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Brokers not keen to see NBNZ sold

Jenny Ruth looks at what the possible sale of the National Bank means for mortgage brokers.

Monday, June 16th 2003, 1:01AM

by Jenny Ruth

National Bank is widely viewed as having been put up for sale by its British parent Lloyds TSB and its fate has obvious implications for mortgage brokers.

"We would rather not see it sold," says Mortgage Brokers Association chairman Brian Berry. "If that’s not an option, we would prefer that it go to someone who doesn’t already have an extensive branch network," he says.

ANZ Bank, Commonwealth Bank of Australia-owned ASB Bank, Westpac and HSBC have all been touted as potential purchasers, although ANZ said last week it was the least likely buyer.

Foreign exchange dealers have reported that Lloyds has suddenly become an active player in the New Zealand dollar market after previously leaving this market for the past 10 years to its New Zealand subsidiary.

"Speaking to some of our members, the general feeling is that we would rather see the choice of mainstream lenders remain the same in number," Berry says.

"You also wonder how unweildly a very large market player would be as far as systems and service standards are concerned."

Carey Brunel at Mortgage People (formerly Property Pack) is also concerned about a possible reduction in choice.

"We’re only able to offer what the market provides," he says, noting that his company began with support from only two lenders. Nevertheless, those lenders had offered extremely competitive products.

Roger Poulter of Mortgage Link says the best brokers can hope for is that whoever buys National "continues to support brokers as National has done very diligently."

Miranda Caird at Mortgage Choice is concerned that National changing hands will be unsettling for her clients who have mortgages with National.

"They’ve all got different cultures. When two different cultures come together, it’s always unsettling – they all have their teething problems," and the loser is always the customer, she says.

"It’s never a good look if you’ve put a customer into National Bank and then they don’t like the bank’s change of direction."

Like Berry, Paul Bright at Loan Plan would like to see choice preserved.

"National Bank has quite a good place in the market because it’s one of only two retail banks that don’t use reinsurers. It’s good in some areas of lending because of that because they can make their own decisions without have to get a second approval from a reinsurer."

Bright says National is also a good bank for businesses. "I wouldn’t want to see any of that change under new ownership."

« Tough standards being set for brokersPero reclaims business »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 5.94 - - -
AIA - Go Home Loans 8.49 6.35 5.79 5.79
ANZ 8.39 ▼6.79 ▼6.29 ▼6.29
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - ▼6.19 ▼5.69 ▼5.69
ASB Bank 8.39 6.35 5.79 5.79
ASB Better Homes Top Up - - - 1.00
Avanti Finance 8.90 - - -
Basecorp Finance 9.60 - - -
BNZ - Classic - 6.29 5.79 5.79
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 8.44 - - -
BNZ - Rapid Repay 8.44 - - -
BNZ - Std 8.44 6.45 5.89 5.79
BNZ - TotalMoney 8.44 - - -
CFML 321 Loans 6.70 - - -
CFML Home Loans 6.95 - - -
CFML Prime Loans 8.75 - - -
CFML Standard Loans 9.70 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 6.15 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 8.15 6.35 5.79 5.69
Co-operative Bank - Standard 8.15 6.85 6.29 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - ▼6.60 ▼6.10 -
First Credit Union Standard 8.50 ▼7.20 ▼6.70 -
Heartland Bank - Online 7.99 6.69 6.35 6.15
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.00 6.50 -
ICBC 7.85 6.45 5.99 5.89
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 8.25 7.19 6.69 6.59
Kiwibank - Offset 8.25 - - -
Kiwibank Special - 6.29 5.79 5.79
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 8.75 ▼6.69 ▼6.19 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 8.49 ▼7.05 ▼6.39 ▼6.39
SBS Bank Special - ▼6.45 ▼5.79 ▼5.79
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 5.94 ▼5.45 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
TSB Bank 9.19 ▼7.09 ▼6.59 ▼6.59
TSB Special 8.39 ▼6.29 ▼5.79 ▼5.79
Unity 8.64 ▼6.29 ▼5.79 -
Unity First Home Buyer special - 6.20 - -
Wairarapa Building Society 8.50 6.65 5.99 -
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 8.44 6.53 6.10 5.79

Last updated: 2 October 2024 9:25am

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