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Mortgage Rates Commentary

Kiwibank removes special cap; BNZ says OCR can be lowered

Tuesday 16th of October 2012

Kiwibank has this afternoon removed the equity caps on its special home loan rates. Borrowers no longer need 30% equity to apply for its six month, one year and two year rates which are all set at 4.99%. However the bank still deems them "strictly ‘limited" specials.

As each day passes, the green light allowing the Reserve Bank to lower its cash rate glows ever brighter. Read why

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Latest Comments
Advisers embrace Westpac after trail commissions removed
@The Laird - No, not really. The headline of this article could equally have been: "Advisers embrace Westpac after upfront commissions increased to highest across the main banks."
6 hours ago Paul Flood
Advisers embrace Westpac after trail commissions removed
Doesn't this result call into question the criticism from certain quarters that Mortgage Advisers are driven predominantly by commission considerations?
12 hours ago The Laird
FMA wants clearer fees
@first time caller - I can see the complexity you highlight, but as above, investors should be able to see what they are paying without having to reference multiple documents. Investment admin can track and report deductions for tax, withdrawals, fees et al, would be /should be straightforward to aggregate advice fees into costs at member level... at least I hope so.
1 day ago Goldcard
FMA wants clearer fees
@goldcard - how would you propose that a fund manager calculates the TER to include adviser fees given not all clients pay them and different advisers charge different fees, not to mention some advisors charge different fees to different clients? The advice fee gets disclosed in the adviser's disclosure statement and the statement of advice, so the client can add that to the published TER of the fund they are invested in to see how much they are paying overall.
2 days ago First time caller
FMA wants clearer fees
Schedule 4 of the FMCA regs 2014, particularly clauses 2(1) and 53(3) provide the basis for excluding individually charged advice fees from the statutory TER. This was introduced with the best of intentions, but now it is little more than an invisibility cloak for deductions from member accounts.
2 days ago Goldcard