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ASB Raises Fixed Mortgage Rates

Wellington, Oct 16 NZPA - ASB Bank has raised its fixed mortgage rates today. The move comes at a time when interest rates in the wholesale money market are rising.

RBA Chief Says Rate Rise Was Necessary

Sydney, Oct 15 AAP - Reserve Bank of Australia (RBA) governor Glenn Stevens says it was prudent for the central bank to raise rates last week.

Kiwibank Increases Fixed Mortgage Lending Rates

Kiwibank Increases Fixed Mortgage Lending Rates
Wellington, Oct 9 NZPA - Kiwibank has increased many of its fixed home mortgage rates. The state-owned bank has increased its two-, four- and five-year mortgage rates by 30 basis points to 6.69 percent, 8.25 percent and 8.60 percent respectively.

Recession Sees Personal Debt Grow

Recession Sees Personal Debt Grow
By Amelia Romanos of NZPA Wellington, Oct 7 NZPA - The recession is largely responsible for a 25 percent increase in the amount of debt clients at the Federation of Family Budgeting Services owe, the organisation says.

Baby Boomers' Lifestyle Catches Up With Them

Wellington, Oct 7 NZPA - The recession is impacting particularly hard on the baby boomer generation, which is aged between 44 and 62 years, according to a credit company.

Hide Rules Out Including Rest Homes In Rates Rebates Scheme

Hide Rules Out Including Rest Homes In Rates Rebates Scheme
Wellington, Oct 7 NZPA - Local Government Minister Rodney Hide does not intend to extend the rates rebate scheme to cover retirement units. The scheme, run by local councils, aims to provide rates help to people on low incomes.

NZ Company Says Ambitious Iraqi Property Subdivision Is "Safe"

Wellington, Oct 7 NZPA - The Auckland company which has announced it is planning a $US100 million ($NZ138m) property development in northern Iraq says security in the area is better than elsewhere in the strife-torn country.

Whangarei Couple Appeal Blue Chip-Related Mortgages Case

Wellington, Oct 7 NZPA - A Whangarei couple who failed in a bid to have their Blue Chip-related mortgages set aside are appealing the decision.

ANZ Economists Expect Housing Market To Flatten Into Christmas

ANZ Economists Expect Housing Market To Flatten Into Christmas
Wellington, Oct 5 NZPA - ANZ economists are expecting the housing market to flatten into Christmas, rather than go higher, as credit growth remains anaemic.

Housing Borrowing Up - But Off Low Numbers

(correcting H2262, removing reference to 13 percent increase in third par) Wellington, Sept 30 NZPA - Total household borrowing rose in August driven by demand for housing-related finance.

Housing Borrowing Up - But Off Low Numbers

Housing Borrowing Up - But Off Low Numbers
Wellington, Sept 30 NZPA - Total household borrowing rose in August driven by solid demand for housing-related finance. Households, consumers and businesses borrowed a total $313.4 billion in August, down from $316 billion in April, the Reserve Bank of New Zealand said.

Forced Mortgage Sales Reach Monthly High

Forced Mortgage Sales Reach Monthly High
Wellington, Sept 27 NZPA - Record numbers of New Zealanders are being forced into mortgagee sales according to the latest sales figures. The Terralink property information agency said there were 321 forced property sales in July, the highest monthly figure since records began.

BNZ Cuts Variable Mortgage Rates

BNZ Cuts Variable Mortgage Rates
Wellington, Sept 17 NZPA - Bank of New Zealand is cutting one of its variable home loan rates to 5.59 percent. Earlier this week Westpac New Zealand cut the variable rate on its Choices Everyday Home Loan product to 5.69 percent.

Westpac NZ Cuts Floating And Six Month Fixed Mortgage Rate

Westpac NZ Cuts Floating And Six Month Fixed Mortgage Rate
Wellington, Sept 14 NZPA - Westpac New Zealand is cutting one of its variable home loan rates to 5.69 percent per annum and its six-month fixed rate to 5.29 percent. The 5.69 percent variable rate is offered on its Choices Everyday Home Loan product and was previously 6.49 percent.

If You Borrow And Spend, I Will Hit Your Wallet, Warns Bollard

If You Borrow And Spend, I Will Hit Your Wallet, Warns Bollard
By Ian Llewellyn of NZPA Wellington, Sept 10 NZPA - If householders start borrowing to spend again they will be hit by an old fashioned dose of mortgage rate hikes, Reserve Bank Governor Alan Bollard told MPs today.

