Westpac abandons NZ sale plan
Westpac Group has shelved plans to spin-off or sell its New Zealand division following a strategic review.
Mortgage growth drives record bank profits
Strong mortgage lending drove banking profits to record levels in the first three months of the year, according to a new report from KPMG.
Investor activity falls
More than half of mortgage advisers reported a decrease in investor activity over the past month, according to a new survey from economist Tony Alexander.
Astute launches mentorship scheme
Adviser group Astute Financial has launched a mentorship scheme to guide new entrants into the industry.
Interest rate hike expectations grow
The recent surge in economic growth has increased the odds of an official cash rate hike in February, according to Kiwibank economists.
Simplicity cuts floating rate to 1.9%
Default KiwiSaver provider Simplicity has slashed its variable rate mortgage to 1.9%, one of the lowest rates available in the market.
ANZ predicts February OCR hike following GDP growth
ANZ economists predict the official cash rate will begin to rise in February, after the New Zealand economy roared back into life in the first quarter.
More stories
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ASB repays $9m over break-fee blunder
ASB has been censured by the Commerce Commission after over-charging break-fees to home loan customers.
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Adviser concern over DTI threat
Mortgage advisers have raised concerns about the implementation of debt-to-income limits after the Reserve Bank paved the way for their future use.
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What DTI limits might look like
The Reserve Bank has added debt-to-income limits to its regulatory toolkit, and a recent memo from the central bank reveals the potential settings for the new rules if they come into effect.
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Debt-to-income limits move closer
Debt-to-income limits on lending have moved a step closer to reality after the Reserve Bank added debt serviceability restrictions to its policy toolkit.
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Reserve Bank cools on interest-only limits
While the Reserve Bank has taken its first steps towards implementing debt-to-income limits, it has played down the chances of introducing interest-only lending limits.
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Propser and mySolutions team up
Mortgage adviser group Prosper has formed an alliance with mySolutions as the two businesses look to share compliance and regulation resources.
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Investors urged to bolt in long-term rates
With high inflation just around the corner, ANZ Bank, the country’s biggest mortgage lender, says mortgaged property investors would be wise to fix at least some of their borrowings at longer-term rates.
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Turnaround times slow to improve
The slight fall in mortgage lending activity in recent months has not yet translated to a meaningful improvement in turnaround times, according to advisers.
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Financial Advice NZ reveals PI renewal costs
Professional indemnity insurance costs are set to rise for those using the Financial Advice New Zealand liability programme over the next 12 months.
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FSCL surprised by PI insurance hikes
FSCL chief executive Susan Taylor has expressed her surprise at soaring professional indemnity insurance costs under the FSLAA regime.
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Short term rates continue to drop
New Zealand's biggest lenders continue to cut short term fixed rates despite the growing prospect of a higher official cash rate in 2022.
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PI insurance costs soar
NZFSG advisers face professional indemnity insurance costs of $2,500-$4,100 each in the next year, as premiums soar under the new regulatory regime.
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RBNZ balance sheet almost triples in size
Efforts to help reduce interest rates and restore confidence in financial markets have seen the Reserve Bank of New Zealand's balance sheet almost triple in size.
