2 minute read
NEWS
TMMONLINE.NZ
The latest news from TMMOnline.nz
KICKBACKS TO AGENTS SHOULDN'T
HAPPEN, BUT DO Relationships between mortgage advisers and real estate agents are being questioned by Consumer NZ, which is concerned about financial kickbacks.
The consumer lobby group has released a report on advisers and it suggests some agents are referring clients to advisers who they routinely work with for their own financial gain.
It also notes the growing trend for adviser groups to be aligned with real estate agencies – as Harcourts is with Mortgage Express and Ray Whites is with Loan Market – means the ties between them are growing closer.
AUSTRALIAN NONBANK LENDER SET TO
RETURN TO NZ Bluestone Mortgages, which was a significant player in the mortgage adviser market before the Global Financial Crisis has confirmed it is returning to the market. "We think there is a good opportunity set around," Bluestone chief operating officer, Asia Pacific, Peter Wood says.
He was non-committal about when the company would return to market saying there were "still some things to piece together." "All things being equal we will certainly be in the market."
ASB KEEPS OWNERSHIP OF SOVEREIGN HOME
LOANS Although Commonwealth Bank has sold Sovereign to AIA, the insurer’s $7 billion home loan book isn’t part of the deal.
An AIA spokesman confirmed the company wasn’t buying the home loan book: “Sovereign’s home loan book is not part of the acquisition deal.”
ASB said that: “Sovereign Home Loans, which has been part of ASB for a number of years and is not a direct party to the transaction.”
“The intention is for Sovereign Home Loans to continue its close relationship with Sovereign up to, and following the sale.”
LOOKING AHEAD WITH NEW
GOVERNMENT New Zealand’s new Labour-NZ First coalition government, supported by the Green Party, means changes are looming that advisers need to be aware of.
Commentators believe there will be major changes in a number of housing market related areas.
These include house building which will see greater government involvement through the Kiwibuild programme; foreign investment which is likely to include a ban on buying existing dwellings; immigration which is set to be reduced and become more targeted; and monetary policy.
Westpac chief economist Dominick Stephens said the new government is likely to be more interventionist in the economy, tougher on foreign investment, and more liberal on social spending than the last government. ✚
