Westpac’s moves to change the commission structure governing its dealings with mortgage brokers appear to have had widespread acceptance among the major broking groups.

The real bite into homeowners’ pockets as a result of the Reserve Bank raising interest rates won’t hit until up to about 18 months, says ANZ Bank economist Cameron Bagrie.

In keeping with the signals coming from the Australian headquarters of New Zealand’s banks, Westpac in New Zealand has moved to restructure the commissions it pays mortgage brokers to better reflect the value of the business they bring in.

The latest housing market figures continue to show a mixed picture with the national median house price slipping and the number of days it takes to sell a house creeping up but the number of sales rose.

Mortgage broking accounts for a relatively small part of New Zealand Finance Holdings’ business, but the prospectus for the financial services company’s $2.94 million float provides further insights into the industry.

A sizeable number of New Zealand Mortgage Brokers’ Association members want the practice of "mortgage reduction" banned for NZMBA members but others worry that excluding those engaged in such practices will mean the NZMBA has no jurisdiction over them.

The New Zealand Mortgage Brokers’ Association is working on getting the government to accept a regulatory framework based on self-regulation with "empowering legislation" backing it up, retiring association chairman Brian Berry says.

Economists are unusually unanimous: they expect the Reserve Bank to raise its official cash rate (OCR) from 6% to 6.25%, the fifth rate hike this year, when it releases its latest monetary policy statement.

Plans to morph the New Zealand Mortgage Brokers’ Association (NZMBA) into a broader mortgage industry organisation along the lines of the Mortgage Industry Association of Australia (MIAA) failed at the final hurdle: the lenders wouldn’t agree.

New housing consents dropped sharply in July, proving that the surge in June was an aberration largely caused by builders trying to beat fee increases from July 1.

The Kiwi version of E-Loan has been killed off without fanfare after less than four years in existence.

One side effect of the housing boom has been that New Zealanders borrowed an estimated $3 billion against the increasing value of their homes in the year ended March, according to Westpac Bank economists.

While there is increasing evidence that Australia’s banks are clamping down on the commissions they pay mortgage brokers, there aren’t any signs of this in New Zealand, although all the major banks here are now Australian owned.

House prices continue to rise, but the pace of growth is slowing, according to the latest Quotable Value figures.

If the housing market was a person, it might want to borrow Mark Twain’s famous quote: the reports of my demise are greatly exaggerated.

Dorchester Pacific founder Brent King has sold 15% of his company to Rod Petricevic's Bridgecorp.