Non-bank products to be reviewed; Bluestone launches Sapphire II; Marshall charged; budget week and more

The Government’s initiatives outlined in the Budget for the universal KiwiSaver workplace savings scheme and the moves to improve the taxation of managed funds are a crucial step in the right direction.

Auckland based specialist property financier, North South Finance has reported an audited after-tax surplus of $3.1 million for the year to March 31, more than double last year’s $1.3 million. Interest and fee revenue rose from $6.1 million to $11.8 million.

The Government is to develop a code of practice for home equity release schemes, in order to provide a level of protection for older people's financial interests.

New Plymouth

Changes to one of the big international share funds to improve its performance aren’t overwhelmingly convincing to one analyst.

The Pengana Emerging Companies Fund invests in small to mid-cap ASX listed stocks. For more information on the fund please contact Martin Allison on 09-9197407 or martin.allison@abnamrocraigs.com

The Overseas Investment Bill won’t stop the wholesale sell-off of New Zealand’s land and businesses and won’t help Kiwis wanting to buy their first homes, the Greens say.

Macquarie has pulled its Highpoint notes offer after extending it at least once and subscribers are due to get their money back plus interest.

Barfoot & Thompson’s sales results for April show the Auckland property market’s performance for the month was consistent with previous years, with the number of property sales decreasing in line with the normal seasonal pre-winter slowdown.

Rotorua

Weekly Home Loan report: All the excitement last week centred on the National Bank cutting some of its rates which was portrayed as possibly the start of another price war.

Latest statistics released by Quotable Value indicate that the value of residential properties increased by 12.5% to the year ended April, up from the 12.1% annual growth to March.