FAMNZ

Westpac NZ has been in conversation with aggregators and broker groups about potentially scrapping trail commission for mortgage advisers.

The bank has told broker groups that it wants to remove trail and instead raise upfront commissions. Westpac NZ told Australian magazine The Adviser that it was speaking to its adviser network about “some commercial aspects of our relationship” and is “currently considering a range of feedback”. No decisions have been made yet.

It currently pays 0.60% upfront commission to its New Zealand advisers, and 0.20% trail commission.

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Major bank in talks to scrap trail commission Some advisers have over a decade of trail built up with the lender

Although the OCR has dropped to 2.5% after a 0.50% cut, the RBNZ is far from signalling the end. It has kept the door open by saying: “The committee remains open to further reductions in the OCR.”

Kiwibank says the key word is “reductions”. “That little ‘s’ at the end makes all the difference,” New Zealand’s smallest bank of the main players says.

FAMNZ managing director Peter White says keeping repayments at the higher rate will protect mortgage holders and give them a buffer when interest rates rise again.

“With lower repayments, many existing owners will have questions around possible refinancing options, and advisers should be prepared for these.”

White says advisers have a great opportunity to differentiate themselves from lenders by ensuring they provide the best advice and put customers’ interests first.

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Not the end of OCR cuts - TMM Online While the RBNZ yesterday delivered on what the economy and Kiwis desperately needed, some economists don’t think the OCR cuts are at an end.

ANZ has moved first after the 50 basis point cut to the official cash rate, dropping its floating home loan, business, and savings rates.

Floating and flexible home loan rates will drop by 40 basis points to 5.89% and 6%. The business floating rate will also decrease by 40 basis points.

Westpac followed, cutting most of its variable lending rates and a key fixed home loan rate.

Westpac’s 2-year special fixed home loan rate will reduce from 4.65% per annum to 4.49%. Its variable home loan rates will fall by 0.30%, and most variable business lending rates by 0.50%.

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It is backing up comments from ASB urging potential homeowners and those with mortgages to consult advisers due to economic uncertainty and a potential turning point in interest rates.

In its recent investor confidence survey ASB found a flat housing market, sharemarket volatility and global geopolitical and trade uncertainty are weighing on people’s views.

ASB senior wealth economist Chris Tennent-Brown says from a property investment perspective, the thing that is weighing on the mood is just how flat the market has been.

“It’s been taking a bit longer than anyone would have rightfully expected to see any sort of pickup with these lower mortgage rates. It feels like it’s a bit of a slow burn."

He says for advisers now is a great time to start checking in with clients to see where their mind is at.

With GDP contracting 0.9% in the June quarter and predictions of interest rate cuts, FAMNZ managing director Peter White says expert advice is more valuable than ever for homeowners and investors.

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Time for mortgage advisers to be more hands-on - TMM Online Advisers need to get on the front foot and work with their clients on a long-term strategy amid a weakening economic outlook, the Finance and Mortgage Advisers Association of New Zealand (FAMNZ) says.

The Finance and Mortgage Advisers Association of New Zealand (FAMNZ) is urging brokers to take a proactive role as economic uncertainty weighs on investor and homeowner confidence.

With GDP contracting 0.9% in the June quarter and interest rate cuts predicted ahead, FAMNZ managing director Peter White said strategic advice is more important than ever.

“Advisers should be proactive, and right now be contacting their customers to find out how they are travelling, and discuss their needs and ways to assist them,” White said.

He warned that advisers cannot afford to wait for clients to make the first move, urging the industry to “get on the front foot through what is a turbulent economic period for many.”

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FAMNZ urges mortgage advisers to act amid low confidence Banks tip deeper rate cuts as economy stumbles

A push by FAMNZ to get the Government to mandate continuing professional development (CPD) for mortgage advisers has many wondering how many hours they should be putting in.
There isn’t a single mandatory CPD point requirement for all financial advisers as the Financial Markets Authority (FMA) does not set a specific number.

Instead, it says financial advisers must maintain their competence, knowledge, and skill by progressively completing learning activities that are relevant to the advice they provide and the regulatory framework.

Plugging the knowledge gap with CPD - TMM Online A push by FAMNZ to get the Government to mandate continuing professional development (CPD) for mortgage advisers has many wondering how many hours they should be putting in.

The Finance and Mortgage Advisers Association of New Zealand (FAMNZ) has offered an update on its activities in New Zealand, and said it would be focusing strongly on education and advocacy.

Peter White, FAMNZ managing director, noted the importance of education in the advice space – particularly ensuring that mortgage advisers are up to date with what’s happening with regulation and credit policy, as well as governance and compliance.

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FAMNZ intends to “get ahead of the game” on regulation Advocacy for mortgage advisers is one of its key priorities

A new country manager for the Finance and Mortgage Advisers Association of New Zealand (FAMNZ) is expected to be appointed in the next fortnight.

About 100 applications were received for the Auckland-based role left vacant by the resignation of FAMNZ’s first country manager Leigh Hodgetts.

One of the priorities for leading the 196-member organisation will be talking to the Government about ongoing education through mandatory professional industry association membership.

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Ongoing education as part of mandatory professional membership a priority - FAMNZ - TMM Online A new country manager for the Finance and Mortgage Advisers Association of New Zealand (FAMNZ) is expected to be appointed in the next fortnight.

It also believes an interest rate cut is also needed to help ease cost of living pressures.

“With interest rates being uncertain, borrowers are considering whether to fix their mortgage rate or continue with a variable loan, Peter White, FAMNZ managing director says.

“Many are electing to split their loan between the two as part fixed and part variable, and this can be a good option as the expectation is that rates will continue to trend downwards into 2026,” he says.

There is no “one size fits all” when it comes to the best mortgage product, White says.

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Borrowers need relief - TMM Online Home loan affordability need another boost with an OCR cut tomorrow, FAMNZ says.

NZ Adviser has unveiled its ninth annual list of the leading mortgage advisers in New Zealand, recognising 94 high-performing professionals who collectively settled $8.3 billion in residential loans from 1 March 2024 to 28 February 2025.

The Top Advisers 2025 report ranks mortgage advisers by the total value of residential loans they settled over the 12-month period, with each adviser recording a minimum of $50 million in verified settlements.

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New Zealand's top mortgage advisers of 2025 revealed Top Advisers winners each settled at least $50 million in home loans