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Vero signage on an Auckland building Photo: Supplied / vero.co.nz The sale of one of the country's biggest office blocks to a Hong Kong-China company has collapsed. Kiwi Property Group (KPG) said it has terminated the $458 million sale of the 38-storey Vero Centre in Auckland after the unnamed buyer failed to meet key conditions. Chief executive Clive Mackenzie said they had tried to get the deal done over the past few months. "Despite our best efforts, the purchaser has now missed the deadline for milestones such as paying the deposit and seeking Overseas Investment Office approval for the deal and, as a result, we've made the difficult decision to terminate the conditional sale contract." The company was not available to comment on whether it would look for another buyer or take the b...

There's a general trend of declining mortgage interest rates. Photo: RNZ Banks are competing hard to win customers' money in what appears to be an escalating mortgage war. ANZ cut interest rates again this week, but notably it has also trimmed its floating mortgage rate by 15 basis points - the first bank to do so in a while. It followed a general trend of declining mortgage interest rates in recent weeks as wholesale rates eased in anticipation of the Reserve Bank lowering the official cash rate. Mortgage advisor Mikey Smith from Guardian Smith said banks have targeted borrowers coming up for renewal, and he has seen increasing wiggle room from banks' during negotiations. "It's very noticeable, I feel like I'm updating people everyday, There's a new rate available for them - I think mo...

The New Zealand Cruise Association has launched a national strategy for the first time. Photo: Supplied The cruise industry wants to get more value out of fewer ships by building more tourism experiences on land and getting more locally grown goods on board. The New Zealand Cruise Association has launched a national strategy for the first time. It is aimed at managing the sector and growing its annual economic contribution to $1b by 2040. Covid-19 hit the cruise industry hard and now increased costs and global competition means a 15 to 20 percent reduction in ship visits is expected for the next two seasons. Chief executive Jacqui Lloyd said the sector wants to work more closely with local and central government and tourism operators to grow cruise business. "When we're talking about a ...

Photo: RNZ Tax cuts have taken effect, though you may still have a little wait before you see the impact in your bank account, depending on your pay cycle. The amount on offer varies depending on your income level. A single pensioner is set to get $4.31 a fortnight. Someone on $70,000 is in line for $30.75. Someone on $110,000 is set to get just over $40 a fortnight. But what might you do with that extra money? We've run the numbers based on a $20-per-week tax cut, to have a look at some of the options. Pay off your mortgage faster Any extra you can pay off your home loan will have an impact, because it goes straight on to the principal. If you have a home loan with $500,000 left and 20 years to pay, with a 6.85 percent interest rate, and can now pay an extra $20 a week in repayments, yo...