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Articles tagged with 'Westpac'

Westpac says 65% of mortgage customers more than 3 months ahead of repayments

7 May 2024 - Westpac New Zealand says about 65% of its mortgage customers were more than three months ahead on repayments at March 31, which helps to explain why fewer customers than it had expected are suffering hardship amid higher interest rates.

Westpac NZ added $1.44b of mortgages in the six months ended March

6 May 2024 - Westpac New Zealand's mortgages surged in the latest six months by $1.44 billion to $66.96 billion compared with growth of just $333 million in the six months ended September,  the bank's latest disclosure statement shows.

Impaired loans mounting; Westpac lowers home loan rates

3 April 2024 - Distressed housing loans are continuing to rise, February’s monthly figures from the Reserve Bank show, while across the banking system impaired...

Westpac loaded up on home loans in the Dec Qtr after a quiet period

1 March 2024 - Westpac charged back into the mortgage market in the December quarter, lending a net $874.4 million in new housing loans after a quiet September quarter when it lent just $88.2 million in new housing loans, according to the Reserve Bank's bank financial strength dashboard.

Squeeze on all over the economy

8 December 2023 - Financial pressures will squeeze spending this Christmas – good news for the RBNZ as it battles inflation and mortgaged households waiting for a dip in interest rates.

The first bank rate cut

24 November 2023 - Westpac is the first bank to cut home loan rates, lowering its two-year rate.

Westpac lauds Cofi's principles-based approach, says CCCFA incredibly prescriptive

7 November 2023 - Westpac New Zealand says it won't comment on the National Party's pre-election promise to scrap the Financial Markets (Conduct of Institutions) Amendment Act (CoFI) but says that principles-based legislation is “a good thing.”

Westpac says more mortgage customers face higher rates

7 November 2023 - Westpac New Zealand says about 88% of its mortgage customers have already rolled over to fixed-term rates of 5% or higher and that 54% are paying interest rates between 5% and 7%.

Westpac's mortgage lending slowed in the second half

6 November 2023 - Westpac New Zealand's mortgage lending slowed in the six months ended September after a much brisker pace in its first half.

Westpac streamlines process for switching banks

7 October 2023 - Westpac New Zealand is claiming to be the first of the major banks to use an exemption the government provided to reduce red tape for people wanting to move their mortgage to another bank.

Former Westpac Life business officially merged into Fidelity Life

13 July 2023 - Fidelity Life has officially transferred its subsidiary Fidelity Insurance – formerly known as Westpac Life - into Fidelity Life Assurance Company, returning to operating as a single licensed insurer.

Household finances in a vice

26 June 2023 - New Zealand households remain gloomy due to mounting financial pressures, making it difficult for mortgage advisers to get loans across the line.

Eye of the storm

16 May 2023 - Westpac says the peak official cash rate might now hit 6%.

Westpac gets new head of third party

23 March 2023 - Westpac's former head of third party distribution. Liz Canon, has retired.

From squeeze to crush

18 January 2023 - Households’ finances are being squeezed as high levels of inflation erode spending power, borrowing costs rise and families see the value of their assets tumble.

Westpac gets new chief economist

13 December 2022 - Westpac gets a new chief economist following the departure of Dominick Stephens.

Westpac follows ANZ and puts up rates; Avanti snares top banker

1 December 2022 - Westpac has followed ANZ and raised its home loan rates. It is the second bank to move after the Reserve Bank raised the official cash rate by a 75 points...

Westpac makes progress on compliance but more work remains

29 November 2022 - Westpac NZ says it has moved closer to meeting demands from the Reserve Bank (RBNZ) on risk and liquidity, but it still has work to do to make its technology compliant.

Much bigger drop than predicted for house prices

16 November 2022 - Real house prices will fall 30% back to pre-pandemic levels, erasing any recent gains, say Westpac economists.

A deep dive into Westpac's results

15 November 2022 - Westpac reported an annual profit of $1.05 billion last week. Philip Macalister discusses the result with bank chief executive Catherine McGrath, and finds out how much business mortgage advisers are writing.

Don't expect higher commission rates

15 November 2022 - Everyone acknowledges mortgage advisers are having to do more administration work in running their business, but the chances of a pay rise appear pretty much non-existent.

Westpac KiwiSaver picks up new members

8 November 2022 - Westpac saw its KiwiSaver FUM fall in the most recent financial year, but it picked up many new members.

Westpac makes increased profit

7 November 2022 - Westpac NZ has improved its statutory profit after tax by 12% in the year to September.

Further mortgage rises announced

12 October 2022 - Westpac has followed ANZ and increased its floating rates by 50 basis points following last week's OCR announcement. However, it has also increased...

Westpac removes some fees for customers

16 September 2022 - Westpac NZ has announced the removal of some fees for its customers.

Fall of NZ dollar below $US0.60 is manageable on its own – economists

15 September 2022 - The New Zealand borrowing market should survive the latest dip in the NZ dollar, according to Westpac's acting chief economist Michael Gordon.

Borrowers should escape the worst despite big OCR jump – bank economist

14 July 2022 - A lot of borrowers look set to shrug off the worst effects of the latest jump in the base interest rate imposed by the Reserve Bank.

Bank economists agree on another 50 point hike in the OCR

11 July 2022 - There is general unanimity that another big rise in the base interest rate will happen on Wednesday.

Westpac third bank so suspend lending

30 June 2022 - Westpac has joined the ANZ and ASB in limiting high LVR loans.

Former ANZ exec joins Westpac board

7 June 2022 - Westpac has appointed a former ANZ executive to its New Zealand board.

Westpac NZ wins RBNZ satisfaction

30 May 2022 - Westpac NZ has won a tick of approval from the Reserve Bank (RBNZ) after taking action to improve the management of its liquidity risk. But it still has further to go.

