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Agents bill heads towards law

A series of compromises finally saw the new Real Estate Agents Bill progress through Parliament this week.

Friday, August 1st 2008, 12:02PM

by The Landlord

On track to become law this year, the bill follows months of discussions with support parties and the Real Estate Institute of New Zealand (REINZ).

It overhauls the long overdue Real Estate Agents Act 1976 and promises to bring great accountability, transparency and openness to the real estate sector.

Key reforms include the establishment of an independent complaints system to put an end to self-regulation of the industry and increased penalties to protect consumers who have been ripped off. The Government backed down on its original stance and will now consult the REINZ on the first appointments to the new authority and disciplinary tribunal which governs the real estate industry.


Changes to the initial proposal include abandoning a review of the employment status of salespersons. REINZ president Murray Cleland says he is pleased with the changes. “The industry can now progress without having the ongoing threat of an employment status review which would have been extremely disruptive.”

The decision to review auction regulations was also rescinded. Evidence was submitted which shows the real estate industry has already taken significant steps to reduce risks to consumers at auctions.

Branch managers now need to have more experience in the industry – two out of 10 years rather than three out of 10 years. The National Party are still not happy. They’ve advocated three out of five years, in accordance to what they say comes from a majority of submissions.

Associate Justice Minister Clayton Cosgrove, who announced the changes also reconfirmed the government’s commitment to a review of the regulation of property managers in response to a number of submissions. “High levels of concern from submitters justify reviewing the regulation of property managers in more detail,” says Cosgrove.

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ANZ 5.19 4.05 3.95 4.49
ANZ Special - 3.55 3.45 3.99
ASB Bank 5.20 ▼3.89 ▲4.05 4.39
ASB Bank Special - ▼3.39 ▲3.55 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
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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 ▼4.14 ▲4.30 4.64
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - ▼3.39 ▲3.55 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 5.18 - 4.98 4.98
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 5.34 4.02 4.09 4.39

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