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BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

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New Zealand is a Happy Hunting Ground for Australian Banks - are NZ borrowers carefully filing all their Loan Forms?

Posted by on in NZ KIWI's Fight Back
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Credit bureau Veda says New Zealanders showing renewed confidence in borrowing for both homes and businesses

Posted in Business August 16, 2012 - 11:15am, Gareth Vaughan
 
Credit bureau Veda says mortgage enquiries rose 44% in July emphasising renewed confidence in borrowing for both homes and businesses.

Veda said for the first time in five years its bureau statistics showed a rise in commercial enquiries, which is "enormously positive" for the economy.

"Businesses owners require a level of confidence in future growth to borrow funds to invest in their operations and expand," Veda’s managing director John Roberts said. “Business has hung in through a slow economic recovery. An increase in enquiries is a welcome sign of emerging stimulation in the commercial sector.”

Roberts' comments are similar to those from ASB CEO Barbara Chapman. After the bank released its annual results Chapman told interest.co.nz  ASB had grown business lending by 6% in the year to June 30, well ahead of overall lending growth of just 1.2%, with the growth widespread. Chapman said customers had worked out that they'd got through a tough period and their businesses were doing well.

"So they're looking to invest now having gone through quite a difficult period and done reasonably well," said Chapman.

The latest Reserve Bank sector credit data shows business debt up 3.9% in the year to June, agriculture debt up 3.2%, housing debt up 1.8% and consumer debt up 0.9%.

Meanwhile, Roberts said commercial credit enquiries, relating to business lending, rose by nearly 7% in the May-July 2012 quarter compared with the same period last year. Credit defaults listed on commercial credit files fell nearly 34% during the same quarter.

Veda also said mortgage enquiries jumped 44.36% in July 2012 year-on-year. The biggest rise came from Generation X, 28-43 year olds, with mortgage enquiries from them up 49.4%.

Roberts said a highly competitive housing market, both in terms of consumer demand and access to stable interest rates, was behind the rise.

“With the Reserve Bank’s Official Cash Rate remaining at 2.5% since March 2011 the banking industry has fiercely competed to attract new customers with very competitive interest rates - this is causing consumers to shop around to get the best home loan deal they can," said Roberts.

Veda said consumer enquiries for credit rose 8.75% in the May to July quarter versus the same period of last year. It's the second consecutive quarterly increase, suggesting a slow return to growth in consumer credit. For the month of July credit enquiries rose 9.14% versus July 2011.

http://www.interest.co.nz/business/60702/credit-bureau-veda-says-new-zealanders-showing-renewed-confidence-borrowing-both-home

 

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  • Denise
    Denise Sunday, 19 August 2012

    Confidence will head south when they start asking for their LOAN APPLICATION FORMS. Same Model used by Aussie linked banks in New Zealand. Not only did Aussie Banks demolish financial stability for 100,000 families or more, they raided the homes of our Kiwi friends loading them up with debt in same Model of Deceit.

    [email protected]

  • doyla66
    doyla66 Sunday, 19 August 2012

    It sure will, Denise. I've been trying to get the message out to everyone I can: get all your documents when you apply for a refinance, loan, line of credit, mortgage, credit card and don't take no for an answer. Up front they would have a slightly better chance of getting what they want.
    When I saw this story I thought, Oh no, that's what the banks are doing to shore up the short fall caused by Australians starting to say no to banks and taking on less debt. It's horrible for people in New Zealand. I hope they have better consumer laws than they do financial regulation over there. As far as the Australian lenders are concerned it's open season on Kiwis.
    I wonder where else the Australian banks have gone to pedal their fraud loan model in the world lately?
    I guess I'd have to look up each lender and see where their branches are located.
    In other words, everywhere they can!
    What a frightful mess!

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