More borrowers take out ever bigger mortgages
More than 18,000 borrowers have mortgages of more than $2 million, a number that has grown rapidly – up from 5,000 in 2017, 6,000 in 2019 and 13,000 in 2022.
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Advocacy over shouting leads the way
The demise of the Finance and Mortgage Advisers Association of New Zealand (FAMNZ) is no surprise to Hamish Patel, Financial Advice New Zealand (FANZ) mortgage and lending director.
61 mortgage fraud charges filed
A raft of mortgage fraud charges against six people have been filed by the FMA in the Manukau District Court.
TSB Heartland to become NZ's sixth largest home loan provider
If all goes to plan, Heartland Group’s purchase of TSB Bank will result in home loans becoming 44% of the combined group’s $15.1 billion of gross receivables and 54% of the New Zealand bank’s gross receivables, according to the proforma inflation Heartland has provided.
Heartland to buy TSB
Heartland Group is taking over TSB paying the Taranaki-based bank $620 million in cash, shares and a $264 million two-year vendor loan.
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New rules for meth contaminated houses
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Leaving last year's stumbling housing market behind
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.
Don’t bet on house prices rising faster than incomes
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.
Top Mortgage Rates
| Unity First Home Buyer special | 4.09 |
| SBS FirstHome Combo | 4.19 |
| ICBC | 4.49 |
| Co-operative Bank - First Home Special | 4.55 |
| Kainga Ora | 4.59 |
| AIA - Go Home Loans | 4.65 |
| Co-operative Bank - Owner Occ | 4.65 |
| ASB Bank | 4.65 |
| BNZ - Std | 4.65 |
| Nelson Building Society | 4.69 |
| TSB Special | 4.69 |
| ICBC | 4.89 |
| Kainga Ora | 4.95 |
| China Construction Bank | 4.95 |
| Nelson Building Society | 5.09 |
| SBS Bank Special | 5.19 |
| Westpac Special | 5.19 |
| BNZ - Std | 5.19 |
| AIA - Go Home Loans | 5.25 |
| ASB Bank | 5.25 |
| TSB Special | 5.25 |
| Unity Special | 5.29 |
| ICBC | 5.65 |
| Kainga Ora | 5.69 |
| SBS Bank Special | 5.79 |
| Westpac Special | 5.79 |
| BNZ - Std | 5.79 |
| AIA - Go Home Loans | 5.89 |
| Co-operative Bank - Owner Occ | 5.89 |
| ASB Bank | 5.89 |
| TSB Special | 5.99 |
| Kiwibank Special | 5.99 |
| China Construction Bank | 5.99 |
| SBS FirstHome Combo | 3.29 |
| AIA - Back My Build | 3.34 |
| SBS Construction lending for FHB | 3.74 |
| CFML 321 Loans | 3.95 |
| Co-operative Bank - Standard | 4.99 |
| Co-operative Bank - Owner Occ | 4.99 |
| Heartland Bank - Online | 5.30 |
| ICBC | 5.39 |
| Kiwibank Special | 5.75 |
| Kiwibank - Offset | 5.75 |
| Kiwibank | 5.75 |
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New BDM at FMT
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Call for change in way New Zealanders shown their retirement savings future
New Zealanders may be underestimating how much they need to save for retirement – and calculators that tell different stories aren’t helping, one consultant says.
ANZ increases all fixed rates; Borrowers on big mortgages
Home loan rate rises have started again with ANZ increasing its fixed home loan rates by 10 to 20-basis points across all terms.
Grant Knuckey, Managing Director for Personal Banking, said the increases in fixed rates were a response to rises in wholesale interest rates.
“As the global economy grapples with increased uncertainty amid conflict in the Middle East, wholesale rates have continued to climb.”
Big mortgages
More than 18,000 borrowers have mortgages of more than $2 million, a number that has grown rapidly – up from 5,000 in 2017, 6,000 in 2019 and 13,000 in 2022. [READ ON]
First ever Summit
Financial Advice NZ is rolling out its first ever Financial Advice Summit in Auckland with many international participants. Details here