News - 6 July 2009

The Alpha Update

The Business Has Been Sold.

It is with much sadness that I am writing my final newsletter for readers of the Alpha Update. I have sold my residential mortgage broking business and am leaving the residential mortgage broking business all together. This change is effective immediately.

The new owner will be:

Kris Pedersen - Property Financial Solutions Ltd

P +64 (9) 419 9389    F +64 (9) 419 9383    M +64 (21) 300 192  

E kris@propertyfs.co.nz    W www.propertyfs.co.nz

Kris will be in touch shortly, but it will certainly be business as usual for everyone. Don't hesitate to contact either Kris or I if you have any questions or concerns.

I am joining Maintain to Profit Ltd, a property maintenance company that provides a one stop solution for all your property maintenance and renovation needs. We have a wide range of tradespeople who subcontract to us and provide property maintenance and renovation services for home owners, investors, property managers and body corporate mangers. We cover both residential and commercial property maintenance across Auckland.

So who do you know that has a property maintenance requirement? Call Stuart Duncan on 021 676747 or email stuart@maintaintoprofit.co.nz

Thanks to you all for being loyal and supportive clients over the past 6 years. I know you will be in good hands with Kris going forward.

Kind regards

Stuart

Food for Thought

Change is created by those whose imaginations are bigger than their circumstances

What's New??

• Kris Pedersen! Check out his website above

Interest Rate and Currency Comments

There have been very few changes to interest rates in the past fortnight, with wholesale rates coming down slightly if anything. However there remains strong competition for retail deposits from bank and non bank lenders alike. This competition will hold up shorter term interest rates. Longer term rates are remaining stable, but there are few signs of reductions as global financial uncertainty remains significant.

The kiwi remains above 63 cents US and there appears little on the horizon to drive it lower. So our exporters are going to have to work harder still to make money in a very tough climate.

(See below for latest interest and exchange rates).

The Finance Markets

As of 8am on Monday 6 July 2009 the following Interest Rates applied:
Official cash rate 2.50% (stable)
90 day bill rate 2.81% (stable)
5 year swap rate 5.20% (down slightly)
NZ/US Dollar 0.6370 (down slightly)

Current Range of Interest Rates for home and investment mortgages as at 6 July 2009

Floating:
5.99% to 7.45% (stable)

Fixed For:
1 Year - 5.49% to 6.24% (stable)
2 Year - 5.99% to 6.70% (stable)
3 Year - 6.75% to 7.25% (stable)
4 Year - 7.15% to 7.70% (stable)
5 Year - 7.50% to 8.10% (stable)

For a complete table of interest and exchange rates, click here.

The information stated herein was correct at the time of release, but is subject to changes without notice.