Big, fat beautiful fees
Banks have lobbied themselves another profit centre under open banking, which could kill fintech innovation, Sam Stubbs of KiwiSaver Simplicity says.
Banks have lobbied themselves another profit centre under open banking, which could kill fintech innovation, Sam Stubbs of KiwiSaver Simplicity says.
Adding to the RBNZ’s cautious OCR approach and pause on cuts this month is the full impact of the large interest rate reductions over the past year is yet to be felt.
Even though the OCR didn’t budge yesterday, a sizeable chunk of mortgage holders are expected to keep fixing at floating rates in the hope there will be further cuts.
While there’s debate within the Reserve Bank’s monetary policy committee about where interest rates are headed, mortgage rates have either bottomed already or have only a little further to fall, says Kiwibank chief economist Jarrod Kerr.
The Monetary Policy Committee today agreed to hold the Official Cash Rate at 3.25%. Here's why in its own words.
Kiwi Adviser Network's one authorised body is moving to SHARE, but will keep aggregating through KAN.
Falling interest rates might not be sufficient to boost spending, the BNZ says.
Common expectations among economists is the OCR will not budge from 3.25% at next week’s RBNZ meeting.
Data from credit bureau Centrix and the RBNZ show different pictures for mortgage arrears.
Advisers already under pressure over bank turnaround times and the rising number of mortgage applications can expect more of the same as house prices flatten.
As turnaround times at the major banks show little sign of improvement, FAMNZ wants clear service level agreements introduced.
Mortgage lending in May was back to March levels at $8.6 billion after taking a dip in April. Two years ago, that figure was $5.8 billion.
ASB economists say the extent of further interest rate falls is now up in the air and the OCR could bottom out at 3%.
BNZ is offering small businesses unsecured loans of up to $50,000 on digital only applications through its new Merchant Flexi Loan.
Kiwibank is stepping out of its comfort zone and starting a new lending programme for start-ups.
Advisers selling mortgages and insurance through misleading or fraudulent activities are coming under the beady eye of the Financial Markets Authority (FMA).
Falling interest rates and house prices leading to better mortgage affordability is drawing first home buyers into the market in increasing numbers.
Home loan and insurance adviser network New Zealand Home Loans has appointed a new general manager, franchise and distribution.
About 70% of mortgages will reprice in the next 12 months and that is going to mean New Zealand’s collective mortgage payments will fall by about $3 billion, according to analysis by Macquarie Research.
Small businesses struggling to access capital as bank lending slows.