The Commerce Commission says its proposal that advisers have to submit three offers to clients has been "lost in translation".

As the country crawls out of recession, mortgage arrears have dropped slightly.

After a “constructive meeting” with new Commerce and Consumers Affairs Minister Scott Simpson, FAMNZ country manager Leigh Hodgetts says he seems to understand the Commerce Commission’s insistence on mortgage advisers presenting three completed offers to borrowers will create chaos.

A switch has been flipped for mortgage borrowers with the two-year 4.99% interest rate the main banks are now offering.

Switching to a new loan provider is still proving popular for mortgage borrowers.

The country’s biggest adviser network NZFSG says banks are acutely aware of pain points for advisers.

Mortgage advisers have a lot more power than they realise when it comes to banks pushing out mortgage application times.

While the economy took its first step into recovery and ended 2024 on a better note, there are still pockets of significant weakness.

Compared to other countries, New Zealand’s banks infighting is mainly on cashbacks rather than interest rates in the mortgage sector.

New Zealander’s reliance on property capital gains in the mid-single digits is at an end.

After some catch-up in January, mortgage advisers say turn around times for home loan applications have again reached the “train wreck” stage they were at in October.

More than half of Kiwis under 25 think it is acceptable to inflate their income on mortgage and consumer credit loan applications.

Although fixed interest rates for mortgages are declining, borrowers still opted overwhelmingly for floating and short-term rates up to one year in January.

A mortgage adviser has reimbursed $5,556 in marketing and legal costs to a couple who complained to Financial Services Complaints Ltd (FSCL) that it took three months to find out they couldn’t get finance to buy a motel after they sold their house.

The scrap between mortgage advisers and the Commerce Commission over its insistence borrowers be presented with three actual offers from three different lenders has taken another turn.

For longer-term interest rates to fall the OCR would need to dip below 3%, ANZ says in its latest Property Focus report.