Westpac warning: Capital proposals will add $6000 a year to cost of average Auckland mortgage

FINSIA to hold forum in New Zealand on bank’s capital by Lewis Panther | 13 Jun 2019.

RBNZ proposals ‘will add $6000 a year to mortgage’ boardroom proposed changes to the minimum amount of capital that New Zealand’s banks are required to hold will result in a big leap in costs for homeowners with mortgages, warns Westpac in its submission on the Reserve Bank proposals.

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Westpac warning: capital proposals will add $6000 a year to cost of average Auckland mortgage Proposed changes to increase the amount of capital banks hold could add $6000 a year to the cost of an Auckland mortgage and have a "significant negative impact" on the economy, Westpac bank is warning.The New Zealand arm of the.

Westpac warning: Capital proposals will add $6000 a year to cost of average Auckland mortgage – Proposed changes to increase the amount of capital banks hold could add $6000 a year to the cost of an Auckland mortgage and. in capital could up the cost to borrowers by adding more than 100 basis.

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In its submission on the Reserve Bank of New Zealand’s proposals to force banks to hold more capital, Westpac NZ says the change could add NZ$6000 a year to the cost of an average Auckland mortgage.. Submissions on the proposed changes have now closed. The RBNZ says it will release all submissions, plus its summary, next month but Westpac released its own submission, in which it warns of a.

A plan to require banks to hold more cash to help withstand future financial shocks could add $6000 a year to the average Auckland mortgage, Westpac is claiming. On Friday morning the bank.

Their big four rival Westpac revealed its submission in May, warning the capital rules could increase Auckland mortgages by $6,000 per year. While in a joint letter published the same month, Kiwibank, The Co-Operative Bank, SBS, and TSB said the rules could make the playing field more uneven for smaller banks.

Westpac said it estimated the increase in capital could up the cost to borrowers by adding more than 100 basis points to the interest rate on a home loan – an increase of around $6k to an average.