Misc

Commerce Commission warning on rent-to-buy housing

The Commerce Commission is warning people buying houses under rent-to-buy schemes to make sure they get the full protection of the new Credit Contracts and Consumer Finance (CCCF) Act.

Tuesday, June 07th 2005

After a complaint from Waikato where a buyer wasn’t given all the required information about the contract, the Commerce Commission today said house purchasers should get independent advice before they signed up to a rent-to-buy contract.

"The rent-to-buy schemes are not illegal," said Commerce Commission acting general manager, Peter Taylor.

"However, in many instances they have features which meet the definition of a consumer credit contract and the commission recommends that purchasers get independent legal advice to ensure their position is protected," he said.

"We have also written to a number of rent-to-buy scheme providers throughout the country reminding them of their obligations to consumers under the terms of the CCCF Act."

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Heartland Bank - Online 6.69
SBS FirstHome Combo 6.74
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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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