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Articles tagged with 'Westpac'

Focus on financial crime

12 December 2017 - The New Zealand Police Financial Intelligence Unit (FIU) and the five major New Zealand banks are to run a year-long pilot of the New Zealand Financial...

No bite in bank ad complaint

5 December 2017 - Westpac has had a complaint over a home loan rate advertisement showing a a child laying on the lawn laughing as a dog licks the child's neck. The complainant,...

LVR changes won’t prompt market frenzy

4 December 2017 - The Reserve Bank’s easing of the LVRs could give some upward momentum to house prices but economists are not expecting the market to take off again.

Westpac ups rental income allowance

4 December 2017 - Changes to Westpac’s qualifying income assessments mean that investors will now be able to claim 80% of their rental income as part of their income calculation.

LVR easing sooner than expected

29 November 2017 - The Reserve Bank’s decision to start relaxing the LVR restrictions early next year, which was announced in today’s Financial Stability Report, has taken economists by surprise.

LVR speculation rife ahead of FSR

28 November 2017 - Expectations that the Reserve Bank might loosen the LVRs in this week’s Financial Stability Report (FSR) are running high, but economists don’t think it will happen – yet.

FMA tool ignites fee debate

28 November 2017 - The Financial Markets Authority is being told its KiwiSaver Fund Tracker tool needs a longer timeframe than five years if it is going to make meaningful statements about funds’ performance.

Digital threat to mortgage advisers

27 November 2017 - All three banks who have reported results recently have highlighted their push into digital tools to grow their businesses. This provides a threat and an opportunity to mortgage advisers. Philip Macalister explains.

Staunch opposition to DTI proposal

24 November 2017 - Opposition to the inclusion of debt-to-income ratios (DTIs) in the Reserve Bank’s macro prudential tool kit is widespread, the bank’s own consultation reveals.

Bank credit rationing a myth: Healy

24 November 2017 - The common refrain heard from mortgage advisers is that banks are rationing credit, making it hard to get mortgages approved. But banks deny that's happening and blame the Reserve Bank.

New board at FSC

17 November 2017 - The Financial Services Council has elected a new board at its recent annual meeting. Chief executive Richard Klipin said the FSC is in good shape financially...

ANZ KiwiSaver gets top awards...again

16 November 2017 - Research firm SuperRatings has awarded Platinum ratings to all three of ANZ Investments’ KiwiSaver schemes for the fourth year in a row. Platinum is...

Sunny MPS surprises some

9 November 2017 - Optimism was the order of the day today, with RBNZ releasing a Monetary Policy Statement (MPS) that was most notable for its positivity.

Westpac says advisers important, but...

8 November 2017 - Westpac CEO David McLean explains the bank's latest profit figures, why it won't do loans over 80%, the outlook for the housing market and the importance of mortgage advisers.

OCR stable . . . for now

3 November 2017 - [OCR Preview] Economists are confident the Reserve Bank won't move the Official Cash Rate off it's historical lows next week, but there is an emerging divergence of views about what will happen in the future now there is a new government in power.

Looking ahead with new government

20 October 2017 - New Zealand’s new government will be a Labour-NZ First coalition, supported by the Green Party, and that means changes are looming that advisers need to be aware of.

Growth outlook overshadows OCR call

28 September 2017 - New Zealand’s lower economic growth was acknowledged by the Reserve Bank in its OCR statement today – which means there's a chance their next call could be more doveish.

Caution to dictate OCR call this week

25 September 2017 - Uncertainty is bubbling beneath the surface of monetary policy but, despite this, economists expect the Reserve Bank to leave the OCR on hold at 1.75% this week.

Top fund managers recognised

11 September 2017 - The annual FundSource Awards recognise the top performing fund managers in New Zealand. Chief judge Darren Howlin tells Good Returns TV about this year’s competition.

Fund Source surprises with awards

30 August 2017 - There were some surprises in the Fund Source Fund Manager of the year awards which where handed out in Auckland last night.

LVRs are not going anywhere

21 August 2017 - There is no compelling case to roll back the Reserve Bank’s LVRs despite the slowing of the housing market, according to Westpac economists.

No dovish nod to future for RBNZ

10 August 2017 - The Reserve Bank’s OCR statement made it clear hikes are a long way off but its tone was still far less dovish than economists were expecting.

