NZ credit unions to merge

Five of the biggest New Zealand credit unions, including NZCU Baywide, are to merge under a single brand as they aim to become a stronger competitor to mainstream banks.

Non-bank surge to continue: KPMG

Non-banks posted a 22.9% increase in net profit last year, according to KPMG's latest non-bank report. The advisory firm tips non-banks to grow further in 2019, as banks tighten up in the aftermath of the Royal Commission.

RBNZ proposals will slow credit growth: Kiwibank

Reserve Bank proposals for banks to hold significantly more cash on their balance sheets will lead to slower credit growth and rising interest rates, Kiwibank economists have warned.

Reserve Bank proposes new capital rules

The Reserve Bank of New Zealand has proposed that banks should hold between 20% and 60% more capital on their balance sheets, a move likely to increase borrowing rates and put more pressure on major lenders.

Resimac tweaks credit assessments

Non-bank lender Resimac is set to change the way it handles customer credit assessments, looking at "credit events", rather than individual listings. The move will make it easier for customers with previous credit issues to access financing.

Treasury predicts OCR hike in 2020

The Treasury has followed the Reserve Bank and pushed back its prediction for the next OCR hike. The Treasury now expects the OCR will tighten from the 2020/2021 financial year, as New Zealand's major institutions forecast a lower-for-longer rate environment.

Squirrel innovates with construction loans

Mortgage adviser group Squirrel has launched an innovative product to help first home buyers get on the property ladder.

More stories
  • Aussie advisers fight back against reform

    Following a wave of criticism in the Royal Commission, Australian mortgage advisers have launched a fightback against industry reform.

  • BNZ starts shared ownership scheme

    BNZ is looking to lure first home buyers with a new shared ownership scheme, the first of its kind in New Zealand. 

  • Sub 4% rates unlikely to return

    ASB has joined its major rivals and bumped its fixed one year rate to more than 4%, and advisers predict sub 4% rates are unlikely to return any time soon.

  • Focus on customers, not fees: Shanks

    The fee-for-service debate is a “red herring” for New Zealand mortgage advisers, who should focus instead on customer outcomes, according to Financial Advice NZ CEO Katrina Shanks.

  • LVR has worked but Auckland risks remain: ANZ

    The Reserve Bank’s LVR restrictions have reduced household debt and risky lending, but it is too soon to rule out another surge in the Auckland market, ANZ economists have warned.

  • Newpark aims to double membership

    New mortgage dealer group Newpark Home Loans has revealed plans to double its membership over the next year as it aims to lure startup brokerages across the country.

  • Branches not efficient for mortgage origination: Elliott

    Shayne Elliott, the chief executive of ANZ, has conceded its bank branches are “not terribly efficient” for mortgage origination, adding most of the lender's business comes from mortgage advisers.

  • LVR loosening: advisers react

    Advisers say the Reserve Bank’s decision to loosen LVR restrictions will boost homebuyers, but warn tighter credit and loan servicing conditions will restrain volumes.

  • LVR restrictions eased for investors and owner-occupiers

    The Reserve Bank has loosened LVR restrictions, with changes coming into effect in January. Banks will be able to provide 20% of their owner-occupier loans to borrowers with a deposit of less than 20%. While lenders will be able to allocate 5% of new investor loans to borrowers with less than a 30% deposit. 

  • First home buyers outshine investors

     Investor lending remained flat in October while first home buyers continued their strong resurgence in the property market, latest RBNZ data shows.

  • FSR Preview: Will the Reserve Bank loosen LVR restrictions?

    The Reserve Bank will publish its latest Financial Stability Report tomorrow, with all eyes on whether it will loosen LVR restrictions. Some economists "expect" loosening, but others say recent heat in the market could cause the central bank to hold off.

  • Peer-to-peer lending on the rise

    More individuals and businesses in New Zealand are turning to peer-to-peer lending, according to new figures from the Financial Markets Authority.