It's not a rates story today

Today, so far, is not about home loan rates. None of the other banks have yet followed ASB's moves and increased rates across the board. The number of changes ASB made and the size of some of the increases was a little bit of a surprise, so it will be interesting to see if others follow.

Meanwhile the news today for brokers is about an announcement that the Professional Advisers Association and the NZ Mortgage Brokers Association are going to start work closely together and establish a joint committee. Details are here and we will, hopefully, update the story with more info later this morning.