Rebel non-lawyer conveyancer Lester Dempster has struck trouble at the other end of the mortgage process.

The real reason ANZ Bank pulled the plug on its cut-rate conveyancing joint venture Key Law was because 54 law firms switched their trust accounts from the bank and it wanted to stop the haemorrhaging, legal sources say.

In a surprise move, the Reserve Bank of New Zealand has cut its official cash rate (OCR) two weeks ahead of its next scheduled review date in response to the terrorist attacks in the US.

After showing winter weakness in June and July, the latest Real Estate Institute housing sales figures and prices unambiguously portray a stronger market, with both prices and sales activity rising.

Internet-based BankDirect has beefed up its emphasis on being a home loan specialist by introducing a team of mobile lending managers and launching a simplified service for refinancing a home loan or moving banks called SWITCH.

The annual meeting of property group Urbus (formerly Waltus)ends with an unexpected outcome.

The objectors to last year’s merger of 27 Waltus property syndicates lost the last part of their court battle this week, although they did win the right to reasonable costs against the wishes of Waltus’ management.

One certain consequence of the US terrorist attacks is that interest rates globally are coming down, New Zealand’s included, and mortgage rates will be tumbling soon, economists say.

One certain consequence of the US terrorist attacks is that interest rates globally are coming down, New Zealand’s included, and mortgage rates will be tumbling soon, economists say.

Recent high profile prosecutions of real estate agents for publishing misleading advertisements have created an impression of relatively widespread illegality within the industry but the facts suggest the opposite, says Real Estate Institute president Rex Hadley.

The Law Society will seek final leave of the Court of Appeal next week to take rebel non-lawyer conveyancer Lester Dempster to the Privy Council, even those it still hasn’t decided on whether it will actually take this course.

Mortgage bankers Cairns Lockie has been annoyed to discover the banks are slowing its business down by insisting on treating bank cheques the same way they treat any old cheque, requiring a five-day clearing period before releasing the funds.

A perception that prices are favourable and the drop in interest rates this year has helped keep housing confidence strong, although it dipped slightly from three months ago, the ASB Bank’s latest survey shows.

The latest building consent figures suggest the recovery in building activity stuttered in July, but Statistics New Zealand says its series often shows large fluctuations from month to month so one shouldn’t read too much into an individual month’s figures.

While mortgage brokers are debating the need for formal regulation of their industry, banking ombudsman Liz Brown’s experience suggests it may not be necessary.