Public Trust is reorganising is mortgage business to concentrate on marketing residential loans to existing customers.

Public Trust is reorganising is mortgage business to concentrate on marketing residential loans to existing customers.

National MP Aaron Gilmore is hopeful that a bill he launched to force mortgage lenders to disclose the cost of breaking fixed rate loans will lead to legislation.

Your guide to analysing whether it is worthwhile to pay a break-fee and refix your mortgage at a lower cost.

Home loan rates are falling sharply as lenders follow the lead set by the Reserve Bank’s reductions in the official cash rate. But cheap does not necessarily mean easy.

It is a great time to be a borrower with plenty of equity stored up in a property. If you timed your last decision about a mortgage right, which means that you will have borrowing due for renewal this year, you can expect to be able to choose from some record low rates.

Kiwibank has started selling loans through mortgage brokers for the first time, through a deal with broking group Mortgage Link.

Lenders have been furiously cutting mortgage rates over the past week as they anticipate a big cut in the official cash rate (OCR) next week.

Mortgage borrowers can expect to see further cuts in the cost of home loans in the New Year and to see rates bottom out at some point during 2009.

Mortgage broking businesses Kiwi Mortgage Market and Allied Mortgage Brokers have announced plans for a merger that will create a near 250-strong broking group.

ANZ and The National Bank have made a range of cut-backs in lending rules including a requirement that new borrowers must finance 20% of their deals from their own resources.

Short, yes, but how short? Mortgage advisers are recommending borrowers to put their borrowing on a short leash as interest rates slide but one-year rates are generally less expensive than six month terms and the floating rate is higher again.

Mortgage rates have dropped so sharply that some borrowers will save money by breaking out of high-cost fixed rate contracts according to one of New Zealand’s leading mortgage brokers.

After months soaring at well over 10%, floating mortgage rates are now firmly in sub-10% territory. Lenders have been cutting hard and fast since the Reserve Bank reduced the official cash rate (OCR) by 100 basis points two weeks ago to 6.5%.

Mortgage lenders have this week been considering how they will cope with the decision by lender GE to stop funding loans through third parties in New Zealand and Australia.

Lending giant GE Money is reported to be close to selling its Wizard Home Loans chain to National Australia Bank (NAB).