The cost to a bank of using mortgage advisers to originate mortgages is marginal compared to the cost of running its own proprietary origination operation, according to Kiwibank chief executive Steve Jurkovich.
Heartland Bank is extending its reverse mortgage offering to include a kind of bridging finance for those wishing to buy a unit in a retirement village.
The Reserve Bank’s capital requirements and other regulatory changes have been causing a significant drag on bank lending, according to accounting firm KPMG’s latest survey of financial institutions.
Although fixed interest rates for mortgages are declining, borrowers still opted overwhelmingly for floating and short-term rates up to one year in January.
A mortgage adviser has reimbursed $5,556 in marketing and legal costs to a couple who complained to Financial Services Complaints Ltd (FSCL) that it took three months to find out they couldn’t get finance to buy a motel after they sold their house.
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 |
| Heartland Bank - Online | 5.25 |
| Unity | 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 |
| Heartland Bank - Online | 5.19 |
| Nelson Building Society | 5.24 |
| Westpac Special | 5.39 |
| ICBC | 5.49 |
| BNZ - Classic | 5.59 |
| SBS Bank Special | 5.69 |
| Kainga Ora | 5.79 |
| AIA - Go Home Loans | 5.79 |
| BNZ - Std | 5.79 |
| ASB Bank | 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.
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.
The latest Morningstar KiwiSaver report shows the largest provider, ANZ with $22 billion under management, continues to be outperformed by most other providers in the core diversified fund categories.
How Heartland wants to help people buy a retirement village unit
Heartland Bank is extending its reverse mortgage offering to include a kind of bridging finance for those wishing to buy a unit in a retirement village. [READ ON]