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St Laurence finally gets its Hilton investment up, chances of interest rate rise increasing, IRD warns over trading trusts, and more.

Monday, March 7th 2005, 7:05AM

St Laurence says that its $9.5 million fixed interest Princes Wharf Hotel Bond has closed over-subscribed by $2.32 million.

The bonds pay 10.25% annually for three years and are secured by way of a second mortgage over the Hilton Hotel building on Auckland’s Princes Wharf, which contains a 5-star, 166 room boutique hotel.

The property which is being bought for $51 million is funded by this offer plus a $15 million of equity and a mortgage from the ASB Bank.

“We have wanted to acquire an interest in the hotel for some time; we regard it as an extraordinary investment opportunity given its location and the fact that the Hilton Hotel is a proven hotel operation with considerable growth potential,” St Laurence’s managing director Kevin Podmore says.

IRD warns against income splitting through trading trusts
Inland Revenue has warned professionals and others who are reducing their taxable income by operating through trading trusts.

Following a ruling by the Taxation Review Authority (TRA), the department warned people to "consider taking advice" as the arrangements may be subject to review by IRD. IRD had been asked to comment on common structures which have the effect of income minimisation, involving income generated from professional or skilled services using trusts. [MORE]

Chances of rate rise increasing
Economists are divided as to whether the Reserve Bank will raise interest rates on Thursday with a narrow majority expecting no change.

The latest Reuters survey shows eight of 14 economists expect no change to the official cash rate (OCR), currently a 6.5%, but six expect Reserve Bank governor Alan Bollard will raise the rate to 6.75%.

ANZ/National Bank recently changed its view and is now expecting a rate hike on Thursday and is also predicting a further increase in April. Economist Cameron Bagrie says the change of mind came when the bank updated its quarterly economic forecasts. [MORE]

Best places to work
The Securities Commission was named as one of the Top 20 workplaces in New Zealand by I magazine.

“It is a great tribute to Commission staff that they have fostered a supportive, collegial and enthusiastic work environment while delivering increasingly good outcomes for New Zealand capital markets. They are a creative, fun team who enjoy working together and who are extremely professional and dedicated as well,” executive chairman Jane Diplock says.

« Chances of rate rise increasingSovereign takes regulation bull by the horns »

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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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