The Mortgage Magazine

Kiwibank’s disclosure statement showed its new lending on home loans slowed to $963 million compared with $1.6 million in the first half. For the year, Kiwibank accounted for about 12% of net new lending on mortgages but only 9.7% in the second half, based on Reserve Bank data. That RBNZ data showed mortgage lending slowed from $11.44 billion of net new lending in the six months ended December to $9.92 billion in the six months ended June.

Kiwibank CEO Steve Jurkovich says the competition for home loans was fierce in the first six months of the year.

After 10 years with First Mortgage Trust Lawrence Russo has jointed Alpha First as its new business development manager. Russo has more than 25 years’ experience in property finance and lending, building strong relationships across the broker, developer and lending communities and gained extensive experience structuring property finance solutions.

A specialist Auckland-based property lender has secured an immediate $100 million warehouse funding facility from Westpac. [READ ON] ASB profits down; Adviser support steady [DETAILS HERE]

As mortgage lending crashes to nearly zero amid a prolonged property market slump, the number of homes selling for a loss is steadily increasing hitting 13.1% – the highest since 2012. [READ ON]

Taranaki residents unhappy with the plan to sell TSB Bank to Heartland are hoping to file an injunction to stop it next week - but there's a catch. [READ ON] ASB is the latest bank to increase fixed rates. It has increased its fixed home loan rates by between 10-26 bps on its 6-month to three-year terms and has increased term deposit rates by 10-20 bps on its 6-month to two-year terms.

The Taranaki Community Accountability Society (TCAS) was formed to fight the deal which will see Heartland paying a nominal $620 million, but none of that in cash, to become TSB Heartland Bank. TSB’s current owner, Toi Foundation, will become a 17.5% shareholder of Heartland. Kevin Landrigan, one of three executives elected to lead TCAS, told BusinessDesk that some of the group’s smaller backers aren’t willing to commit to paying damages.

The amount owed was up 1.2% from $392.6 billion in the first quarter and up 6% from $375.8 billion in the second quarter of last year. However, the interest paid on the mortgage debt was down 12% on the $4.750 billion owed at the same time last year, even though mortgage rates have been increasing. New mortgage lending increased to $27.3 billion in the second quarter, up 6.4% from $25.6 billion last quarter and up 1.5% than in the same quarter last year when it sat at $26.9 billion.

Managers have been navigating a volatile environment, with many tech stocks soaring in price and becoming increasingly dominant on indices. 0Some active managers have reduced their exposure to some parts of the market they view as riskier, which has so far led to softer returns. After a long period of outperformance, for example, Milford has slipped down the KiwiSaver growth rankings in the past year. It retuned 11.12 percent in a year. Amova’s Global Shares fund has returned 1.2 percent.

Sharesies Matt Macpherson its KiwiSaver is about chasing scale, not profitability. Pic Supplied Matt Macpherson says members of the KiwiSaver fund reach about 26,000 at March 31 and has since grown to just over 35,000. Part of that growth has been fuelled by Sharesies’ offering KiwiSaver accounts for children – “That’s really resonated well,” Macpherson says.