Wellington, Feb 12 NZPA - Lombard Group, which has already put its finance company into receivership, today said Inland Revenue Department (IRD) has made an application to wind up its Tasman Mortgage Brokers Ltd unit.
Wellington, Feb 5 NZPA - The National Bank unveiled further cuts to its fixed mortgage rates today. The one-year fixed rate is being reduced by 20 basis points to 5.79 percent. The four-year and five-year rate is being reduced to 6.5 percent from 6.95 percent.
Finance Minister Bill English's office has failed to move Kiwibank over its high fixed-term mortgage break fees. Last week Mr English said the state-owned bank could expect a call after reports put its fee higher than some other banks.
Prime Minister John Key has declared the Australian and New Zealand banking sector to be in good health after meetings with banking bosses last week.
Wellington, Feb 1 NZPA - Westpac New Zealand today announced cuts of between 0.60 percent and 1.20 percent. to its main consumer credit card products. The cuts bring interest rates for purchases on its standard and gold credit cards down from 21.15 percent to 19.95 percent.
Finance Minister Bill English said while the recession was hurting New Zealanders they were resilient and not paralysed by fear. "You get the sense right across the board in New Zealand that people are pretty resilient around this recession," he told reporters.
Finance Minister Bill English says Kiwibank can expect to hear from the Government about its high mortgage loan break fees. The bank is government-owned but Mr English indicated he would not be moving to require other banks to lower fees.
Labour leader Phil Goff is calling on the Government to clamp down on banks charging exorbitant fees to people wanting to break their mortgages due to hardship.
Compare Credit Cards - Independent interest rate and fees comparisons for New Zealand banks.