Westpac’s results more good news for advisers

10 May 2022 - Westpac has outdone ANZ and originated a greater proportion of home loans through advisers than its bigger rival. Meanwhile, BNZ has gone nowhere with advisers.

Asset sale helps as major bank wrestles with RBNZ criticism

9 May 2022 - Westpac reports a mixed bag of results but describes its overall performance in the first half of the year as "solid".

Deal values Fidelity at $560 million

1 March 2022 - Fidelity Life has completed the acquisition of Westpac Life and taken on significant new shareholder.

Housing downturn faster than expected - Westpac

22 February 2022 - While Westpac Bank has long forecast a cooling in the housing market, the pullback has been faster than it expected.

People pay off mortgages earlier – Westpac

18 February 2022 - New Zealand households are paying down their mortgages earlier, according to Westpac.

Westpac's problems exposed; Orr says bank put best foot forward

25 November 2021 - Westpac's governance issues have been detailed in a new report. [READ ON] Adrian Orr: We put our best foot forward ...

House prices materially falling chorus from banks

24 November 2021 - The BNZ has joined Westpac and the Reserve Bank in predicting modest outright falls in house prices, but a large correction cannot be ruled out.

House prices should fall next year - Westpac

9 November 2021 - As mortgage rates rise, Westpac economists expect to see a substantial slowing in house price growth over the coming months, turning to modest price declines by the second half of next year.

Westpac forecasting an even higher OCR

4 November 2021 - Westpac has increased its forecast for the official cash rate to 3%.

Westpac reports higher earnings

1 November 2021 - Westpac reports a profit of more than $1 billion and says lending growth was up 10% in the 12 months to September 30.

Westpac appoints new chief executive

24 September 2021 - Westpac has a new New Zealand chief executive and it is not acting CEO Simon Power.

Westpac and BNZ follow with lockdown rate hikes

20 September 2021 - Westpac and BNZ are the latest big banks to make significant mortgage rate increases, hiking prices by up to 30 basis points.

Westpac warned for AML failures

11 August 2021 - The Reserve Bank of New Zealand has issued a formal warning to Westpac NZ for failing to report almost 8000 transactions under the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009.

Westpac drops KiwiSaver fees

20 July 2021 - Westpac NZ is reducing fees on its KiwiSaver Scheme funds saying the drop will deliver significant savings for its more than 380,000 members.

LVRs kicking in for Auckland house prices

16 July 2021 - The loan-to-value (LVR) restrictions reintroduced by the Reserve Bank are having a far greater effect on Auckland house prices than anywhere else in New Zealand.

Rate hikes: ANZ, BNZ and Westpac follow ASB

16 July 2021 - ANZ, BNZ and Westpac have followed ASB in hiking short and long-term mortgage rates as home loans move up from record lows.

Soaring house prices fuel OCR hike talk

13 July 2021 - House prices jumped 29.8% year-on-year to June, adding further weight to the odds of an official cash rate hike in 2021.

[The Wrap] Hurrah! Big banks exit life insurance

11 July 2021 - All the big banks have now exited the life insurance space - and that is probably a good thing.

November OCR hike: Predict Westpac and ANZ

7 July 2021 - Westpac and ANZ economists have become the latest to predict an increase in the official cash rate in November, as strong economic data prompts forecasters to change their tone.

Westpac New Zealand chair retires

6 July 2021 - Westpac New Zealand chair Jan Dawson will retire on October 1, to be replaced by director Pip Greenwood. 

Fidelity buys Westpac Life

6 July 2021 - Westpac and Fidelity Life have announced a $400 million deal that will see the bank sell its life insurance business to the insurer as part of a long-term strategic alliance.

BNZ and Westpac stay out of new build loan battle

5 July 2021 - BNZ and Westpac have no plans to introduce cheap variable rate loans for new builds, despite their big four rivals launching aggressive offers in recent weeks.

Westpac the latest bank to tip earlier rate hike

29 June 2021 - Westpac economists have predicted that the official cash rate could rise from August next year, causing a decline in house prices in the final three months...

Westpac tips earlier rate hike, house price decline in late 2022

28 June 2021 - Westpac economists have predicted that the official cash rate could rise from August next year, causing a decline in house prices in the final three months of 2022.

Westpac abandons NZ sale plan

24 June 2021 - BREAKING NEWS: Westpac Group has shelved plans to spin-off or sell its New Zealand division following a strategic review: [READ ON] ...

Westpac abandons NZ sale plan

24 June 2021 - Westpac Group has shelved plans to spin-off or sell its New Zealand division following a strategic review.

Mortgage growth drives record bank profits

23 June 2021 - Strong mortgage lending drove banking profits to record levels in the first three months of the year, according to a new report from KPMG.

Short term rates continue to drop

8 June 2021 - New Zealand's biggest lenders continue to cut short term fixed rates despite the growing prospect of a higher official cash rate in 2022.

Westpac NZ profit rebounds; CEO to retire

3 May 2021 - Westpac New Zealand recorded a 98% profit increase in the six months to March and has announced the imminent retirement of its chief executive, David McLean.

Banks and non-banks given clean bill of health

15 April 2021 - New Zealand's biggest banks and non-bank lenders remain in a robust position despite the pandemic, according to rating agency Standard & Poor's.

Rates could be on hold for four years

13 April 2021 - The Government's housing reforms will cause a fall in the housing market that could delay official cash rate hikes until 2025, according to Westpac economists.

Sharp drop in building consents

30 March 2021 - Residential building consents dropped a whopping 18% last month, the first decline in six months after rapid gains.

How housing reforms could impact interest rates

29 March 2021 - The Government's radical housing market reforms could mean lower interest rates for longer, according to Westpac economists: [READ ON] ...

How housing reforms could impact interest rates

29 March 2021 - The Government's radical housing market reforms could mean lower interest rates for longer, according to Westpac economists.

Big banks weigh affordability changes

26 March 2021 - ANZ has confirmed it will review its affordability criteria for investor loans in the wake of the Government's housing reforms. TMM Online asked the rest of NZ's major lenders if they plan to follow suit.

