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News

Title: How low can the mortgage rate go further

Date: 2015-10-14

Body:

Mortgage rates are at record lows, and it seems as soon as we think they can’t go down any further; they’re cut again.BNZ tapped into new territory this week, dropping its carded 2-year fixed rate to 4.39%, just 4 basis points above the lowest 1-year fixed rate.Westpac has since followed, cutting its 2-year fixed rate to 4.49% .

The average 2-year fixed rate across New Zealand banks is now at 4.91% – down from 6.13% a year ago. The floating rate is at 6.04% – down from 6.72% a year ago.But experts say those holding their breath for further cuts risk end up running out of oxygen. In other words, they reckon this may be as good as...

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Title: House prices have started falling at the lower end of the market, with Auckland's lower selling price declining for three months

Date: 2015-10-09

Body:

Lower quartile house prices have plateaued in almost all parts of the country and have declined in Auckland for the last three months in a row, suggesting the lower end of the property market has peaked in its latest cycle, according to the interest.co.nz Home Loan Affordability Report for August.

The report tracks monthly movements in the Real Estate Institute of New Zealand's (REINZ) lower quartile selling prices throughout the country, the price at which 25% of sales would be below that point and 75% would be above it, and this shows that the national lower quartile price peaked at $308,500 in March and has since remained...

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Title: Life insurance industry payouts top a $1 billion, premiums rise faster

Date: 2015-10-07

Body:

Life insurers have paid out more than $1 billion in claims for a fifth year in a row.But the rise in payouts has been outstripped by rising premiums for certain kinds of insurance.
Financial Services Council (chief executive Peter Neilson said its members had paid out $1.13b (FSC) in claims in the year to June 30, including claims on life insurance and income protection policies.Since 2011 annual life insurance premiums paid have increased from $835m to $1.01b in 2014, FSC statistics show.
Trauma and income protection have also seen premiums rising faster than claims paid.Replacement income claims were just over $17m higher in 2014 than in 2011.Insurance coverage...

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