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June 2019 Newsletter



We are almost halfway through the year already – time flies when you’re having fun!

There have been a few changes around here recently with new people joining the team and new regulations in the industry on the way, it’s a really exciting time for us at Tony Mounce Mortgages & Insurance.

Compliance Changes
The Minister of Commerce and Consumer Affairs appointed a Financial Advice Code Working Group to develop the new code of conduct for financial advice within New Zealand. The new code sets standards of competence, conduct and client-care for the whole financial advice industry, which are aimed to improve the access to high-quality financial advice for all New Zealanders.

In preparation for the new code, all Tony Mounce Mortgage & Insurance advisers are currently undertaking the New Zealand Certificate in Financial Services (Level 5) qualification. Some have even completed it already!

Full details of the proposed changes can be found on the Financial Markets Authority website.


Interest Rates and OCR
The Reserve Bank of New Zealand announced on 8th May 2019, a 0.25% drop to the Official Cash Rate (OCR) for the first time since November 2016 to 1.50%. It is interesting to note that the Banks passed on 6 to 10 points on the fixed and floating rates taking fixed rates to historically low levels. Advertised floating rates dropped as low as 5.65%. 1-year fixed rate is down to 3.85%, while 18-month, 2 and 3-year fixed rates all dropped to 3.89% and 4.39% for 5-years during the month of May.

We have seen even lower interest rates on offer to our clients from the main Banks. Just remember, it is very important to seek professional advice, especially when considering locking your rate in for a long period to ensure you don’t get stuck should you have a change in circumstances.

There are predictions that the OCR could drop even further with many commentators foreseeing a 1-year fixed rate as low as 3.5% before the end of the year. However, it is also possible that there will be no further reductions if RBNZ require Banks to hold more capital. Banks are still very active for quality business with good offers of cash contributions remaining prevalent. The housing market in Christchurch remains flat so, along with the low rates available, it is a great time to buy. Remember the rule: Buy in winter, sell in summer.


Team Update
We would like to congratulate Samantha Wilson (Adviser Support) on her new arrival! Baby Jasper was born earlier this month. Both mum and baby are doing well. We wish Sam all the best in her new role as a mum!

and while we’re on the subject of babies, last week we said a temporary farewell to Stephanie Bruns (Lending Manager) as she embarks on maternity leave. We all can’t wait to meet the new bundle of joy!

We are also delighted to introduce three new members of staff who have joined us over the last couple of months and are all settling in well with the rest of the team:

Warren Brown | Lending Manager – joins the Tony Mounce Mortgages & Insurance team to keep Steph’s seat warm while she’s away. Warren brings with him 14 years’ experience in the banking industry and eight years in the insurance industry. Outside of work, Warren enjoys spending time with his wife and two children and loves following them in all their sporting endeavours. Personal interests for Warren include travelling, playing touch, following a variety of sports and catching up with family and friends.

Rachael Tucker | Adviser Support – has joined the team, covering for Sam Wilson whilst on maternity leave. Rachael has spent 13 years in the banking industry, working in retail, business banking, commercial and agri divisions. Outstide of work, Rachael spends lots of time with her Schnauzer puppy, Max. He is a great motivator for getting out and about and enjoying the delights that Christchurch has on offer, exploring the hills and dog parks.

Karyn Barnfield | Lending Manager – AKA Kaz, joins the Tony Mounce Mortgages & Insurance team with seven years experience in the banking industry. Outside of work, you’ll find Karyn spending time with her friends and family or walking her dog, Benji. She also spends time at the Christchurch Adventure Park supporting her husband’s mountain biking hobby.

We hope you will join us in welcoming them all to the Tony Mounce team!

Kind regards,
Tony & the team at Tony Mounce Mortgages & Insurance

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