Month: July 2013

Loans door shutting on first-home buyers

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One in every two to three first-home buyers could be shut out of the housing market as the Reserve Bank forges ahead with controversial restrictions on home loans. Bankers’ Association chief executive Kirk Hope said the rules would have “perverse consequences” and lock buyers out of the market.

Insurers say no to database

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The Bankers’ Association is seeking to create a database of house insurance contracts to allow mortgage lenders to keep tabs on whether borrowers are keeping their homes adequately insured.

Bank fee court case may bring out scammers

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The banking industry is warning customers to be alert to a phishing scam capitalising on publicity around the legal action on bank fees. A class action against banks in Australia has seen a large number of customers targeted by fraudsters claiming to be from their bank. Typically, fraudsters inform customers that for a small payment… Read more »

New anti-money laundering regime now in force

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All New Zealand banks are now required to comply with the new anti-money laundering regime, which came into force on 30 June. Under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 all New Zealand banks have additional obligations to check customer identity and, in some cases, account activity. “The new regime applies to… Read more »