Weekly briefs
Who's bean counting? Mortgage Concepts, A summer high, New property fund.
Sunday, October 17th 1999, 12:00AM
Who's bean counting?
Last week we reported BNZ Financial Services Group's comments that it had the "largest average retail fund size in New Zealand."
For the record BNZ's average fund size had risen from $34 million to $96 million in three years.
However, Macquarie Investment Services Limited disputes that claim. It manages only one fund in New Zealand, the Macquarie Gilt Edge Access Account, which has a fund size of approximately $ 110 million.
"$110 million divided by one is more than $ 96 million," Macquarie tells us.
Have you ordered a book recently?
If you are one of the people who ordered a book from the bookstore over the past week could you please resend your order.
Due to a software problem we need you to resend your details.
If you haven't ordered a book have you checked out what's in stock. Our newest title is Mortgage Concepts, by Kieran Trass.
Mortgage Concepts is written primarily for property investors and experienced borrowers.
The book introduces innovative mortgage structures and concepts, designed to help the borrower decide on which type of loan is most suitable.
"Mortgage Concepts help you question how and why to structure your mortgage to maximise savings and tax opportunities available," Trass says.
This book is only $29 and is not available through regular bookshops.
New property fund launched
Perpetual Trust is seeking to raise $3.85 million for its fourth property fund. The fund will own a commercial building currently under construction in Dunedin, which will house various retail outlets including Briscoes, Noel Leeming and Rebel Sports.
Perpetual forecasts the fund will have a pre-tax yield of 10.75 per cent annually. Dunedin-domiciled sharebrokers Forsyth Barr have underwritten the issue.
A new summer high
Equitable had increased the investment rates on its First Mortgage Bonds and its Mortgage Income Trust and First Mortgage debenture.
The tax-paid option for its bonds for three years has increased to 5.3 per cent and the five year rates has gone up to 5.6 per cent.
Additionally, Equitable is paying a "loyalty bonus" of 0.25 per cent for October maturities being reinvested.
The grossed up rate, including loyalty bonus, for the three and the five year bonds is 6.89 per cent and 7.27 per cent respectively for an investor on a 19.5 per cent tax rate.
The equivalent grossed up rates for an investor on 33 cents is 8.28 per cent and 8.73 per cent respectively.
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