An increase in the amount that can be borrowed under the government-funded Welcome Home Loan mortgage insurance scheme has been approved.

AMP New Zealand’s operating earnings for the six months to June 30, fell 15% to A$23 million (or 9% in New Zealand dollar terms), largely due to higher surrenders resulting from the re-pricing of the term risk book in 2008, aggressive competition, and the weak New Zealand economy.

The past week has seen two trends. The main one is for long term home loan rates to rise. The other is for a couple of lenders to drop their floating and short-term rates.

Marac's aspirations of transforming into a bank have become difficult following its downgrade by Standard & Poor's last week, according to one of the rating agency's analysts.

Auckland

Enormous changes are underway. The coming retirement of the baby boomers will affect stockmarkets, real estate and health care.

Guardian Trust has named Chris Blincoe to the role of manager - philanthropy.

Commercial property syndicates are making a comeback and are gaining momentum amongst investors keen to diversify their investment portfolios, and SPI Capital is at the forefront of the game.

The Reserve Bank of New Zealand (RBNZ) is unlikely to inflame the housing market further if it moves to cut the Official Cash Rate (OCR), ASB economists believe.

The battle for term deposit money heated up some more this week with Kiwibank and Bank of New Zealand making significant increases to rates yesterday.