Future could hold OCR cuts

6 August 2017 - Think the OCR will stay on hold this week? So do economists – but some also say there is growing scope for the Reserve Bank to cut again.

PAA hands out gongs, but not to lenders

4 August 2017 - The PAA handed out its excellence awards, designed to recognise the passion, pride, professionalism and general excellence in the mortgage advice industry.

PAA talks through concerns with ASB

3 August 2017 - PAA chairman Bruce Cortesi has told members the association had an “open, honest and fruitful” conversation with ASB,  as it works to tackle bank practices it says undermine advisers.

Decline in banking sector profits - KPMG

12 July 2017 - Bank profits dropped in the first part of this year – despite the housing loan driven growth of their loan books.

Insurers could do better: FSC

3 July 2017 - Insurers have work to do to better comply with their disclosure requirements, the Financial Services Council says.

Game of watch and wait for OCR

22 June 2017 - Watchful caution is guiding the Reserve Bank’s policy so it will need strong evidence before it makes any change to the OCR, economists say in response to this morning’s OCR call.

Is the writing on the wall for handwritten loan apps?

15 June 2017 - Handwritten loan applications may be on the way out for ANZ but are any of the other banks rushing to follow suit?

Westpac scraps online app process

9 June 2017 - Lack of use has led Westpac to ditch its digital mortgage application system for mortgage brokers from June 1.

Banks of the future may offer customers less choice

10 February 2017 - New report says the way forward for banking may be to target a niche group of customers and offer a smaller range of easier-to-understand products, particularly mortgages.

OCR hike to come - later

24 January 2017 - The Reserve Bank’s next OCR move is likely to be up – although it won't be for a while, a new HSBC report says.

Rising rates, quieter market

16 December 2016 - Higher mortgage rates will have a more sustained impact on the housing market than the LVR restrictions have, according to Westpac.

Housing market NZ’s biggest domestic risk - RBNZ

8 December 2016 - New Zealand’s highly charged housing market is the biggest domestic economic risk facing the country but no change to the OCR is on the horizon, the Reserve Bank governor says.

DTIs not in the near future - economists

30 November 2016 - Concerns about the increase in debt relative to incomes mean the Reserve Bank want the tools to address the issue, but economists don't expect to see them introduced anytime soon.

Don't expect rates to fall on back of OCR cut

10 November 2016 - Although the Reserve Bank cut the official cash rate to a historical low of 1.75% none of the banks have passed on any of this decrease to customers.

OCR cut no surprise

10 November 2016 - Reserve Bank switches to a more neutral stance as it cuts interest rates.

Quality over quantity for Westpac

8 November 2016 - Westpac says it has been focusing on quality, rather than quantity, of lending over the past year. Read more.  ...

Westpac says policy changes focused on quality lending

7 November 2016 - Westpac says it has been focusing on quality, rather than quantity, of lending over the past year.

Next OCR cut to be the last - ANZ

26 October 2016 - The OCR should trough at 1.75% in November as the Reserve Bank’s next cut is likely to be the last one in the current cycle, ANZ has suggested.

Westpac tightens; ANZ loosens lending criteria

19 October 2016 - Westpac has abruptly stopped low-equity lending through mortgage advisers, while ANZ has loosened up its criteria around construction loans.

Westpac keeping eye on Australian sales incentive change

26 September 2016 - Westpac is removing sales incentives for its frontline staff in Australia as part of its work to rebuild trust with customers – but says the situation is different in New Zealand.

OCR call sticks to the script

22 September 2016 - Keeping the OCR on hold was the move expected of the Reserve Bank today, but economists say it means there will be another cut in November.

Expect OCR cut in November - economists

24 August 2016 - Further OCR cuts are looming strongly on the horizon in the wake of the Reserve Bank’s speech yesterday, economists have said.

Little doubt OCR cut coming

5 August 2016 - Rare consensus reigns on the OCR forecast front with economists across the board expecting the Reserve Bank to cut the OCR next week.

Reserve Bank signals more OCR cuts

21 July 2016 - The Reserve Bank says more official cash rate cuts are likely as it fights to get inflation into its target range.

Banks already introducing tougher rules for property investors

20 July 2016 - [UPDATED - ANZ position added] Three banks, and Sovereign, have introduced tougher new LVR rules for property investors.

