Financial Markets Authority
Author: Philip vanDyk
Advertising Standards Authority Code for Financial Advertising
Advertising Standards Authority
Banks claim first home buyers will suffer if proposed mortgage lending restrictions go ahead
Kirk Hope talks to Kathryn Ryan on Nine to Noon about proposed lending limits and the impact on first-home buyers.
Loans door shutting on first-home buyers
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
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.
Framework for imposing restrictions on high-LVR residential mortgage lending
Reserve Bank of New Zealand
Bank fee court case may bring out scammers
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
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 »
Close watch for house loan hints
Hope said there was a risk that in capping the amount of lending done over the 80 per cent threshold it could spark third tier lenders to emerge and lend money on an unsecured basis.
Get the banking products that suit you and avoid fees
In response to legal action on bank fees announced today the New Zealand Bankers’ Association said it expected the case to be vigorously defended. “Fees of this nature are usually avoidable. Customers concerned about their fees should talk to their bank to make sure they have the accounts and products that suit their needs,” said… Read more »
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