Westpac confirms NZ sale process

25 March 2021 - Westpac Banking Corporation has confirmed that it will review a sale of its New Zealand business, citing the Reserve Bank's new capital rules as a major factor.

Westpac censured by Reserve Bank over governance

24 March 2021 - The Reserve Bank has forced Westpac to conduct two independent reviews into potential risk governance failings amid "ongoing compliance issues".

Scrapping tax deductibility not the way to go

23 March 2021 - Limiting tax deductibility for property investors’ mortgage interest would be a better game changer than scrapping it altogether, says Westpac acting chief economist Michael Gordon.

Challenging times ahead for investors: Westpac

23 March 2021 - The Government’s attempt to skew the housing market away from investors to first home buyers will have a chilling effect on investor demand, says Westpac senior economist Satish Ranchhod.

Rising rates to end housing boom

3 March 2021 - Westpac economists predict rising mortgage rates will put an end to the NZ housing boom.

Biggest housing boom in 17 years

16 February 2021 - According to ASB economists New Zealand is in its biggest housing boom for 17 years, following the latest strong market data. 

Default KiwiSaver: Which providers are fighting to keep their status?

5 February 2021 - [Updated] Despite a shroud of secrecy from MBIE, Good Returns can report that 7/9 default KiwiSaver providers have applied to retain their status, with two notable exceptions keeping quiet.

Westpac drops negative OCR call; Changes to ASB broker team

21 January 2021 - Westpac has dropped its prediction for a negative official cash rate: [READ ON] ASB has announced a new look third-party banking team following the departure...

Westpac drops negative OCR call

21 January 2021 - Westpac has dropped its prediction for a negative official cash rate due to the red-hot housing market. 

Westpac launches lowest-ever big bank rate

11 January 2021 - Mortgage price wars continue into the New Year. Westpac has launched the lowest ever big four bank rate, unveiling a new one-year mortgage at 2.29%: [READ...

Lowest-ever big bank rate from Westpac

11 January 2021 - Westpac has launched the lowest ever big four bank rate, unveiling a new one-year mortgage at 2.29%.

Big banks say no to 40% investor deposits

21 December 2020 - The other three big banks will not follow ANZ in making investors raise a 40% deposit for a home loan, following the lender's controversial decision.

Westpac changes OCR call; Mortgage Lab training and development hire

1 December 2020 - Westpac has changed its forecast for the official cash rate, anticipating smaller cuts to the central bank rate next year: [READ ON] The Mortgage Lab...

Westpac changes OCR forecast

1 December 2020 - Westpac has changed its forecast for the official cash rate, anticipating smaller cuts to the central bank rate early next year.

Westpac and Forsyth Barr confirm strategic partnership

13 November 2020 - The sale of Westpac NZ’s wealth advisory business to Forsyth Barr has been confirmed by the two organisations after weeks of speculation from the industry.

Negative OCR still needed: Westpac

20 October 2020 - While mortgage rates continue to fall and the housing market booms, Westpac economists say we still need a negative official cash rate next year. Find...

Negative OCR still needed - Westpac

20 October 2020 - Despite fears of an overheated housing market, Westpac economists believe the Reserve Bank will still need to lower the official cash rate next year.

Negative official cash rate still needed: Westpac

19 October 2020 - Despite fears of an overheated housing market, Westpac economists believe the Reserve Bank will still need to lower the official cash rate next year. 

Sales, prices skyrocket in defiant market

13 October 2020 - It’s official: New Zealand’s housing market is going crazy – and the skyrocketing prices have left economists revising their forecasts and worried it heralds a new bubble.

Are returning Kiwis really a market driver?

6 October 2020 - Returning New Zealanders have been touted as a major driver of housing demand going forward, but some think the flood has ended – and that will impact on the market.

Resilient consent numbers surprise

30 September 2020 - High numbers of residential dwelling consents are still being issued with Stats NZ’s latest data leaving economists surprised at the ongoing resilience of construction.

What the Reserve Bank's latest move means for housing

24 September 2020 - The Reserve Bank’s programme to lend directly to retail banks could be ready soon. If it is, that’s likely to mean lower interest rates on loans – and more support for the housing market.

High demand keeps pushing prices up

18 September 2020 - Treasury might be expecting house prices to fall - but market data suggests otherwise, with Trade Me Property’s August data the latest to show rising prices and high demand.

Expect house prices to keep rising - Westpac

14 September 2020 - House prices are set to keep going up rather than down, one of the big banks now says – after reversing its earlier predictions of price declines.

Covid be damned – the market is booming

11 September 2020 - Those who were anticipating a Covid-prompted housing market collapse got it wrong with the latest REINZ data revealing strong growth in prices and sales.

Westpac not budging on investor LVR

7 September 2020 - Westpac is sticking to its 70% loan-to-value ratio limit for investor mortgages, despite rival banks loosening up following the end of LVR restrictions;...

Westpac not budging on investor LVR

7 September 2020 - Westpac is sticking to its 70% loan-to-value ratio limit for investor mortgages, despite rival banks loosening up following the end of LVR restrictions.

High consent issuance not expected to continue

1 September 2020 - Over 10,000 new dwelling consents were issued in the three months to July, a rolling total not seen since the 1970s. But economists don’t expect the trend to continue.

Advisers sail through second lockdown; Westpac rate cuts

1 September 2020 - Advisers say the second lockdown was easier to navigate than the shutdown in March, with stronger business activity and less disruption than before: [READ...

Borrowers pay down home loans in lockdown

6 August 2020 - Westpac claims many of its customers used the Covid-19 lockdown to make additional repayments on their mortgages.

Covid-19 fog hangs over consents increase

30 July 2020 - New dwelling consents were up by 20% year-on-year in June. That’s a big increase but it doesn’t allay the concerns of economists going forward.

