Good Returns
Advisers inundated with policy changes by banks
19/01/2022
Some advisers have also complained of too many different systems from different banks, meaning the multiple changes come in many different forms, depending on which bank they are dealing with. But the NZBA says there cannot be a uniform approach across the banking sector for competition reasons.
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Whanganui Chronicle
Whanganui mortgage brokers say Government inquiry into CCCFA is a win
18/01/2022
Bankers’ Association chief executive Roger Beaumont said he welcomed the Government’s decision to look into the “unintended consequences” the CCCFA amendments were having on mortgage lending. “Banks are caught between meeting customer needs and ensuring they comply with the law,” he said.
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Otago Daily Times
Mortgage approvals in South contract
18/01/2022
The New Zealand Bankers’ Association warned the Government as far back as 2019 that changes to lending laws could cut people off from mortgages they could likely afford to pay.
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NZ Herald
Government had three years of warnings new credit rules would shut out borrowers
17/01/2022
“We welcome any investigation into the unintended consequences of the new lending rules. In our submissions on the CCCFA law change and new regulations we’ve set out our concerns all along the way.”
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The Guardian
New Zealand banks reject home loans over spending on Christmas gifts and pets as tighter rules hit
16/01/2022
The New Zealand Bankers’ Association chief executive Roger Beaumont told Stuff the law change meant banks had “much less flexibility or room for lender discretion than was previously the case.”
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Stuff
Home loan changes: Are the banks taking the rules too far?
15/01/2022
“Banks are very much in the business of lending. They are also responsible lenders and take requirements to comply with the law very seriously.”
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NZ Herald
‘It’s ridiculous’: 27 days before bank picks up home loan application
10/01/2022
“The new [CCCFA] rules are fairly tight and there’s much less flexibility or room for lender discretion than was previously the case. For example, you might need to provide evidence of recent transactions so your bank can get a clear idea of your debts and expenses. This means it will take longer to get a...
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Stuff
David Seymour calls for inquiry into ‘unintended consequences’ of loan law changes
07/01/2022
While the New Zealand Bankers Association warned in its submission that proposed laws changes “may” lead to more conservative lending, Watson told MPs it was inevitable.
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Stuff
Government emissions reduction plan not ambitious enough
27/12/2021
Recent submissions on the government’s Emissions Reduction Plan (ERP) from the Sustainable Business Council (SBC), New Zealand Bankers’ Association (NZBA) and Toitū Tahua, the Centre for Sustainable Finance (TT CSF), show an extraordinary willingness among the private sector to engage collaboratively with government on the climate transition and emissions reductions pathways.
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Stuff
Credit crunch: Mortgage brokers hit back at lending rule changes
20/12/2021
“The law change was meant to help vulnerable consumers avoid unaffordable debt. It’s also affecting people seeking home loans, where there are traditionally very low rates of borrowers being unable to make repayments. That’s still the case, but the law change has tightened banks’ ability to lend.”
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