Business Desk
Banking Association: Value of new home loans down by 19%
01/05/2023
“It shows that many people took advantage of interest rates when they were at historic lows. They likely retained their repayments at the same level as before, or increased them, to help repay their loans faster and save on the overall loan cost. It also means that nearly half the people with home loans had...
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Interest.co.nz
New Reserve Bank mortgage figures show homeowners paid close to $4 billion in interest during the March quarter
01/05/2023
The NZBA figures showed that there are nearly 1.26 million home loans across 1.09 million customers. The average value of all home loans is $316,019. Of the 45,628 new home loans opened in the last six months of 2022, 26.1% were issued to first home buyers.
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Some bright spots for home loan customers in stormy times
30/04/2023
The value of new home loans decreased 18.9% in the six months to December 2022, according to data insights released by the New Zealand Banking Association today. This comes as borrowers face steeply rising interest rates and a nationwide drop in property values. “Many households are doing it tough in the face of the rising...
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Stuff
Banks told to make it easier for teens to get bank accounts
17/04/2023
New Zealand Banking Association Te Rangapū Pēke chief executive Roger Beaumont said banks were working to address financial inclusion issues, “which often needs to be balanced with the need to comply with legal and regulatory obligations, including things like anti-money laundering law”.
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NZ Herald
Kiwi open banking start-up tackling scams, embarrassing mistakes and invoice fraud
17/04/2023
But the New Zealand Banking Association has said banks need time to build quality products for consumers, and were already inundated with regulation demands.
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Interest.co.nz
The Government’s had another go at fixing problematic credit rules it first implemented nearly 18 months ago, but the bankers are still not thrilled
12/04/2023
NZBA’s chief executive Roger Beaumont, asked for a response to the Government’s latest repair effort, said the tweaks to the CCCFA regulations “still mean affordability assessments are needed for all types of lending and borrowers. This also means banks no longer have the discretion or flexibility to help customers in need, for example in cases...
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Business Desk
Would RBNZ’s bank resolution work? No, say the experts
11/04/2023
The NZ Banking Association also questioned whether OBR would work, saying it is unique to NZ and that there are no examples of it working anywhere, with or without a deposit guarantee scheme.
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NZ Adviser
Debate rages over call for bank levy and profits inquiry
30/03/2023
“Last year banks made a net contribution to our economy of $1.92bn. They spent $9.1bn running their businesses and paying tax in New Zealand, compared to combined profits of $7.18bn,” Beaumont said.
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Te Waha Nui
Urgent calls for government to recognise economic harm as separate form of violence
29/03/2023
Beaumont says that recent changes to the Credit Contracts and Consumer Finance Act, which require the same affordability assessments for all borrowers, mean that banks no longer have the discretion and flexibility to help customers in emergencies or cases of economic harm.
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Interest.co.nz
NZ’s big banks may be ‘fat, dumb and happy with an apathetic, stable customer base.’ But what does that mean for competition?
29/03/2023
“If you want a new mortgage, banks do want to see that history of behaviour and activity. But that’s a good example of where open banking in play will make that analysis by a competitor bank a whole lot easier. Because the data exchange will be a whole lot simpler than filling out a whole...
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