Negative OCR in April 2021: Westpac

28 July 2020 - The Reserve Bank will still need to slash the official cash rate to negative territory next year, despite a better-than-expected recovery from the Covid-19...

Negative OCR in April 2021: Westpac

27 July 2020 - The Reserve Bank will still need to slash the official cash rate to negative territory next year, despite a better-than-expected recovery from the Covid-19 pandemic, according to Westpac economists.

Why bank changes are good for advisers

8 July 2020 - The days of face-to-face banking may be numbered with the big banks closing branches around the country in the wake of Covid-19, but this change could work out well for advisers.

Westpac loan process gets the thumbs-up

7 July 2020 - Westpac's decision to process third-party loans in-branch has been a success, leading to improved turnaround times, advisers say. 

Westpac scraps cash backs for high LVR loans; Aussie politician backs trail

2 July 2020 - Westpac has scrapped cash-back offers for borrowers over 80% LVR, as lenders tighten up amid the Covid-19 economic downturn: [READ ON] An Australian parliamentary...

Consents rebound likely to be short-lived

1 July 2020 - There was a strong increase in residential building consents in May but economists say the rebound won’t last.

Westpac scraps cash backs for high LVR loans

1 July 2020 - Westpac has scrapped cash-back offers for borrowers over 80% LVR, as lenders tighten up amid the Covid-19 economic downturn. 

QE the preferred tool for lower rates: economists

24 June 2020 - Economists say the Reserve Bank views its LSAP programme as the best way of pushing down interest rates, despite talk of a negative OCR in recent months. 

S&P forecast 10% house price fall

24 June 2020 - Global ratings agency Standards & Poors is the latest to join the chorus of predictions around potential house price falls in New Zealand – and they’re picking a 10% drop.

Market outlook: what economists have to say

19 June 2020 - Recent residential housing market data has not looked to bad – but, given the grim economic forecasts, that’s a bit confusing. So here’s a round-up of economists’ latest takes on the market…

New-to-bank lending freeze

17 June 2020 - Banks have stopped taking on new borrowers above 80% LVR, despite the end of loan-to-value ratio restrictions last month.

New-to-bank lending freeze

17 June 2020 - Banks have stopped taking on new borrowers above 80% LVR, despite the end of loan-to-value ratio restrictions last month.

Strong comeback could affect OCR outlook

15 June 2020 - The strong reopening of the New Zealand economy could make the Reserve Bank less likely to slash the official cash rate further, according to Westpac economists.

Cash backs creep up

15 June 2020 - Cash back offers from the major banks continue to fluctuate in the wake of Covid-19, but two banks have lifted their offers in recent weeks. 

Bank LVR limits on hold

4 June 2020 - Banks have not relaxed loan-to-value ratio limits for investors, despite the Reserve Bank's move to scrap LVR rules.

Bank LVR limits on hold

4 June 2020 - Banks have not relaxed loan-to-value ratio limits for investors, despite the Reserve Bank's move to scrap LVR rules.

Weak sales, resilient prices

3 June 2020 - Auckland’s housing market saw another slump in sales volumes in May but prices are holding steady, according to the city’s largest real estate agency.

Consents fall could have been worse

2 June 2020 - New dwellings consents dropped in April. That didn’t surprise anyone but economists were surprised that the drop wasn’t bigger.

BNZ tightens lending policy; Westpac and TSB match 2.79% record low

22 May 2020 - BNZ is sticking to a tight lending policy for mortgage borrowers, despite the Reserve Bank's decision to scrap LVR restrictions: [READ ON] Home loan...

OCR reaction: Reserve Bank open to lower, negative rates

13 May 2020 - Economists say that the Reserve Bank has left the door open to lower or even negative rates, as it kept the official cash rate on hold in its Monetary Policy Statement (MPS) today.

Westpac goes sub 3%, The Co-operative Bank cuts rates

12 May 2020 - Westpac has slashed its two year special home loan to 2.99%, becoming the latest major bank to drop below the 3% mark, while The Co-operative has also cut mortgage rates.

Housing market will take two years to recover

6 May 2020 - It will take at least two years for house prices to recover to pre-Covid-19 levels, according to new analysis from Westpac: [READ ON] ...

Housing market will take two years to recover

6 May 2020 - It will take at least two years for house prices to recover to pre-Covid-19 levels, according to new analysis from Westpac.

Westpac loan impairments soar to $211 million

4 May 2020 - Westpac NZ suffered a 47% drop in cash earnings in the six months to March, and says Covid-19 will lead to loan impairments of $211 million. 

Could the OCR drop below 0%?

28 April 2020 - Westpac economists believe the Official Cash Rate will drop into negative territory this year amid the economic turmoil caused by Covid-19.

Cuts to cash-back offers; Westpac makes new hire

17 April 2020 - Banks have begun to reduce cash-back offers on home loans in the wake of the Covid-19 crisis, advisers have told TMM Online: [READ ON] Westpac has made...

Westpac appoints third-party BDM in Wellington

17 April 2020 - Westpac has appointed a new third-party business development manager for the lower North Island.

Cuts to cash-back offers

16 April 2020 - Banks have begun to reduce cash-back offers on home loans in the wake of the Covid-19 crisis, advisers have told TMM Online.

Payment holidays won't affect credit scores

3 April 2020 - Banks have quashed speculation that payment holidays will affect customers' credit scores and their ability to borrow in the future.

Covid-19 will impact on building activity

31 March 2020 - New dwelling consents hit a 45 year high in the year ending February 2020 – but that was before the Covid-19 crisis hit.

What lies ahead for the housing market

31 March 2020 - As New Zealand begins to settle into the “new normal” of the Covid-19 lockdown, commentators have started releasing their (tentative) outlooks for the housing market. Here’s a summary of some of them...

Banks roll out mortgage holiday

30 March 2020 - Major lenders have launched mortgage holidays for borrowers affected by the Covid-19 outbreak, using online application forms to process customer requests.