RB Governor Warns Of Currency, Housing Risk

RB Governor Warns Of Currency, Housing Risk
Wellington, Sept 10 NZPA - Reserve Bank Governor Alan Bollard is warning of the risks of a high New Zealand dollar and rising house prices but has also downplayed the risks after leaving interest rates unchanged today.

Reserve Bank Leaves Cash Rate Unchanged

Reserve Bank Leaves Cash Rate Unchanged
Wellington, Sept 10 NZPA - Reserve Bank Governor Alan Bollard today left the official cash rate (OCR) unchanged at a record low 2.5 percent, saying there was more evidence that a "patchy" recovery was under way.

English Concerned Banks Lending To Households And Not Businesses

English Concerned Banks Lending To Households And Not Businesses
Wellington, Sept 9 NZPA - Finance Minister Bill English is concerned that it appears banks have been increasing their mortgage lending, while reducing their lending to businesses.

Lobbyist Says Bollard Will Have To Let Housing `Run Away'

Lobbyist Says Bollard Will Have To Let Housing `Run Away'
Wellington, Sept 9 NZPA - The official cash rate (OCR) -- due to be reviewed tomorrow by the Reserve Bank -- has become a rod with which the bank's governor, Dr Alan Bollard, can beat exporters, says an economic lobbyist.

Treasury Says There Are Signs Of Growth, But It Is Unbalanced

Treasury Says There Are Signs Of Growth, But It Is Unbalanced
Wellington, Sept 7 NZPA - There are signs that the housing market and the wider economy is beginning to grow again and that unemployment will not reach 8 percent as earlier predicted, Treasury said today.

ASB Cuts Floating Mortgage Rate, Puts Up Some Fixed Rates

ASB Cuts Floating Mortgage Rate, Puts Up Some Fixed Rates
Wellington, Sept 4 NZPA - ASB is cutting its floating home mortgage rate by 0.65 percent to 5.75 percent and is increasing many of its fixed mortgage rates. The floating rate is the bank's lowest floating rate in more than 40 years.

OCR Not The Problem, Property Obsession Is - Commentators

OCR Not The Problem, Property Obsession Is - Commentators
By Kate Chapman of NZPA Wellington, Sept 2 NZPA - New Zealand is "using the credit card to pay the mortgage" and if it continues we will lose our sovereignty to Australia, politicians were told today.

ANZ National Bad Loan Provisions Up, Markets Profit Strong

ANZ National Bad Loan Provisions Up, Markets Profit Strong
Wellington, Aug 31 NZPA - ANZ National Bank is taking a hit from bad lending in New Zealand big enough to feature in its parent ANZ's result but is also still making money in volatile financial markets.

Property Companies Fined For Misleading Home Buyers

Wellington, Aug 27 NZPA - Three South Island property companies running a scheme which misled people into believing that they were buying their own homes have pleaded guilty to breaching the Fair Trading Act.

Property Market Indicator Strengthens

Property Market Indicator Strengthens
Wellington, Aug 24 NZPA - A housing market indicator strengthened in July as the average time taken to sell properties fell sharply from a year earlier.

Kiwibank's Annual Profit Up 43 Percent

Kiwibank's Annual Profit Up 43 Percent
Wellington, Aug 20 NZPA - Kiwibank has announced a normalised after-tax profit for the year of $52.5 million, up 43 percent from $36.8m last year. Chief executive Sam Knowles described the result, for the year ended June 30, as "a clear indication that the bank is on a strong growth path".

Kiwibank, BNZ Lift Longer Term Fixed Rates, Cut Variable Rates

Kiwibank, BNZ Lift Longer Term Fixed Rates, Cut Variable Rates
Wellington, Aug 13 NZPA - Kiwibank and BNZ both raised their three, four and five-year fixed mortgage rates today, bringing them into line with recent increases by other major banks.

Westpac Economists Warn Against Lower OCR To Get NZ Dollar Down

Westpac Economists Warn Against Lower OCR To Get NZ Dollar Down
Wellington, Aug 10 NZPA - Economists at Westpac bank have issued a warning against calls for the Reserve Bank to lower the official cash rate (OCR) in a bid to weaken the New Zealand dollar.

Westpac Economists Warn Against Lower OCR To Get NZ Dollar Down

Westpac Economists Warn Against Lower OCR To Get NZ Dollar Down
Wellington, Aug 10 NZPA - Economists at Westpac bank issued a warning against calls for the Reserve Bank to lower the official cash rate (OCR) in a bid to weaken the New Zealand dollar.

Building Owner To Go Back To Court To Try To Evict Squatters

Mangonui, Aug 4 NZPA - An Australian property investor will be back in court next week in a second legal attempt to take possession of a commercial property he bought at a mortgagee sale four months ago.

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