lang at Auckland's High Court earlier this month. Three others face the courts on February 26, including Huang’s wife Kang Xu, lawyer Gang Chen, and former bank employee Zongliang Jiang.

ANZ declined to comment on the ongoing case but provided a victim impact statement before Huang’s sentencing, warning it may become more difficult for ordinary Kiwis to take out loans.

"The bank has had to enhance its lending policies, control environment and detection systems to prevent ongoing offending by this defendant. This can have an effect of making it more difficult for hard working New Zealanders to obtain lending for their own homes and businesses."

ANZ’s statement added: “Bribing staff through inducement damages staff morale and the working environment, impacts their great reputation, trust and confidence and diminishes the pride they take in their work. A number of managers have expressed the emotional and reputational damage this offending has had on them personally and their wider lending teams."

Tags: ANZ fraud

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Lender Flt 1yr 2yr 3yr
ANZ 5.79 4.69 4.85 4.99
ANZ Special - 4.19 4.35 4.49
ASB Bank 5.80 4.59 4.75 4.79
ASB Bank Special - 4.19 4.35 4.39
BNZ - Mortgage One 6.50 - - -
BNZ - Rapid Repay 5.95 - - -
BNZ - Special - 4.19 4.35 4.49
BNZ - Std, FlyBuys 5.90 4.89 5.05 5.25
BNZ - TotalMoney 5.90 - - -
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.15 5.45 5.50 -
Lender Flt 1yr 2yr 3yr
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.90 4.95 -
Housing NZ Corp ▲5.80 ▼4.69 ▼4.79 ▼4.79
HSBC Premier 5.89 3.99 4.19 4.69
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
Lender Flt 1yr 2yr 3yr
ICBC 5.80 4.59 4.69 5.09
Kiwibank 5.80 4.69 ▼4.69 5.35
Kiwibank - Capped - - - -
Kiwibank - Offset 5.80 - - -
Kiwibank Special - 4.19 ▼4.19 4.85
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 6.10 5.10 5.45 -
Resimac 5.30 4.86 4.94 5.30
RESIMAC Special - - - -
SBS Bank 5.89 4.85 5.05 ▼4.49
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 4.19 ▼4.19 ▼4.49
Sovereign 5.90 4.59 4.75 4.79
Sovereign Special - 4.19 4.35 4.39
The Co-operative Bank - Owner Occ 5.75 ▼4.19 ▼4.39 ▼4.49
The Co-operative Bank - Standard 5.75 ▼4.69 ▼4.89 ▼4.99
TSB Bank 5.80 4.74 4.79 4.99
TSB Special - 4.24 4.29 4.49
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.95 ▼4.69 ▼4.79 ▼5.19
Westpac - Offset 5.95 - - -
Westpac Special - 4.29 ▼4.35 ▼4.49
Median 5.89 4.69 4.75 4.79

Last updated: 24 September 2018 8:24am

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