Banks roll out mortgage holidays

30 March 2020 - Major lenders have launched mortgage holidays for borrowers affected by the Covid-19 outbreak, using online application forms to process customer requests.

Westpac slashes fixed rates; Uncharted territory for advisers

24 March 2020 - Westpac has made some fixed rate cuts this morning. Westpac is the fourth bank to cut fixed rates after last week's official cash rate cut, dropping...

Westpac latest to cut fixed rates

23 March 2020 - Westpac is the fourth bank to cut fixed rates after last week's official cash rate cut, dropping its one year term to 3.09%.

ASB slashes house price forecasts

17 March 2020 - House price growth will drop away to zero over the coming year, according to ASB who have cut their forecasts in response to the coronavirus crisis.

Banks weigh up fixed rate cuts

17 March 2020 - Most borrowers are yet to benefit from the Reserve Bank's OCR cut, but banks say they are weighing up cuts to fixed rate mortgages. 

Banks pass on floating rate cuts after OCR decision

16 March 2020 - Major banks have passed on rate cuts of 0.75% to floating rate borrowers following the Reserve Bank's emergency rate decision.

New loan to boost energy-efficient housing

13 March 2020 - There’s an ongoing push towards greener, healthier homes and now Westpac is joining the drive, with a new loan product for its home loan customers.

Property market may slow sharply

9 March 2020 - Westpac's chief economist has warned the coronavirus outbreak could slow house price growth in the three months to June: [READ ON] ...

Property market may slow sharply: Westpac

9 March 2020 - Westpac's chief economist has warned the coronavirus outbreak could slow house price growth in the three months to June. 

Housing market boom won't last long

27 February 2020 - Westpac economists say the recent boom in the housing market won't last much longer due to upward pressure on mortgage rates and a lack of funds in...

Housing market boom won't last long: Westpac

26 February 2020 - Westpac economists say the recent boom in the housing market won't last much longer due to upward pressure on mortgage rates and a lack of funds in the banking system.

Strong start for market in 2020

18 February 2020 - Auckland’s housing market has surged back into the game with its busiest January in four years, new REINZ data reveals.

Rising house prices glossed over in MPS

13 February 2020 - New Zealand’s housing market is rebounding strongly but the Reserve Bank barely mentioned it in Wednesday’s Monetary Policy Statement (MPS). That’s left one economist asking why.

Will the Reserve Bank change course?

3 February 2020 - The Reserve Bank will adopt a more neutral tone on the future direction of the official cash rate this month, according to economists at one major bank.

Upping the ante on price growth

22 January 2020 - ANZ economists have become the latest commentators to revise up their house price inflation predictions and are now picking 8% growth by mid-2020.

Conrad Funds Management gains $100 million funding line

20 January 2020 - Non-bank lender Conrad Funds Management plans to increase mortgage lending in 2020 with a new $100 million funding line from Westpac: [READ ON].   ...

CFML secures $100 million funding line from Westpac

20 January 2020 - Non-bank lender Conrad Funds Management plans to increase mortgage lending in 2020 with a new $100 million funding line from Westpac.

[The Wrap] Five predictions for 2020

10 January 2020 - It's the start of a new year and a new decade. While it's 2020, Philip Macalister looks ahead and makes some predictions around what may happen in the financial advice sector this year.

Small banks stall on licensing

10 January 2020 - TSB and The Co-operative are among the lenders yet to decide how they will work with financial advice provider licence holders under the new regulatory regime.

Strong market upturn picked for 2020

18 December 2019 - Expect price growth to hit 7% by April 2020 as the housing market continues its emphatic upturn, Westpac’s chief economist says.

Economists revise OCR outlook

17 December 2019 - Leading economists have revised their predictions for the official cash rate next year, predicting less action from the Reserve Bank in the next 12 months:...

Economists revise OCR outlook

16 December 2019 - Leading economists have revised their predictions for the official cash rate next year, predicting less action from the Reserve Bank in the next 12 months.

Westpac, BNZ rate increases; Resimac asset finance deal

16 December 2019 - Westpac and BNZ have kicked off the week with some home loan rate increases.  Westpac's 2 year special edges up to 3.55%, a move of 10 basis...

ASB and Westpac delay licensing decision

11 December 2019 - Advisers face a further wait to discover ASB and Westpac's stance on FAP licensing under the new regulatory regime. 

Warning on borrowing rates

9 December 2019 - The Reserve Bank's new capital regime will lead to greater increases in borrowing rates than its estimate, economists have warned.

Rate cuts continue despite RBNZ decision

2 December 2019 - Lenders continue to cut mortgage rates as the property market heads into the summer, despite the Reserve Bank's decision to keep the official cash rate on hold. 

LVRs kept on hold

27 November 2019 - The Reserve Bank has kept its LVR speed limits on hold amid fears low interest rates "could lead to a resurgence in higher-risk lending".

LVR speed limits on hold; Westpac NZ plays down impact of scandal

27 November 2019 - The Reserve Bank has kept LVR speed limits on hold amid fears low interest rates "could lead to a resurgence in higher-risk lending". [READ ON] Westpac...

Westpac NZ plays down impact of money laundering scandal

27 November 2019 - Westpac Bank chief executive Brian Hartzer has resigned after the lender was embroiled in a money laundering scandal, but the bank says the issue will not impact operations in New Zealand.

LVR restrictions to stay put: Westpac

25 November 2019 - Westpac economists believe the Reserve Bank will keep LVR speed limits at their current levels, amid fears over house price stability.

LVR restrictions to stay put: Westpac

25 November 2019 - Westpac economists believe the Reserve Bank will keep LVR speed limits at their current levels, amid fears over house price stability.

Westpac plans turnaround time overhaul

14 November 2019 - Westpac has introduced a new mortgage approval system to cut turnaround times, sending loan applications to local branches for completion.