Westpac cuts off investor lending

20 July 2016 - Westpac has acted early and stopped taking any applications for investor loans with less than 40% equity.

Westpac cuts interest-only term

12 July 2016 - Westpac NZ has reduced its interest only lending term from 15 years to a maximum of five years

ASB joins other main banks in limiting foreign borrowing

13 June 2016 - ASB has joined Westpac, BNZ and ANZ in making it tougher for overseas purchasers to get a home loan.

Financial stability reason for unchanged OCR

9 June 2016 - The Reserve Bank may have left the OCR unchanged – due to a more upbeat economic assessment - this morning, but economists continue to expect a further cut to come.

OCR holding - Economists

3 June 2016 - Next week’s OCR announcement will be a close call if any movement will be made. Read here what the economists are predicting.  ...

OCR calls favour hold

3 June 2016 - Not so long ago most economists were picking that another OCR cut would be announced at next week’s Reserve Bank meeting, but now the mood has changed.

Changes at Westpac

1 June 2016 - Colin Smith, who took Kylie Kneale's role as head of third party banking last year has moved to a different position in the bank. He has been promoted...

Inflation concerns could mean June cut

23 May 2016 - Low inflation expectations are feeding OCR projections of a June cut, but it’s still possible other factors may edge that timing out.

LVR measures looming

12 May 2016 - Further LVR restrictions may be off the table for the time being, but economists still believe more macro-prudential measures are on the way. Read here. ...

Westpac hits record result in NZ

2 May 2016 - Westpac has reported a record half-year profit despite increasing competitive pressure on its loan book.

OCR hold right call – for now

28 April 2016 - Leaving the OCR on hold today was the right decision, but there will be further cuts down the track, economists say.

Westpac commission review - what does that mean for brokers here?

27 April 2016 - Westpac says it has no plans to review commissions paid to brokers in New Zealand, despite a review across the ditch. Read more.  ...

Westpac launches commission review

27 April 2016 - Westpac says it has no plans to review commissions paid to brokers in New Zealand, despite a review across the ditch.

Odds against OCR cut

22 April 2016 - An OCR cut this week is a live call, but most economists think the Reserve Bank will wait a bit longer before cutting again.

Stephens: Reserve Bank probably considering other tools

15 April 2016 - A strong housing market in March makes it more likely the Reserve Bank will reach for other tools to slow price rises, Westpac's chief economist Dominick Stephens says.

Banks offer value: Morningstar

2 March 2016 - Morningstar says investor negativity about Australasian banks is misplaced.

Inflation expectations fall sharply

17 February 2016 - Marked decline in inflation expectations could be crucial for OCR outlook, one major bank says.

Lower mortgage rates expected

15 February 2016 - Westpac’s chief economist is expecting home loan interest rates to be lower in six months’ time than they are today. Read full story.  ...

Banks cut cash PIEs to half OCR

9 February 2016 - Low interest rates on offer from the four main banks’ cash PIE funds are likely an indication of the tough times for people surviving on money in the bank, one commentator says.

Banks cut cash PIEs to half OCR

9 February 2016 - Low interest rates on offer from the four main banks’ cash PIE funds are likely just an indication of the tough times for people surviving on money in the bank, one commentator says.

OCR cut outlook shifts

4 February 2016 - Views on the prospect of an OCR cut have shifted following the Reserve Bank governor’s speech and the release of new labour data yesterday.

Harbour picks up mandate from AMP

22 December 2015 - [UPDATED] Harbour Asset Management has picked up an $180 million fixed income mandate for a range of Westpac-distributed funds.

Reluctance to cut may be wrong

10 December 2015 - Predictions of further cuts and analysis of changes in tone flow following the Reserve Bank’s OCR cut this morning.

Odds are on an OCR cut

4 December 2015 - Expectations of a cut to the OCR next week are riding high – although some economists have divergent theories.

Housing hangover settles on Auckland

12 November 2015 - The heat has come out of the Auckland market as Westpac says the REINZ figures for last month was some of the weakest data they have seen in years. Read...

Global factors make for low rates

28 September 2015 - Low interest rates look set to continue as the Reserve Bank’s annual report emphasises the importance of maintaining a flexible monetary policy in the face of global economic challenges.

Kneale goes in Westpac restructure

17 September 2015 - A restructure at Westpac has seen the Director of Third Party Banking role disestablished and replaced with one which combines looking after advisers and the bank's mobile mortgage managers. 

