TMM Online
24 April, 2019 Follow us on Facebook

Bank says mortgage advisers should be fee-for-service

Another week, another major ripple from across the Tasman. Australia’s Royal Commission produced another controversy this week as Matt Comyn, chief executive of Commonwealth Bank of Australia, took aim at adviser pay structures.

In some eyebrow-raising comments, Comyn outlined his support for a fee-for-service structure, describing it as “the most attractive” model. He also questioned whether advisers delivered an ongoing service worthy of a trail fees.

The comments angered the Australian adviser association, the MFAA. They claim Comyn is trying to serve his own interests by forcing customers to go direct.

TMM Online spoke with CBA’s New Zealand bank ASB, who said the two markets were “very different”. Do you think Comyn’s words will fire up the fee-for-service debate in NZ? Let us know your views.

There was brighter news this week as ASB economists predicted the next OCR cycle will peak at just 2.75%. Do you agree? It doesn’t look like rates will be going up any time soon. Early in the week a host of top lenders slashed their mortgage rates to below 4%.

Sub 4% rates from the likes of BNZ, ANZ are hardly likely to dampen the housing market, and it looks like the Spring boom may get a helping hand this year. What effect will the lower-for-longer rate environment have on your business? Have you seen a boost already?

We're keen to hear your thoughts on what's going to happen. You can send them here

[GRTV] Great advice from the best

In our second show from the Financial Advice NZ conference Good Returns talks with popular keynote speakers Don Connelly and Michael Harrison.

ASB plays down fee-for-service talk

ASB has played down speculation it will follow owner CBA by supporting a fee-for-service model for mortgage advice, following comments made by CBA CEO Matt Comyn to the Royal Commission this week.

Speed-dating to become regular non-bank event

Following a successful second speed dating event in Wellington, New Zealand's non-banks are set to hold more special events in the New Year as adviser interest grows.

Kiwis paying off loans at faster rate: Westpac

Kiwi homeowners are paying down mortgage debt at a faster rate, taking advantage of the extended period of record low interest rates, according to new figures from Westpac.

ASB predicts mild OCR cycle

ASB's quarterly outlook for the New Zealand economic predicts "sunny skies ahead", with low rates until the second half of 2020 and a peak of just 2.75% in the next OCR cycle.

Cigna: Adviser channel an exciting change

Cigna chief executive Gail Costa says the addition of the adviser channel will mean positive changes for her business.

AIA/Sovereign confirms trips axed

AIA/Sovereign has confirmed it will stop offering overseas "recognition trips" to advisers.

Mortgage Express hires ex-ANZ banker

Adviser group Mortgage Express has hired former ANZ banker Donna Marks to bolster its Wellington operations.

NZ Mortgage Mag

TMM6: Young Guns
Latest Issue out Now

You received this message because you are subscribed to TMM Online newsletter.

unsubscribecontact us

Tarawera Publishing Ltd, • 1448a Hinemoa Street, Rotorua, New Zealand

© 2019 Tarawera Publishing Limited. • All rights reserved. • Privacy Policy