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Mortgages

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Rise in households struggling with mortgage repayments; RBNZ: house prices still near top of sustainable levels

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The Reserve Bank says house prices remain near the top of its estimate of sustainable levels and remain “a stretch” for many would-be buyers. [See here]

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Property Pack Auckland are mortgage people

One of the longer-serving names in the mortgage broking business is going.

Wednesday, May 14th 2003, 9:23PM

by Jenny Ruth

After 15 years in the business, Property Pack in Auckland has decided its name no longer serves it well: it is now trading as Mortgage People.

"The company name didn’t reflect truly what we do from a retail point of view," says managing director Carey Brunel.

While property industry professionals such as real estate agents, who tend to refer business to the company, were well aware that Property Pack’s principal activity was mortgage broking, that was less obvious to other potential customers, he says.

The Property Pack name harks back to the days when the company was trying to be a one-stop shop for all property related services including accounting and valuation services, but the company’s primary activity has always been mortgage broking.

Apart from the new name, Mortgage People is continuing business as usual, including its joint venture with Mortgage Link, the Mortgage Alliance. The Mortgage Alliance now comprises about 120 individual mortgage brokers, including about 30 from Mortgage People. Brunel says the alliance is likely to write $1.5 billion in mortgages this year.

Property Pack in Wellington, which is separately owned, will continue to use the brand with its operations in the lower North Island and South Island. It is also part of the Mortgage Alliance.

Meanwhile, the Property Pack Mortgage Trust, has been sold to Christchurch-based General Capital. The trust is a nominee company raising money from the public through a prospectus to fund mortgage lending to borrowers who for one reason or another don’t meet banks’ criteria.

"They’re better at funding" and now Mortgage People can concentrate on arranging loans and leave their administration to General Capital, Brunel says.

His company will still have access to the trust’s funds which are mostly used for short term purposes such as bridging loans.

« Did the RBNZ get it wrong?Lenders more than just tweaking their rates »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 5.44 - - -
AIA - Go Home Loans 7.99 5.99 5.69 5.69
ANZ 7.89 6.59 6.29 6.29
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.99 5.69 5.69
ASB Bank 7.89 5.99 5.69 5.69
ASB Better Homes Top Up - - - 1.00
Avanti Finance 8.40 - - -
Basecorp Finance 9.60 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.94 - - -
BNZ - Rapid Repay 7.94 - - -
BNZ - Std 7.94 5.99 5.69 5.69
BNZ - TotalMoney 7.94 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.79 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 7.65 5.99 5.75 5.69
Co-operative Bank - Standard 7.65 6.49 6.25 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - 6.40 6.10 -
First Credit Union Standard 8.50 7.00 6.70 -
Heartland Bank - Online 7.49 ▼5.65 ▼5.55 ▼5.55
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.00 6.50 -
ICBC 7.49 5.99 5.65 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.75 6.89 6.59 6.49
Kiwibank - Offset 8.25 - - -
Kiwibank Special 7.75 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 8.44 ▼6.39 ▼6.09 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 7.99 6.95 6.29 6.29
SBS Bank Special - ▼6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 5.44 ▼5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.69 6.79 6.49 6.49
TSB Special 7.89 5.99 5.69 5.69
Unity ▼7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society 8.50 ▼6.19 ▼5.79 -
Westpac 8.39 6.89 6.39 6.39
Westpac Choices Everyday 8.49 - - -
Westpac Offset 8.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 6.29 5.79 5.79
Median 7.99 6.17 5.79 5.69

Last updated: 30 October 2024 9:36am

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