Westpac CEO explains commission cut decision
Westpac chief executive Catherine McGrath explains why the bank is ending trail commissions on home loans and says the move isn't impacting applications.
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Westpac profit up 13%; Advisers account for more loans
Westpac New Zealand accelerated its mortgage lending in the six months ended September, adding a net $1.72 billion in new loans in the six months, up from the $1.51 billion added in the six months ended March. Also, the share of business written by advisers grew.
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The early stages of a property recovery could have appeared in the past two months, Kelvin Davidson, Cotality chief property economist says.
Only months not quarters to consider fixing home loan terms
The country’s biggest mortgage lender says homeowners should start thinking about fixing interest rates for longer as the bottom of the mortgage cycle is near.
Another swipe at property investors
Labour’s capital gains tax of 28% on residential and commercial property won’t deter investors who invest for cashflow, Nick Gentle, iFind Property founder and buyer’s agent says.
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Top Mortgage Rates
| Unity First Home Buyer special | 3.99 |
| ICBC | 4.25 |
| SBS FirstHome Combo | 4.29 |
| Co-operative Bank - First Home Special | 4.35 |
| TSB Special | 4.39 |
| Co-operative Bank - Owner Occ | 4.45 |
| Westpac Special | 4.49 |
| Kiwibank Special | 4.49 |
| SBS Bank Special | 4.49 |
| Unity Special | 4.49 |
| AIA - Go Home Loans | 4.49 |
| Westpac Special | 4.45 |
| TSB Special | 4.49 |
| SBS Bank Special | 4.49 |
| Kiwibank Special | 4.49 |
| AIA - Go Home Loans | 4.49 |
| Co-operative Bank - Owner Occ | 4.49 |
| BNZ - Std | 4.49 |
| ANZ Special | 4.49 |
| ASB Bank | 4.49 |
| Wairarapa Building Society | 4.59 |
| ICBC | 4.59 |
| Westpac Special | 4.99 |
| SBS Bank Special | 4.99 |
| ICBC | 4.99 |
| BNZ - Std | 4.99 |
| AIA - Go Home Loans | 5.15 |
| ASB Bank | 5.15 |
| Co-operative Bank - Owner Occ | 5.19 |
| TSB Special | 5.39 |
| ANZ | 5.39 |
| Kiwibank Special | 5.39 |
| Kainga Ora | 5.49 |
| SBS FirstHome Combo | 3.44 |
| AIA - Back My Build | 3.54 |
| SBS Construction lending for FHB | 3.74 |
| CFML 321 Loans | 4.25 |
| Co-operative Bank - Standard | 5.30 |
| Co-operative Bank - Owner Occ | 5.30 |
| ICBC | 5.39 |
| Heartland Bank - Online | 5.45 |
| Kiwibank - Offset | 5.80 |
| Kiwibank | 5.80 |
| ANZ | 5.89 |
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Westpac CEO fronts on trail commission decision
Westpac CEO Catherine McGrath speaks to TMMOnline about its decision to remove trail commissions to mortgage advisers and doesn't expect the decision will reduce adviser-originated business. [Here's what she said]
Have your Say
TMM's annual mortgage adviser survey is closing soon. You can have your say here.
Judging from initial results advisers are very unhappy with Westpac and indicate the bank will get less adviser business - the opposite to what the CEO is saying.