MPS likely to echo Australian outlook: Westpac

11 November 2019 - The Reserve Bank's Monetary Policy Statement is likely to strike a similar tone to the Reserve Bank of Australia's recent forecast, keeping interest rates on hold and leaving the door open for easing in 2020, Westpac economists say.

Westpac NZ annual profit rises 3%; RBNZ releases it from capital purgatory

4 November 2019 - Westpac New Zealand lifted annual net profit 3 percent, a bright spot in its Australian parent's "disappointing" year with group profit falling 16 percent.

Westpac makes $964 million profit

4 November 2019 - Westpac New Zealand has reported a net profit of $964 million in the year to September, a 3% increase on the previous year, boosted by a 5% increase in home lending.

SuperCity on the rise?

4 November 2019 - Auckland’s housing market saw a noticeable increase in sales in October – and it’s due to an increase in listings, according to Barfoot & Thompson’s managing director.

Westpac given all-clear on capital

4 November 2019 - Westpac New Zealand has retained its accreditation to use its own capital model after completing a "remediation process" enforced by the Reserve Bank.

Strong growth in multi-unit dwelling consents

31 October 2019 - The number of dwelling consents being issued just keeps going up, with September seeing the highest number in any 12-month period since the year to October 1974.

Westpac predicts OCR will be put on hold

31 October 2019 - Westpac economists have broken ranks with rival commentators by predicting the Official Cash Rate will be put on hold next week.

Demand challenges for commercial sector

31 October 2019 - Vacancy rates in the commercial property sector are set to increase as changing economic conditions dampen demand.

Westpac rate cuts; housing market to impact OCR?

16 October 2019 - Westpac has reacted to ANZ's rate cuts with a move of its own. The bank has cut 1 and 2 year fixed special rates in line with its rival. Compare and...

House price rally could reduce odds of OCR cut: Westpac

15 October 2019 - A pickup in the housing market could give the Reserve Bank "pause for thought" over further official cash rate cuts, according to Westpac economists.

OCR cut set for November, but how much?

10 October 2019 - No rate cuts this morning, but there could be more activity next month as banks predict another Official Cash Rate cut. Westpac economists say weak business...

Weak business confidence will lead to OCR cut

10 October 2019 - Weak business confidence numbers will increase the chances of another Official Cash Rate cut next month, say Westpac economists.

Consents up again in August

30 September 2019 - Ongoing growth in the number of new dwellings being consented demonstrates an increasing focus on densification particularly in Auckland.

OCR on hold: November cut expected

25 September 2019 - The Reserve Bank has kept the Official Cash Rate at the record low of 1%, but economists predict a cut in November.

Westpac and BNZ rate cuts; NZ bank risk assessed

23 September 2019 - To kick off the week, both BNZ and Westpac have cut fixed mortgage rates this morning. BNZ's two-year rate has fallen to 3.49% for owner-occupiers,...

Home loan complaints rise

18 September 2019 - Complaints against banks by home loan borrowers rose by 12.3% last year amid a rising number of declined applications, according to the Banking Ombudsman Scheme. 

Banks raise cheap wholesale funding ahead of Spring mortgage surge

11 September 2019 - Westpac and ASB Bank’s success at raising wholesale funds at low interest rates should help fuel competition through the traditionally active Spring mortgage market, says KPMG.

Reset policies will prompt price rises - Westpac

10 September 2019 - KiwiBuild “reset” policies will boost demand, rather than supply, and that will lead to house price rises, Westpac’s economists are predicting.

Low deposits won’t lead to mortgage free for all

5 September 2019 - 5% deposits for first home buyers – it’s one of the centrepieces of the KiwiBuild “reset” – but advisers are asking whether it will actually make the sort of difference hoped for.

Slashing OCR has worked, economist says

28 August 2019 - The OCR is low and poised to get lower but Westpac’s chief economist doesn’t believe that means concerns about a negative OCR are warranted.

Three leading ladies awarded

23 August 2019 - Two mortgage advisers and one bank executive were winners of awards at the Financial Advice New Zealand conference.

ANZ's Elliott voices concerns over credit controls

14 August 2019 - ANZ Banking Group chief executive Shayne Elliott has called for more clarity on responsible lending obligations, stating risk aversion has "infected" the banking system.

Westpac,TSB, ASB rate cuts; Q Advisor Group sets out licensing stance; Avanti Christchurch role

14 August 2019 - A busy morning for rate cuts. Westpac has cut its special fixed rate home loans as of this morning. Its 1 year special is down to 3.69%, the joint lowest...

OCR cut could prompt housing market upturn

8 August 2019 - The Reserve Bank’s decision to slash the Official Cash Rate (OCR) by 0.5% to a historic low of 1.0% has shocked the financial community, but what could it mean for the housing market?

Lower prices driving Auckland sales

2 August 2019 - The Auckland market may be down but it’s not out: the city’s largest real estate agency is reporting a surge in sales volumes in July.

Auckland consents hit all time high

30 July 2019 - The Super City has seen the number of new dwelling consents being issued surge to a record high - but economists believe house building activity is nearing its peak.

ASB makes rate changes

26 July 2019 - ASB has joined its big four rivals in slashing its two year special rate to 3.79%, as rates continue to plummet. The lender has also cut its one year special...

Fixed rates to fall further: Westpac

25 July 2019 - Retail fixed interest rates will fall even further this year as the central bank considers "aggressive" cuts, according to Westpac.

Tough servicing rates could be eased

24 July 2019 - The end of tough loan servicing tests could be a step closer after the Australian Prudential Regulation Authority relaxed serviceability rules for Australian lenders.

ANZ and Westpac latest to cut rates

24 July 2019 - Good morning. Plenty of rate cut action to report this morning, and it looks like 3.79% is the new magic number for two-year rates.  After BNZ cut...

