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Home Loans

Credit Picture Bleak

Wellington, July 16 NZPA - Loan defaults are up sharply and new loan applications are down, according to credit information company Veda Advantage.

NZ Sharemarket Throws Early Gains To Hit New Three-Year Low

Wellington, July 11 NZPA - The sharemarket slid to a fresh three-year low today not long after the release of further evidence that the housing market is in decline.

Convicted Fraudster Told To Pay $50,000 Towards Reparation

Auckland, July 9 NZPA - A man convicted for his role in a $7 million housing scam has been told if he pays $50,000 towards reparation by the time he is sentenced, it will reduce the time he will spend on home detention.

Business Sentiment Points To Two More Quarters Of Decline

Wellington, July 8 NZPA - A major indicator of business sentiment is pointing to two more quarters of economic decline, following the 0.3 percent fall in Gross Domestic Product in the March quarter.

Profitability Falling At Major Banks

Wellington, July 7 NZPA - A quarterly survey of New Zealand major banks shows a good performance in the last three months of 2007, but profit dropping.

Nats Say Monetary Policy Re-write Would Be Dangerous

The National Party is warning that a re-write of monetary policy would lead to higher inflation and push interest rates even higher.

Nats Say Monetary Policy Re-write Would Be Dangerous

Wellington, July 4 NZPA - The National Party is warning that a re-write of monetary policy would lead to higher inflation and push interest rates even higher.

Kiwibank Cuts Home Loan Rates

Wellington, July 3 NZPA - Kiwibank has cut around a quarter of a percentage point off its three-year fixed rate mortgage, as it looks to cash in on home owners refixing loans coming due for renewal.

Kiwibank Lowers Home Loan Rates, Most Now Below 9 Pct

Wellington, July 3 NZPA - Kiwibank has reduced home loan interest rates, bringing most fixed rates below 9 percent a year. The key three-year rate was down to 8.79 percent, which Kiwibank said was significantly below competitor banks.

Baby's Cries Saves Family Home

Wellington, July 2 NZPA - A hungry baby's early morning cries have been credited with saving the home of a New Plymouth family. When Laura Greenhow, 21, responded to nine-month-old Aliana's cries at 5am, she heard popping and saw flames coming from the garage of their Omata Rd home.

Property Finance Result Twice As Bad As Earlier Reported

Wellington, July 1 NZPA - Stricken NZAX-listed Propertyfinance group (PFG) today reported a $6.7 million loss for the March year, twice as bad as it reported in a preliminary report in April.

Horror Week On Sharemarket May Flush Out Bargain Hunters

By Simon Louisson of NZPA Wellington, June 20 NZPA - It seemed like a worse week than it actually was. Each day this week the NZSX-50 gross index fell and it sank to its lowest level in 28 months. However, the percentage fall for the week was only just over 3 percent.

Plan To Legislate Code Of Practice For Reverse Mortgages

By Maggie Tait of NZPA Wellington, June 18 NZPA - Social Development Minister Ruth Dyson today said the Government was looking at a mandatory code of practice, to protect the elderly, for those offering reverse mortgages.

NZ Sharemarket Benchmark Index Falls To 27-month Low

Wellington, June 17 NZPA - The sharemarket top 50 benchmark index today fell to its lowest level since March 2006. The NZSE-50 fell to 3395.858 at 10.44am today, marginally beating the previous year low of 3395.859 set on March 27. The index was down 10.439 points today.

NZ Victim Of `Elephant Man' Trial Has A Child

Wellington, June 15 NZPA - The New Zealander who became known as the "Elephant Man" due to the violent reaction he had in a drugs trial, has become a father.

Banks Move To Lower Mortgage Rates Since OCR Statement

Wellington, June 12 NZPA - A fall in mortgage rates which started with last week's Reserve Bank statement has now seen a widespread move by banks to lower rates. A standard two-year fixed rate of 9.2 percent is now common.

Veda Reports 5 Pct Rise In Mortgage Applications In May

Wellington, June 10 NZPA - A small rise in mortgage application figures released by credit information provider Veda Advantage is being viewed as a "hint" of some stability in the housing market.

Postie Plus Group Reports 7.5 Pct Q3 Sales Fall To $29.5m

Wellington, June 9 NZPA - Retailer Postie Plus Group is reporting a 7.5 percent fall in third quarter sales to $29.5 million. That took sales for the nine months to the end of April to $95.3m, down 1.75 percent from $97m in the corresponding period a year earlier.

Sutch Family Vindicated By File Release

Wellington, June 6 NZPA - The spy scandal that engulf ed senior civil servant Bill Sutch had its final chapter today with the release of his Security Intelligence Service (SIS) file which vindicates him and provides relief for his family.

Westpac, ASB Cut Home Lending Rates As RBNZ Signals Rate Cut

Wellington, June 5 NZPA - Westpac and ASB Bank cut fixed home lending rates today after the Reserve Bank signalled an interest rate cut by the end of the year.

Bollard Throws Out Rates Lifeline In Face Of Sinking Economy

By Simon Louisson of NZPA Wellington, June 5 NZPA - Reserve Bank (RB) governor Alan Bollard threw borrowers an interest rate lifeline today in the face of a rapidly sinking economy and inflation soaring to 4.7 percent.

RB Expects Inflation To Leap To 18-year High Of 4.7 Pct

By Simon Louisson of NZPA Wellington, June 5 NZPA - The Reserve Bank today said it expects the annual inflation rate to leap to 4.7 percent this year, the highest level in 18 years, but bank governor Alan Bollard still signalled a cut in interest rates.

RB Forecast 4.7 Percent CPI, But Signals Rate Cut This Year

Wellington, June 5 NZPA - A sharp decline in jobs and retail sales in the March quarter were insufficient to persuade Reserve Bank Governor Alan Bollard to cut interest rates today.

OECD Gives Tax Cuts A Tick

Wellington, June 4 NZPA - Personal and corporate income tax cuts are a good use of the budget surplus to counter economic slowdown, according to the latest OECD report on the New Zealand economy.

Clark Waiting For National To `Show And Tell'

Wellington, June 3 NZPA - Prime Minister Helen Clark says opinion polls won't show the true level of the Government's support until the National Party reveals its policies and says how it will pay for them.

Lombard Group Sinks To Heavy Annual Loss On Finance Co Writeoffs

Wellington, May 30 NZPA - Lombard Group sank to a $21.8 million annual net loss after directors decided to write down its Lombard Finance and Investments Ltd business, which was placed in receivership in April.

Nelson Families Face Mortgage Increases Of $160 A Week, MP Says

Wellington, May 28 NZPA - Mortgage rate rises are costing families in Nelson an extra $50 million a year, Parliament was told today.

Short-Term ANZ National Bank Home Lending Rates Rise

Wellington, May 27 NZPA - ANZ National Bank is increasing its short-term fixed mortgage lending rates tomorrow, but cutting some longer-term rates by 15 basis points. The owner of the ANZ and National Bank is also increasing deposit rates by up to 50 basis points.

Sluggish Business Confidence A Concern - National Bank

Wellington, May 27 NZPA - Business confidence remains low in May, depressed by slowing economic growth and rising costs, the National Bank said.

Impact Of Tax Cuts On Interest Rates Played Down

The Government and National both believe large-scale tax cuts can be delivered without delaying mortgage interest rate relief for struggling families.

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