Deposit guarantee companies test NZ market

In what is perhaps yet another sign of just how buoyant the housing market, a new form of financing deposits has emerged, the deposit bond or guarantee.

Thursday, October 9th 2003, 3:17AM

by The Landlord

A home-grown company, Deposit Bond, has been operating since April last year and its business is secured by the "AAA" rated Great Lakes Reinsurance in Britain which is ultimately owned by Munich Reinsurance. Now another, Deposit Power, which is ultimately owned by the recently listed Promina has opened for business in New Zealand after first establishing a business in Australia where it has operated since 1989.

Essentially, they offer potential residential property buyers the option of paying a relatively small fee to have their deposits guaranteed, rather than having to pay it in cash, until settlement date.

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Flt

1yr

2yr

3yr

AIA - Back My Build

6.19

AIA - Go Home Loans

8.74

7.24

6.75

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

6.75

6.65

ASB Better Homes Top Up

1.00

Avanti Finance

9.15

Basecorp Finance

9.60

Bluestone

9.24

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BNZ - Classic

7.24

6.79

6.65

BNZ - Green Home Loan top-ups

1.00

BNZ - Mortgage One

8.69

BNZ - Rapid Repay

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BNZ - Std, FlyBuys

8.69

7.84

7.39

7.25

BNZ - TotalMoney

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CFML Loans

9.45

China Construction Bank

7.09

6.75

6.49

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Co-operative Bank - First Home Special

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8.40

7.24

6.79

6.65

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7.74

7.29

7.15

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7.70

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7.45

7.35

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7.99

7.85

Heartland Bank - Online

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6.69

6.45

6.19

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Heretaunga Building Society

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7.60

7.40

HSBC Premier

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7.05

6.75

6.59

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7.79

7.39

7.25

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8.50

8.25

7.79

7.55

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8.50

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7.25

6.79

6.65

Liberty

8.59

8.69

8.79

8.94

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9.95

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9.24

TSB Bank

9.44

8.04

7.55

7.45

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TSB Special

8.64

7.24

6.75

6.65

Unity

8.64

6.99

6.79

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6.45

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8.60

6.95

6.85

Westpac

8.64

7.89

7.35

7.25

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8.74

Westpac Offset

8.64

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7.29

6.75

6.65

Median

8.64

7.29

7.32

6.65

NZ's Financial Adviser News Centre

News

Deposit guarantee companies test NZ market

In what is perhaps yet another sign of just how buoyant the housing market, a new form of financing deposits has emerged, the deposit bond or guarantee.

Thursday, October 9th 2003, 3:17AM

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