Lending up but profits flat

7 September 2015 - New Zealand’s five major banks* profits flattened in the second quarter of 2015, although lending growth continued, according to a new analysis by PricewaterhouseCoopers (PWC).

Property prices to blame for S&P downgrade

18 August 2015 - Rampant Auckland property prices – as opposed to the banking and finance system itself - are to blame for Standard & Poor’s downgrading of New Zealand’s risk assessment.

OCR cut on the cards this week

17 July 2015 - Predictions of multiple OCR cuts by the end of the year are coming thick and fast - with the next one expected on Thursday.

Westpac loosens up apartment lending rules

8 July 2015 - Westpac has changed the rules around lending on apartments, which should make it easier for borrowers.

Westpac predicts three more OCR cuts this year

6 July 2015 - Another three OCR cuts are on the way, thanks to darkening economic clouds, according to one of the major banks.

Big bank bags Bailey

3 July 2015 - Well-known business development manager Scot Bailey is leaving RESIMAC after 11 years with the company and its predecessors.

Falling dairy prices to prompt OCR cuts

2 July 2015 - OCR cut predictions have taken a big step up following the latest fall in dairy prices.

Banks net interest income falls - PwC

24 June 2015 - A decrease in the net interest income of New Zealand’s major banks reflects the current highly competitive lending environment.

More banks take rates below 5%

19 June 2015 - As you can see there have been lots of home loan rate changes this week. The latest to move are Kiwibank and Westpac, with both now offering sub-5% rates....

Westpac selling BT stake

16 June 2015 - Westpac is planning to sell, through a share offer, part of its stake in BT Investment Management. Currently it owns 59% of the firm and this will fall...

Westpac takes out top award

15 June 2015 - Westpac was crowned lender of the year at PAA Conference in Auckland last week.

Today's yield curve

15 June 2015 - Today we have compared standard home loan rates from five lenders. The results are interesting.

Digital deals done in 90 seconds

9 June 2015 - Mike Pero mortgage advisers are the first in New Zealand to be able to electronically lodge loan applications directly with a major trading bank.

More banks call for OCR cuts

12 May 2015 - ANZ and Westpac are the latest banks to predict that the Reserve Bank will cut the Official Cash Rate (OCR) this year.

Poor turnaround times hurt advisers

23 April 2015 - Advisers are frustrated with having to cope with unacceptable delays in loan processing with lenders. 

Bank lending up, but profits down

9 March 2015 - New Zealand’s five major banks (ANZ, ASB, BNZ, Kiwibank and Westpac) have continued to show solid lending growth in the fourth quarter of the 2014 calendar year but total reported profits are marginally down.

Rates slashed as mortgage wars heat up

13 February 2015 - Kiwi mortgage interest rates reached a new low today as several major banks slashed their offerings.

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Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.79 4.95 5.15 5.49
ANZ Special - 4.45 4.65 4.99
ASB Bank 5.80 4.79 4.99 5.29
ASB Bank Special - 4.49 4.59 4.89
BNZ - Mortgage One 6.50 - - -
BNZ - Rapid Repay 5.95 - - -
BNZ - Special - 4.59 4.65 4.99
BNZ - Std, FlyBuys 5.90 4.99 5.29 5.59
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 5.00 5.20 -
Housing NZ Corp 5.79 4.75 4.99 5.29
HSBC Premier 5.79 4.19 4.29 4.89
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
Lender Flt 1yr 2yr 3yr
ICBC 5.80 4.59 4.69 5.09
Kiwibank 5.80 4.95 5.15 5.49
Kiwibank - Capped - - - -
Kiwibank - Offset 5.80 - - -
Kiwibank Special - 4.45 4.65 4.99
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 5.00 - 4.75 -
SBS Bank 5.89 4.99 5.19 5.49
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 4.59 4.69 4.99
Sovereign 5.90 4.79 4.99 5.29
Sovereign Special - 4.49 4.59 4.89
The Co-operative Bank - Owner Occ 5.75 4.49 4.69 4.99
The Co-operative Bank - Standard 5.75 4.99 5.19 5.49
TSB Bank 5.80 4.80 5.15 5.45
TSB Special - 4.55 4.69 4.79
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.95 4.99 5.19 5.44
Westpac - Offset 5.95 - - -
Westpac Special - 4.59 4.65 4.94
Median 5.82 4.79 4.99 5.29

Last updated: 8 December 2017 7:30am

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