Personal Finance

Floating mortgage rate slashed by ASB

Floating mortgage rate slashed by ASB

The latest media reports have suggested that ASB is scrapping its floating home mortgage rate by 0.65 percent to 5.75 percent, along with increasing many of its fixed mortgage rates.
This has come as the bank's lowest floating rate in more than 40 years.

Debt collectors used by Councils

Since an increasing number of people fall behind their bills, debt collectors have been called in by the Councils.

UK pension age may reach 70

UK pension age may reach 70

Retirement age in Britain may be stretched further as David Norgrove, chairman of the Pensions Regulator believes that the entitlement age for the basic state pension should be raised to 70.

David Norgrove said, "Given recent legislation is increasing the retirement age progressively to 68, I think it will end up higher than that."

Lord Turner's report has already recommended that pensionable age for both sexes should reach 68 by 2044.

The present pensionable age for men is 65 and for women 60.

NZ$200M of bank facilities renewed by Mainfreight

NZ$200M of bank facilities renewed by Mainfreight

Mainfreight Ltd., the biggest trucking firm on the NZX 50 Index, which currently is wrestling with tough conditions in most markets, has rolled over about NZ$200 million of bank facilities, which gives it ongoing access to funds.

Negotiations with its banks, Westpac and Commonwealth Bank, were concluded by the company, in which they agreed to renew facilities made up of NZ$125 million and US$50 million, to run through until June 2012.

Dividend policy changed by Kingfish

Kingfish

Dividend policy of listed fund Kingfish has been changed and now 8% of the fund's average net asset value to shareholders would be distributed each year.

A big jump on the 3c dividend paid for the year ending March 31 has been indicated by the change, which means investors in the Fish Funds-managed fund would get about 8c a year.

Younger Kiwis cautious about New Debt

Younger Kiwis cautious about New Debt

New Zealand's largest credit reporting company Veda Advantage said recently that younger New Zealanders are increasingly cautious of taking on more debt.

The biggest drop was confirmed among those aged 15-28 by Veda, which took under consideration the credit applications, which include hire purchase, credit cards, personal loans and mortgages.

The youngest age group aka Generation Y, displayed the biggest fall at 40 per cent, while total hire purchase inquiries for May were down 27 per cent from the same month last year.

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