[Opinion] Get your clients finances in shape for the New Year
As the holiday season draws to a close and the new year begins, many Kiwis will be entering the New Year with unmanageable levels of debt.
RBNZ: half of all mortgages to reprice over next six months
About half of all mortgages will reprice over the next six months, given the recent propensity for borrowers to fix for only six months at a time in the expectation of falling interest rates.
RBNZ cuts OCR by 50pb, signals further cuts sooner
As expected, the Reserve Bank cut its official cash rate (OCR) to 3.75% and signalled further cuts of up to 90 basis points this year but no cuts beyond that.
BREAKING: OCR 3.75% - OCR reduced further as inflation abates
Annual consumer price inflation remains near the midpoint of the Monetary Policy Committee’s 1 to 3 percent target band. Firms’ inflation expectations are at target and core inflation continues to fall towards the target midpoint.
Link gets an edge
In a significant development aimed at providing a more holistic approach to financial services, Edge Mortgages has joined Link Advisory, which is part of Link Financial Group.
Heartland writes off nearly $50m, says reverse mortgages still strong
Heartland Group says the quality of its reverse mortgage and livestock portfolios remain strong and its recently acquired Australian bank is unaffected even as it announces $49.6 million of impairments for the six months ended Dec 31.
Some comfort for RBNZ ahead of Wednesday’s OCR review
The RBNZ’s latest survey of expectations will give it some solace ahead of its OCR decision on Wednesday.
More stories
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Kiwibank promises advisers 48-hour turnaround on pre-approvals
Kiwibank is continuing to court the support of mortgage advisers by launching a fast pre-approval process for home loans that promises a decision within 48 hours, subject to qualifying criteria.
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OCR preview - RBNZ has more cuts and work to do
Consensus among the country’s main banks is the OCR will be cut to 3.75% on Wednesday but after that all eyes will be on the RBNZ’s Monetary Policy Statement outlining its forecast.
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ComCom's 3 applications per loan demand is 'crazy': FAMNZ
The Commerce Commission is sticking to its recommendation that mortgage advisers should have to submit three “actual offers” to every mortgage applicant, the Finance and Mortgage Advisers Association of New Zealand (FAMNZ) says.
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ASB made up for lost time with $2.28b net new mortgages in 1H
ASB Bank looks to be making up for lost time in the mortgage market with its home loan book swelling by $2.28 billion in the six months ended Dec 31.
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10 Minute home loan approvals on the cards
One of the possibilities of open banking includes the ability for borrowers to get pre-approval for a home loan in 10 minutes and to make instant low-cost payments.
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Borrowers switch from floating to fixed rates at brisk clip
A month is a long time in the home loan world. Between November and December last year new mortgage lending switched swiftly from floating to six-month terms by borrowers taking out new loans.
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Shifting the dial on good advice
Some financial advice providers are taking an overly conservative approach to meeting their regulatory obligations, the Financial Markets Authority (FMA) says.
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Next big issue for mortgage advisers
The question hovering on mortgage advisers’ lips is when they should start pointing clients to longer fixed interest terms on their mortgages.
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Number of mortgage holders behind in payments up 1,100 in one month
Mortgage arrears are increasing – up 7% year on year in December, the latest Centrix data show.
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Wave of mortgage inquiry for advisers
A surge in business for mortgage advisers in the first month of this year has come off the back of nearly 9,000 new property listings, the highest since January 2015.
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TSB demands much wider and braver changes to banking rules
TSB Bank is calling for changes to bank capital rules and other regulatory changes to create a level playing field for the smaller banks so they can better compete against the big four Australian-owned banks.
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Luxon sacks FEC chair Stuart Smith without explanation
The chair of parliament's finance and expenditure committee (FEC) changed last week without any formal announcement or explanation, casting doubt on whether the government's intentions to make meaningful changes to the banking sector.
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Switching banks takes a huge chunk of mortgage money
Nearly a quarter of all mortgages loaned in December went to borrowers switching banks – an increase of 94.8% over a year.