ANZ and Westpac credit rating outlooks downgraded to 'negative' outlook: Fitch

18 July 2019 - Australia's ANZ Bank has taken another hit, with the international credit rating agency Fitch downgrading the bank's operations in both Australia and New Zealand from a 'stable' to a 'negative' outlook, citing "material shortcomings in operational risk management, which were not aligned with the assessment Fitch had previously incorporated into its ratings".

OCR below 1% increasingly likely: Kiwibank

8 July 2019 - The need for the Reserve Bank to cut the Official Cash Rate to 1% and below looks "increasingly likely" according to economists at Kiwibank.

Westpac cuts 1 year rate, foreign buyer ban bites

28 June 2019 - Westpac has cut its one-year fixed special to 3.85%, bringing it in line with the rest of the big four. See our rates table here: [READ ON]. Meanwhile,...

Co-Operative Bank cuts rates; Parents support young buyers

19 June 2019 - The Co-Operative Bank has cut its 6 month, 1 year, 18 month, and 2 year fixed rates, as home loans continue to get cheaper. See how the rate cuts stack...

Bank of mum and dad backing first home market: Westpac

18 June 2019 - More than half of Kiwi parents would give their children an interest-free loan to help them onto the property ladder, according to a survey from Westpac.

Regional markets step up the pace

14 June 2019 - [UPDATED] Price growth in regional housing markets has stepped it up again with Gisborne accelerating at the front of the pack, new REINZ data shows.

Market rebound coming

14 June 2019 - No rate cuts to speak of this morning, after a busy week of changes for banks and non-bank lenders. Have a look at our comprehensive rates table here:...

Market rebound coming - Westpac

13 June 2019 - The cancellation of a capital gains tax combined with lower mortgage rates will be game changing for the housing market, believes Westpac’s chief economist.

Westpac lowers rates; call to license landlords

12 June 2019 - Another day, another rate cut. Westpac has joined rivals ANZ and Kiwibank by cutting its two-year special rate to 3.85%, down from 3.95%. Check out our...

Economists predict new record low for OCR

10 June 2019 - Economists at one of New Zealand's major banks believe lending rates could get even cheaper by the end of the year.

Banks refuse to release submissions on RBNZ proposals

5 June 2019 - While Westpac has released its submission to the Reserve Bank on the proposed new capital requirements, the other big Australian-owned banks are refusing to follow suit.

What’s up with home building?

30 May 2019 - More new dwellings desperately need to be built but recent construction data and outlook releases leave us asking what is going on in the residential building sector.

Westpac says RBNZ capital proposals would add $6,000 a year to an Auckland mortgage

24 May 2019 - Westpac says the Reserve Bank’s bank capital proposals will mean homeowners with an average mortgage in Auckland will be paying about $6,000 a year more in interest.

Westpac predicts house price boom but no more OCR cuts

11 May 2019 - Westpac economists believe this month's Official Cash Rate cut could boost house prices by 7%, but they do not expect further cuts to follow. 

Mortgage rates hit new lows after OCR cut

9 May 2019 - Banks have made major cuts to floating and fixed rate mortgages following the Reserve Bank's decision to cut the Official Cash Rate to a record low.

OCR cut to boost market

9 May 2019 - New Zealand has never seen the Official Cash Rate (OCR) go so low. Now commentators are saying it will reignite the cooling embers of the property market.

Gone: foreign buyers leave market

2 May 2019 - Overseas buyers have dropped out of the market with new Stats NZ data revealing that the number of property transfers they are responsible for has plummeted this year.

Low mortgage rates vs CGT

16 April 2019 - Plunging mortgage rates will stimulate the housing market but it is the prospect of tax change that will have the bigger market impact, Westpac’s chief economist says.

Code submissions revealed: Industry wanted change

15 April 2019 - Submitters on the draft code of conduct for the financial advice sector took issue with the draft proposed by the working group right from the first code standard.

Westpac, ANZ, TSB ramp up offers

9 April 2019 - ANZ has cut its one year special to 3.95% while Westpac has cut its three year rate below 4%, as prices continue to plummet for Kiwi borrowers.

Westpac latest to predict May OCR cut

8 April 2019 - Westpac economists are the latest to change their minds on the OCR, predicting the Reserve Bank will cut rates next month.

Migration confusion

15 March 2019 - Is migration into New Zealand going up or down? Stats NZ’s new migration measuring system is making it hard to tell.

Westpac offers prefab lending product

15 March 2019 - Westpac is the first bank to launch a dedicated mortgage product aimed at helping get Kiwis into prefabricated homes.

Major banks pledge support for advisers

7 March 2019 - New Zealand’s big four banks have given their support to mortgage advisers in the wake of Australia’s Royal Commission into financial services.

Consents at 44 year high

1 March 2019 - New dwelling consents are now at the highest level since 1975 but economists say that it’s likely they have reached their peak.

Westpac: OCR to hold until 2022

11 February 2019 - Westpac has become the latest bank to change its OCR forecast. The lender believes there will be no movement in the official cash rate until 2022, with "risks on both sides".

Consents reach peak level

4 February 2019 - New dwelling consents have hit a 14 year high and one economist believes they are now at the level required to keep pace with population growth.

Foreign buyer ban bites

18 January 2019 - Recent housing market data suggests the foreign buyers ban is biting – although the price impact remains uncertain, according to Westpac’s chief economist.

Westpac back below 4%

17 January 2019 - Westpac has slashed its one year special rate to under 4%, prompting the possibility of another mortgage price war in 2019.

The outlook for 2019

3 January 2019 - 2019 is set to be a year of massive change as the Government’s suite of housing and tax policies start to bed in. Here’s what property market commentators have to say on the coming year…

Carmen Moran leaves Westpac for Heartland

13 December 2018 - Heartland Bank has hired the experienced adviser relationship manager Carmen Moran from big four lender Westpac.

