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BNZ withdraws seven-year home loans because nobody wants them

Chris McKeen/Stuff
BNZ says the last time anyone asked for a seven-year home loan was in 2018, but they are expensive. Before the bank withdrew them this week, the interest rate on the seven-year loans was 5.2 per cent.
BNZ has stopped offering seven-year fixed term home loans, saying there was no demand for them.
The loans, with an interest rate of 5.2 per cent, were the only seven-year fixed term loans offered by a bank, but BNZ spokesman Sam Durbin said no customer had asked to take one out since 2018.
The longest fixed-term home loan duration from BNZ s big bank rivals was five years, with rates varying from 2.99 per cent to 3.99 per cent. ....

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One versus two: Prospering while single in a world set up for couples

SUPPLIED
Single, and prospering: Harley Neville, freelance TV and film professional, uses his spare income to invest in world-changing technology companies through the Sharesies platform.
From clawing together a deposit on a home on their own, to having to save bigger retirement nest eggs, singletons have a tougher time of it financially than couples. Or do they? Rob Stock reports.
While the official statistics show singles of all ages are less likely to be satisfied with their incomes, and also less likely to own their own homes, Aucklander Harley Neville isn’t convinced he’s financially disadvantaged as a single. ....

New Zealand , New Zealand General , Emma Watson , Hannah Mcqueen , Carole Van Grondelle , Ockham Onehunga , Stephanie Merkens , Aucklander Harley Neville , Karen Tatterson , Christopher Walsh , Sam Stubbs , Claire Matthews , Commission For Financial Capability , Red Centre , Massey University , Rob Stock , Financial Capability , Statistics New Zealand , Massey Fin Ed Centre , Expenditure Guidelines , Retirement Expenditure Guidelines , East Auckland , Simplicity Kiwisaver , Palmerston North , Great North Road , Jordan Avenue ,

Major bank clamps down on new build lending to investors ahead of LVR changes

Major bank clamps down on new build lending to investors ahead of LVR changes
16 Feb, 2021 04:00 PM
6 minutes to read
Loans for housing building are exempt from the loan to value ratio restrictions on bank lending.
Loans for housing building are exempt from the loan to value ratio restrictions on bank lending.
A major bank has stopped home lending to investors for new builds unless they have at least 40 per cent equity - that s despite new builds being exempt from lending restrictions.
Last Tuesday the Reserve
Bank confirmed it would bring back loan-to-value ratios for banks with most investors required to have at least 30 per cent equity by March 1 and 40 per cent by May 1. ....

New Zealand , New Zealanders , John Bolton , Karen Tatterson , Craig Sims , Reserve Bank , Loan Market , Squirrel Mortgages , புதியது ஜீலாந்து , ஜான் போல்டன் , கிரேக் சிம்ஸ் , இருப்பு வங்கி , கடன் சந்தை , அணில் அடமானங்கள் ,

Co-operative Bank joins the small bank mortgage war pushing down home loan rates

Martin De Ruyter/Stuff
Mortgage lending is booming as house prices continue to rise. Heartland and The Co-operative Bank are undercutting the lending rates of the big banks in a bid to win market share.
None of the big four Australian-owned banks is offering a six-month fixed rate below 3 per cent, though HSBC and TSB are.
The Co-operative Bank’s chief executive, David Cunningham, told
Interest.co.nz that the bank had drawn down on the Reserve Bank’s Funding for Lending programme.
The programme provided cheap funding for banks and was designed to support lending in a bid to help the economy weather the economic storm caused by the Covid-19 pandemic.. ....

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