Three offers recommendation lost in translation - ComCom
The Commerce Commission says its proposal that advisers have to submit three offers to clients has been "lost in translation".
Borrowers behind in mortgage payments ebbing
As the country crawls out of recession, mortgage arrears have dropped slightly.
Solution could be in the wings
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.
RBNZ does a u-turn on bank capital requirements
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.
Interest rates expected to plateau soon
A switch has been flipped for mortgage borrowers with the two-year 4.99% interest rate the main banks are now offering.
Why was Westpac slow in passing on OCR cut?
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.
Mortgage borrowers switching to new lenders continues at a steady pace
Switching to a new loan provider is still proving popular for mortgage borrowers.
More stories
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Aggregators putting the pressure on - NZFSG
The country’s biggest adviser network NZFSG says banks are acutely aware of pain points for advisers.
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Aggregators should be pushing back on banks
Mortgage advisers have a lot more power than they realise when it comes to banks pushing out mortgage application times.
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Differing messages on the economy
While the economy took its first step into recovery and ended 2024 on a better note, there are still pockets of significant weakness.
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Cashbacks rather an interest rates the fight for banks
Compared to other countries, New Zealand’s banks infighting is mainly on cashbacks rather than interest rates in the mortgage sector.
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Four decades of 6-7% yearly house price growth ending
New Zealander’s reliance on property capital gains in the mid-single digits is at an end.
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Turnaround times for mortgage applications spin out again
After some catch-up in January, mortgage advisers say turn around times for home loan applications have again reached the “train wreck” stage they were at in October.
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Alarming acceptance of liar loans
More than half of Kiwis under 25 think it is acceptable to inflate their income on mortgage and consumer credit loan applications.
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Kiwibank says cost of adviser business is marginal
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.
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Heartland launches a bridging loan to finance retirement village purchases
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.
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A loan which could be approved in 60 mins now takes 7 days thanks to regulations
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.
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Mortgages on short-term rates surged again at the beginning of the year
Although fixed interest rates for mortgages are declining, borrowers still opted overwhelmingly for floating and short-term rates up to one year in January.
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Advisers told not to overpromise
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.
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Mortgage advisers punch-up with ComCom takes a new twist
The scrap between mortgage advisers and the Commerce Commission over its insistence borrowers be presented with three actual offers from three different lenders has taken another turn.