Sub 4% rates unlikely to return

6 December 2018 - ASB has joined its major rivals and bumped its fixed one year rate to more than 4%, and advisers predict sub 4% rates are unlikely to return any time soon.

Boom times for Auckland consents

30 November 2018 - Residential building activity is hitting new heights in Auckland with the city now seeing the highest level of new dwelling consents being issued since the early 1970s.

LVR easing will prompt modest growth

28 November 2018 - Don’t expect the housing market to take off at a runaway pace following the Reserve Bank’s announcement that the LVR restrictions will be eased from early next year.

Kiwis paying off loans at faster rate: Westpac

22 November 2018 - 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.

Rates fall boosting housing market - Westpac

15 November 2018 - Mortgage rates have fallen to record lows recently and the housing market is perking up as result – but it won’t last, Westpac’s chief economist says.

Long term house price outlook negative: Westpac

15 November 2018 - Current low interest rates are likely to sustain house price growth in the near term, but rising rates from 2020 onwards will trigger a fall in the market, economists at Westpac have warned.

Job numbers 'cast doubt' on future OCR cut

7 November 2018 - Today's stronger than expected job numbers add further weight against the argument for an OCR cut, economists say. 

Westpac a $1 billion baby

5 November 2018 - Westpac has lifted its full-year cash earnings, growing both deposits and lending against the backdrop of a strong economy and changing banking environment.

OCR preview survey: Economists divided on tone

2 November 2018 - Once again, no OCR changes are expected during next week’s MPS announcement. Yet economists are divided on how rising inflation will impact OCR forecasts and the governor's tone.

Inflation to "force" OCR hike

16 October 2018 - The impact of rising petrol prices is likely to extend beyond the petrol pump, according to Kiwibank economists, who say inflation will force the Reserve Bank to lift the OCR six months ahead of schedule.

LVR easing talk grows

12 October 2018 - Investors might soon get a break if the Reserve Bank relaxes the LVR restrictions in its next Financial Stability Report as some economists are suggesting it will.

“Real” risk of OCR cut: Westpac

13 August 2018 - Economists at Westpac believe there is a “real” chance the Reserve Bank could cut the OCR rate, following last week’s dovish forecast.

Reserve Bank springs surprise with dovish OCR forecast

9 August 2018 - The Reserve Bank surprised economists by signalling it may keep the OCR rate at 1.75 percent until 2020, pushing back its forecasts in a dovish statement this morning.

Ombudsman sees drop in mortgage cases

26 July 2018 - A new report from the Banking Ombudsman suggests New Zealand's lenders are doing a better job selling mortgages to customers.

Scot Bailey moves to new role at Westpac

2 July 2018 - Well-known Westpac business development manager Scot Bailey has moved to a new role within Westpac.

Westpac makes major commission changes

29 June 2018 - Westpac has made a series of sweeping changes to its commission structure for New Zealand mortgage advisers, including removing discretionary quarterly commission payments.

OCR words open door for cut

28 June 2018 - Subtle change of tone in this morning’s OCR announcement suggests the Reserve Bank may now be more willing to cut the OCR if need be, commentators say.

OCR to stay on hold

25 June 2018 - Don’t expect to see a change to the OCR this week as economists predict the Reserve Bank’s song will remain the same for a long time.

ASB, Westpac tweak servicing tests

8 June 2018 - Two of the biggest banks in New Zealand have made adjustments to their loan servicing criteria in recent weeks, amid toughening conditions for loan applicants

Applause for OCR call

10 May 2018 - New Reserve Bank Governor Adrian Orr has earned plaudits from economists for his first OCR announcement this morning – even though the decision itself was not a surprise.

Open banking opportunity for mortgage advisers

7 May 2018 - TMM speaks to Westpac NZ chief executive David McLean about the bank's latest results, the lending areas it's not interested in and how technology can help mortgage advisers.

All eyes on Orr in lead-up to OCR call

4 May 2018 - Thursday’s monetary policy statement (MPS) is the most keenly anticipated Reserve Bank outing in many months – but it’s due to the new Governor, not the OCR outlook.

Mortgage borrowing rise to be “short-lived”: Westpac

30 April 2018 - Economists at Westpac say the recent uptick in mortgage lending for owner-occupiers and property investors is likely to be “short-lived”.

Mortgage People founders launch online brokerage

18 April 2018 - The two industry veterans behind Mortgage People, Carey Brunel and Glenn Christie, have launched a new online mortgage adviser and price comparison site.

Goppy returns

13 April 2018 - Westpac's former head of third party distribution, David Gopperth, has returned to the industry in a regional sales manager role.

Millennials turn to Kiwisaver for home deposits

13 April 2018 - A new survey from Westpac claims 74 percent of 18-24 year-olds plan to dip into their pension pot to buy a first home.

Westpac expects government policy to "cool" housing market and GDP

19 March 2018 - Lender believes housing plans will slow spending and economic growth

Low interest rates set to continue

8 February 2018 - Interest rates look set to remain low for a considerable amount of time following the Reserve Bank’s Monetary Policy Statement (MPS) and OCR call this morning.

House prices pick up, but volumes low

18 January 2018 - The latest REINZ numbers show that the housing market has turned the corner, but there is a lot of variation around the regions.

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
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.14 6.75 ▼6.39
ANZ 8.64 7.74 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.14 6.79 6.65
ASB Bank 8.64 7.14 6.75 ▼6.39
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 - ▼7.14 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 ▼7.74 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 - ▼6.79 - -
Co-operative Bank - Owner Occ 8.40 ▼6.99 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 ▼7.49 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 6.89 6.55 6.35
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 ▼6.69 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 ▼7.99 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - ▼6.99 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 ▼7.74 7.29 6.59
SBS Bank Special - ▼7.14 6.69 5.99
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 ▼6.14 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 7.79 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 6.99 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - 6.55 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 7.89 7.35 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.75 6.65
Median 8.64 7.21 7.29 6.65

Last updated: 17 May 2024 9:41am

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