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Westpac cuts high-risk loans
Westpac chief executive Peter Clare says the bank's rivals have been left with a "hangover" after pushing forward with mortgage pre-approvals.
Westpac chief executive Peter Clare says the bank's rivals have been left with a "hangover" after pushing forward with mortgage pre-approvals.
The Reserve Bank's restrictions on low-deposit mortgage lending have yet to dent expectations that house prices will rise.
The big four Australian banks made more than A$27 billion (NZT $31b) in profits in the past year, making Australasia's banking sector one of the world's most successful.
Payments between New Zealand banks have been restored after a glitch at ANZ New Zealand led to industry-wide disruptions.
The High Court has given ANZ/ National Bank customers until December 13 to sign up to a lawsuit against the bank over fees, according to a group taking the case.
The NZIER shadow board believes the Reserve Bank should leave the official cash rate on hold at 2.5 per cent when it reviews it tomorrow.
An Auckland man is furious his pre-approved home loan was withdrawn less than 24 hours after he called his bank and was assured the deal was sound.
A court ruling means thousands more people could sign up to a lawsuit against the ANZ bank over fees.
Business owners are being warned to watch out for overseas money laundering scams, which are targeting New Zealand's small businesses.
The Reserve Bank yesterday confirmed it has agreed to re-examine its new mortgage lending restrictions if data shows they are crimping the supply of new homes.
Treasury suggested introducing a capital gains tax and restrictions on foreign buyers as part of a long term prescription to curb house price increases, documents released today show.
The New Zealand dollar was the worst performing currency overnight, as investors switched to so-called 'safe haven' assets.
The New Zealand dollar has jumped to its highest in more than five months.
Solid Energy has secured its restructuring deal with most of its banks and the Government following a series of meetings today in Christchurch.
ASB - the country's second largest KiwiSaver provider - says nearly one in four of its members are not contributing to their retirement savings.
Australian investment funds are taking advantage of a buoyant New Zealand retirement village industry to exit their stakes in the sector's main players.