After a “constructive meeting” with new Commerce and Consumers Affairs Minister Scott Simpson, FAMNZ country manager Leigh Hodgetts says he seems to understand the Commerce Commission’s insistence on mortgage advisers presenting three completed offers to borrowers will create chaos.
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The Reserve Bank has bowed to pressure from the Commerce Commission, the banks and submitters to parliament’s banking inquiry and will conduct a review of its bank capital requirements.
A switch has been flipped for mortgage borrowers with the two-year 4.99% interest rate the main banks are now offering.
Westpac gave an apparently contradictory answer as to why it was so slow to pass on the Reserve Bank’s interest rate cut last month to parliament’s finance and expenditure committee’s banking inquiry.
Switching to a new loan provider is still proving popular for mortgage borrowers.
As interest rates ease and job losses climb, New Zealand’s housing market faces a mixed year of modest growth, with conflicting forces shaping the outlook for homebuyers and investors.
Former Reserve Bank Governor and National Party leader Don Brash says there are grounds for believing that house prices may finally have ended the three-decade period when they rose significantly faster than incomes.
Although houses prices typically rise more than apartments over the long-term, the gap is not as wide as many people expect.
| SBS FirstHome Combo | 4.39 |
| Unity First Home Buyer special | 4.69 |
| Co-operative Bank - First Home Special | 5.09 |
| Kiwibank Special | 5.19 |
| Co-operative Bank - Owner Occ | 5.19 |
| TSB Special | 5.19 |
| Nelson Building Society | 5.24 |
| AIA - Go Home Loans | 5.25 |
| ASB Bank | 5.25 |
| Unity | 5.29 |
| Kainga Ora | 5.29 |
| AIA - Go Home Loans | 4.99 |
| Unity | 4.99 |
| TSB Special | 4.99 |
| Kainga Ora | 4.99 |
| ICBC | 4.99 |
| ANZ Special | 4.99 |
| ASB Bank | 4.99 |
| Kiwibank Special | 5.19 |
| Co-operative Bank - Owner Occ | 5.19 |
| Nelson Building Society | 5.24 |
| Wairarapa Building Society | 5.29 |
| Westpac Special | 5.39 |
| ICBC | 5.49 |
| BNZ - Classic | 5.59 |
| SBS Bank Special | 5.69 |
| AIA - Go Home Loans | 5.69 |
| ASB Bank | 5.69 |
| Kainga Ora | 5.79 |
| BNZ - Std | 5.79 |
| TSB Special | 5.89 |
| Kiwibank Special | 5.89 |
| Co-operative Bank - Owner Occ | 5.89 |
| AIA - Back My Build | 4.44 |
| SBS FirstHome Combo | 4.44 |
| CFML 321 Loans | 5.25 |
| Co-operative Bank - Standard | 6.45 |
| Co-operative Bank - Owner Occ | 6.45 |
| Heartland Bank - Online | 6.49 |
| Kiwibank - Offset | 6.75 |
| Kiwibank Special | 6.75 |
| Kiwibank | 6.75 |
| Kainga Ora | 6.89 |
| AIA - Go Home Loans | 6.89 |
Avanti Finance expands property team with new business development manager.
FMT strengthens its presence in the Auckland market with a new business development manager.
Bruce Bodley-Davies has been appointed Investor Relations Manager at Alpha First.
There remains no real incentive for clients to direct extra contributions into KiwiSaver, so long as New Zealand is still a global outlier in its choice of tax structure around retirement savings, according to one financial advisory firm leader.
As KiwiSaver balances continue to swell the scheme is becoming a cash cow for investment managers, prompting one industry observer to question why there is not more downward pressure on fees.
With confidence in KiwiSaver underpinned by members’ ability to switch funds types and providers at a drop of hat, just how that will marry with long-term investment in potentially illiquid private assets remains in question.
Industry at risk? Leigh says yes - and here's why
The Commerce Commission’s latest recommendation might sound harmless - but it could seriously disrupt the way we all work. Leigh Hodgetts is calling on advisers to pay attention, speak up, and stand together before real damage is done. [READ MORE]