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Thursday news in brief

Life is busy and it’s easy to miss some of the stories that hit the news. So here’s a brief rundown of some of the stories that might have slipped by you this week…

Thursday, May 11th 2017, 7:00AM

by The Landlord

Self-interest accusations for property owning MPs

Property owning MPs have been accused of allowing their own interests to blinker policy making in relation to the housing market, following this year’s release of The Register of Pecuniary Interests.

The Register which, among other things, reveals how many properties and businesses MPs own, showed that 76 out of 118 MPs have an interest in two or more properties. Of those, 51 declared an interest in three or more.

The four MPs with the biggest property holdings were all from the National Party. They were, Economic Development Minister Nathan Guy (18), Justice Minister Amy Adams (8), Social Development Minister Anne Tolley (8) and list MP Parmjeet Parmar (7).

In response, Green Party co-leader James Shaw and ACT Party leader David Seymour, neither of whom own any properties at all, both suggested that MPs levels of property ownership makes them self-interested in not changing relevant policy settings.

Read more: Two thirds of MPs are investors 

IMF weighs in on housing market

New Zealand’s booming housing market is a downside risk for the economy, according to the IMF’s final report on the country’s economic health.

It said that tighter macroprudential policies, higher interest rates, lower rates of net migration, and increasing housing supply should help moderate house price inflation and stabilise household debt vulnerabilities in the medium term.

But it also recommended the inclusion of debt-to-income ratios in the Reserve Bank’s macro prudential tool kit and the introduction of new housing tax measures aimed at reducing incentives for leveraged property investments.

Finance Minister Stephen Joyce and the Reserve Bank welcomed the IMF’s report, but economic commentator Michael Reddell said it doesn’t mention that the house price issue is a matter of regulatory failure and that little or nothing has been done to fix the problems.

Read more: DTIs should be in RBNZ toolkit – IMF

Auckland rents set to rise

Growing numbers of Auckland investors feel that rents are too low and many are planning to increase their rents, the latest Crockers rental market research reveals.

While 53% of those surveyed thought rents were fairly priced, the number of investors who feel that rents are below a fair price has gone up from 30% in October 2015 to 34% in April 2017. 

Over half (57%) of the investors surveyed plan to increase rents in the next six months. Of those 21% were looking to up rents by 1-2%, 18% were looking at rise of 3-4% and 18% were planning an increase of 5%+.

A number of factors were prompting the move towards rent increases. These included local rates, insurance and maintenance costs, and rising interest rates.

Read more: Auckland rental market under pressure 

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.24 6.79 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 6.79 6.65
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.24 6.79 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.84 7.39 7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 7.04 - -
Co-operative Bank - Owner Occ 8.40 7.24 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.74 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.69 6.45 6.19
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.75 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.39 7.25
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.25 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.25 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.75 7.35 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 ▼8.09 ▼7.59 ▼7.29
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 ▼9.09 ▼8.59 ▼8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.84 7.45 7.25
SBS Bank Special - 7.24 6.85 6.65
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.74 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.04 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.24 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 7.89 7.49 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.89 6.65
Median 8.64 7.29 7.32 6.65

Last updated: 28 March 2024 9:42am

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