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News

Title: looks at whether to fix or float and how long to fix when the Reserve Bank is cutting interest rates

Date: 2015-06-24

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Even a few months ago, most borrowers thought the next move in interest rates was likely to be up and therefore fixing for as long as possible made sense.
So the June 11 decision by the Reserve Bank to cut the Official Cash Rate by 25 basis points to 3.25% and signal another cut has certainly taken a few by surprise. Floating mortgage rates were cut by the same amount and shorter term fixed mortgage rates have fallen as much as 50 basis points over the last six weeks.
Also, over May the Reserve Bank and the Government launched a pincer movement to try to slow house price inflation in the Auckland market, which Finance Minister Bill English has described as a "feeding...

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Title: Half of Kiwi homes underinsured

Date: 2015-06-12

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Nearly half of Kiwi homes are underinsured by at least 10 per cent, new research shows.
Since the Canterbury earthquakes, insurance companies no longer offer full replacement value house policies in the event of a natural disaster.
Now the onus is on homeowners to estimate how much it would cost to rebuild their homes, and take out a "sum insured" policy accordingly.
Research from property analytics firm CoreLogic shows this has resulted in almost one in two New Zealand properties being underinsured, as homeowners miscalculate the true rebuild value.
With the New Zealand housing stock currently worth around $786 billion dollars, this equates to an $80...

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Title: Chinese banks creeping into lending market

Date: 2015-06-05

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Massive Chinese bank Industrial & Commercial Bank of China (ICBC), which began lending last year, has been making inroads into the mortgage market with $11 233,000 advanced on residential mortgages at the end of last year.
Also, the China Construction Bank and the Bank of China is establishing itself in New Zealand.
The arrival of these banks in the country was unlikely to have much impact on the industry for some time, according to a number of brokers spoken to by mortgagerates.co.nz.
However, Loan Market’s Bruce Patten warned that, ultimately, their arrival could be bad for the industry.
He said it will lead to more competition in a market...

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