Westpac NZ boss predicts when property investor rule change could start to bite
4 May, 2021 05:00 PM
5 minutes to read
What impact has the LVRs and government property announcements had on lending? Photo / 123RF
Clampdowns on property lending and government changes for investors are likely to dampen the housing market but the full effect won t be known until spring, Westpac s New Zealand CEO says. Loan to value lending restrictions on bank lending were brought back on March 1 while, in late March, the Government announced an extension of the brightline test and the removal of mortgage interest deductibility over the next four years for investors.
Far North mayor calls for banking hub as branch closures hurt
9 Mar, 2021 05:00 PM
6 minutes to read
ANZ recently closed its doors in Rathbone St, Whangārei and moved services to a nearby branch a few minutes walk away. Photo / Imran Ali
Photo / Supplied
ANZ recently closed its doors in Rathbone St, Whangārei and moved services to a nearby branch a few minutes walk away. Photo / Imran Ali
Photo / Supplied
Imran Ali is a reporter for the Northern Advocateimran.ali@nzme.co.nznorthernadvocat
A Northland mayor is among counterparts across the country calling on the Government to conduct an inquiry into the effects of bank closures in rural New Zealand.
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Your playlist will load after this ad Among them is South Wairarapa Mayor Alex Beijen, who says businesses and older Kiwis still need physical branches to bank. Source: 1 NEWS
South Wairarapa District Mayor Alex Beijen delivered the petition to the Minister of Finance Grant Robertson today.
Last year, the Government launched four regional banking hubs in Martinborough, Opunake, Stoke and Twizel in response to banks shutting down individual branches.
Today, at the hub in Martinborough, South Wairarapa locals expressed frustration with the trial.
Your playlist will load after this ad Dozens of mayors say the banks should be forced to provide services to small communities.
What will banking look like in 2021?
31 Dec, 2020 04:00 PM
6 minutes to read
Major banks will all stop accepting cheques in 2021 while branch closures and a decline in the number of ATMs are set to continue. Roger Beaumont, chief executive of the New Zealand Bankers Association, says the outbreak of Covid-19 has sped up trends in the banking industry that were already happening.
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Its industry-wide research shows there was a 15 per cent reduction in branch transactions involving cash in 2020 and a 30 per cent drop in those involving cheques. Cheques are in rapid freefall in terms of their usage and I think you have got to bear in mind Covid last year accelerated a lot of these trends that we are seeing whether it is in branch transactions, use of cheques or on the flip side the increase in online engagement and activity and online banking and mobile banking.