Property Management

Radical home finance plan to slash costs

The cost of buying a home could be slashed by up to a third by a controversial new scheme that will allow financial institutions to take a stake in the property.

Tuesday, July 01st 2003

Wizard, Australia's largest non-bank lender (also present in NZ Market. ed), hopes to launch an "equity finance" loan within a year, and banks may follow...

Under the proposal, homebuyers would need only to pay 70 per cent of the usual deposit and loan repayments. But Mr Turnbull's investment bank, Turnbull & Partners, would manage a fund that would be the "silent partner" in the home - and would take about 60 per cent of any capital gain when the property was sold. Wizard would package the loan.

The homebuyer would still "own" the property and retain decision-making powers, such as when to sell.

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Heartland Bank - Online 6.69
SBS FirstHome Combo 6.74
Wairarapa Building Society 6.95
Unity 6.99
Co-operative Bank - First Home Special 7.04
ICBC 7.05
China Construction Bank 7.09
BNZ - Classic 7.24
ASB Bank 7.24
ANZ Special 7.24
TSB Special 7.24
Unity First Home Buyer special 6.45
Heartland Bank - Online 6.45
China Construction Bank 6.75
TSB Special 6.75
ICBC 6.75
ANZ Special 6.79
ASB Bank 6.79
AIA - Go Home Loans 6.79
Kiwibank Special 6.79
BNZ - Classic 6.79
Unity 6.79
Westpac Special 6.39
China Construction Bank 6.40
ICBC 6.49
SBS Bank Special 6.55
Kiwibank Special 6.55
BNZ - Classic 6.55
Co-operative Bank - Owner Occ 6.55
ASB Bank 6.55
AIA - Go Home Loans 6.55
TSB Special 6.59
Kainga Ora 6.99
SBS FirstHome Combo 6.19
AIA - Back My Build 6.19
ANZ Blueprint to Build 7.39
Credit Union Auckland 7.70
ICBC 7.85
Heartland Bank - Online 7.99
Pepper Money Essential 8.29
Co-operative Bank - Owner Occ 8.40
Co-operative Bank - Standard 8.40
First Credit Union Standard 8.50
Kiwibank 8.50

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