News in brief: ASB Bank’s top mortgage adviser for 2015

by NZ Adviser21 Oct 2015
ASB Bank’s top mortgage adviser for 2015
Global Financial Services managing director Ajay Kumar has won ASB Bank’s Number One Broker for New Money Advanced Award for the year July 2014 to June 2015.

ASB Bank’s General Manager of Business Banking and Retails Specialist Services Ian Boyce presented Kumar with the award on Monday, marking the second consecutive year that GFS has won ASB’s top broker award.

“We always act in the best interest of our customers and thank our customers for their utmost support during the last 16 years,” said Kumar.

He said it was an honour to get such an important recognition from a leading bank and appreciates the support of the entire ASB Bank team under the stewardship of Boyce.

Kumar credits the achievement to the support from his customers, his team’s dedication and the latest technology used to manage the business.

OCR forecasts change direction plus a new interest rate cut
Although a cash rate cut seemed likely following the Reserve Bank governor’s comments last week at the Institute of Finance Professionals NZ in Auckland that “some further easing in the OCR seems likely”, economists from ASB Bank and Westpac have told the media that further cash rate cuts are on the cards, just not yet.

Westpac economists have said the Reserve Bank will need to hit a bottom rate of 2% eventually but forecast two cuts to occur in January and March 2016.
ASB economists said they don’t see a rate cut in October but more likely over December.

Regarding interest rates, Co-operative Bank has cut its four and five year fixed rates to 4.99%, now with almost a clean sweep of fixed rates under 5%, apart from its six-month rate at 5.19%.

Melbourne to overtake Sydney as Australia's top housing market
Melbourne is predicted to take Sydney's place as the best performing housing market, according to an article in The Australian.

The Victorian market outstripped Sydney's auction clearance rates last week, holding up as Sydney's dropped to an all-year low, Core Logic RP Data showed, with 66 percent of Sydney homes at auction finding a buyer.

Melbourne's performance is up compared to the same time last year with close to 1400 homes auctioned at a clearance rate of 73.4 per cent.

The change in performance between the two cities follows Westpac's hike in interest rates for owner occupiers, which many analysts expect will be mirrored by the other majors.

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