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  1. #4901
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    ANZ to sell loans worth $6.5 billion in dealer finance biz

    SYDNEY - Australia and New Zealand Banking Group on Monday said it plans to sell its Esanda dealer finance business, which includes A$8.3 billion ($6.51 billion) in loans to motor vehicle dealers.

    another merger maybe

  2. #4902
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    The sale of Esanda has been an open secret for several months now. GE Finance was initially tipped as the most likely buyer.

  3. #4903
    Membaa
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    Someone has already suggested Esanda is beyond the reach of Heartland, I can't recall who though it seems a reasonable supposition. If it is a realistic acquisition opportunity, how and why?

  4. #4904
    Senior Member kizame's Avatar
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    Paul Henry this morning, reverse equity loans were the topic with an AMP representative chipping in with his opinion,both recommending the elderly to stay away from them,and to downsize as an alternative.
    It seems they may be pushing these loans uphill with this sort of negative publicity.

  5. #4905
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    Quote Originally Posted by kizame View Post
    Paul Henry this morning, reverse equity loans were the topic with an AMP representative chipping in with his opinion,both recommending the elderly to stay away from them,and to downsize as an alternative.
    It seems they may be pushing these loans uphill with this sort of negative publicity.
    Paul Henry was quite scathing wasn,t he.....but then he,s not struggling to pay the rates and insurance on the pension.....I think there is a place for these motgages but not sure how fast the take up will be

  6. #4906
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    One thing not mentioned by PH et al this morning was the situation of homeowners who would otherwise be leaving the property to the cats home. Not everyone has family or friends they want to leave their dosh to.

  7. #4907
    percy
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    Quote Originally Posted by kizame View Post
    Paul Henry this morning, reverse equity loans were the topic with an AMP representative chipping in with his opinion,both recommending the elderly to stay away from them,and to downsize as an alternative.
    It seems they may be pushing these loans uphill with this sort of negative publicity.
    Wonder what the AMP rep would say if and when AMP start offering them?
    I would agree downsizing would be the better option,but that is rather missing the point.
    The point is RELs suit people who wish to use their home equity to stay in their home,but otherwise can not afford to do so.
    As I have previously posted, governments around the world are encouraging old people to stay in their homes,and are offering more services so that they will.NZders love affair with property makes RELs very much a growth sector country,and with the strong tailwind of an ageing population I see REL providers doing well.
    Last edited by percy; 05-05-2015 at 07:11 AM.

  8. #4908
    ShareTrader Legend Beagle's Avatar
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    PH has his own perspective and earns a lot. You wouldn't expect AMP to advocate for HER as they're in the game of helping people to save for their retirement among other things.
    There is a place for HER. A while back I gave the example of an elderly person needing a hip replacement...they could face an extremely painful and debilitating wait of 12-24 months through the public system and during that time while they are ostensibly immobile their general health could deteriorate quite substantially or Mr or Mrs Joe average public could raise a bit of money on their debt free home in Auckland worth an average of close to $800,000 and get on with the operation and back to enjoying a pain free enjoyable retirement.

  9. #4909
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    Exactly percy. I think we all also agree that REL's will never be a suitable solution for a large proportion of senior citizens. But it is and will be an increasingly (but relatively small) important part of future solutions for many people that remain able to live on their own/couple and want to stay where they are most comfortable. This will often be close to great long time friends, family and a familiar and safe community.

    Quote Originally Posted by percy View Post
    Wonder what the AMP rep would say if and when AMP start offering them?
    I would agree downsizing would be the better option,but that is rather missing the point.
    The point is RELs suit people who wish to use their home equity to stay in their home,but otherwise can not afford to do so.
    As I have previously posted, governments around the world are encouraging old people to stay in their homes,and are offering more services so that they will.NZders love affair with property makes RELs very much a growth sector country,and with the strong tailwind of an ageing population I see REL providers doing well.

  10. #4910
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    Down-sizing in the last 5 years (in Auckland at least) would have been a terrible financial blunder due to the massive appreciation of house prices. A HER loan would have left the home owner with a hell of a lot more in assets and a more comfortable lifestyle. They did not mention that.

    The fact that they dedicated 2 minutes to discuss the product really shows a lack of interest to look at the topic in any detail. Paul Henry thinks he is a financial adviser. What a joke!
    No advice here. Just banter. DYOR

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