YOUR LOCAL BUSINESS DIGESTHome co-ownership gets boost with credit union

Date12 December 2020
Published date12 December 2020
Publication titleBay of Plenty Times
Now, YouOwn is announcing Credit Union Baywide as the home lender for the co-ownership programme.

Credit Union Baywide is a 100 per cent New Zealand-owned financial co-operative, and like BayTrust, a not-for-profit.

Originally established in 1971 as Whakatu Freezing Works Employee’s Credit Union, and following a merger with NZCU South, NZCUCentral and ACU in 2019, Credit Union Baywide has grown to 21 branches and a strong online presence supporting Kiwis across New Zealand.

“New Zealanders are interested in exploring different ways of getting into their first home and co-ownership is another way we are supporting them,” says Andrew Quayle, Credit Union Baywide general manager of sales, marketing and channels.

YouOwn is a privately funded organisation established with the sole purpose of delivering a co-ownership product to New Zealanders.

The co-ownership arrangement substantially reduces the size of a deposit people need to save when applying to Credit Union Baywide for a home loan.

“Co-ownership solves the deposit gap for people who can afford to service a home loan over the long term but can’t save enough to get started,” says Nigel Spratt, executive director of YouOwn, and manager of the Bay of Plenty fund.

■Applications are via YouOwn’s website www.youown.co.nz or through approved financial advisers.

Paymark spendingBay of Plenty spending through Paymark by the core retail merchants, excluding food, liquor and hospitality, jumped more than 5 per cent over Black Friday and the following three days compared to a week earlier.

Nationwide spending jumped 22.7 per cent in the same period and spending still managed to exceed that of the same four days last year by 3.9 per cent. The increases were across a wide section of retailers.

Likewise, the within-month spending jump occurred throughout New Zealand for the Black Friday four-day weekend but not as much as last year in some regions.

Noticeably, spending among this group of merchants was below year-ago levels in Palmerston North, Marlborough, West Coast, South Canterbury and Otago. The annual growth rate was highest in Nelson and Wellington.

Cyber Monday rounds off four weeks of November when early Christmas shopping starts for many. Nationwide spending among the above-mentioned core retail, excluding food, liquor and hospitality, merchants has risen 3 per cent through Paymark.

Over the same four weeks, spending has also increased 6.2 per cent through food, liquor merchants. However, spending has declined 0.8 per cent through food and beverage services merchants, 37.2 per cent through accommodation merchants and 10.2 per cent through non-retail merchants.

‘Quiet achiever’ wins prestigious engineering awardHe might be the youngest guy on the team, but engineering apprentice Phillip Peters’ outstanding attitude and dedication have seen the talented 21-year-old named the 2020 winner of the prestigious Stuart Tolhurst Cup.

The award celebrates the achievements of an engineering apprentice who has shown good work ethic and initiative and is well-deserved by the Bay of Plenty-based learner. It was presented at a ceremony at the recently held annual National Maintenance Engineering Conference in South Auckland.

In the third year of his New Zealand Apprenticeship in Mechanical Engineering, Phillip is employed by Apprentice Training New Zealand (ATNZ).

Through ATNZ, he is placed into host company Ballance Agri-Nutrients, where he learns on-the-job alongside their experienced staff.

“His performance is up there with the tradesmen – some of them don’t even consider him an apprentice any more. Nothing’s a problem for him,” said Tony Clark, maintenance coordinator at Balance’s Mount Maunganui site.

“He’s a quiet achiever... He’s a sound apprentice and has gone from strength to strength in his training and development. He likes to get stuck into the job and when he encounters problems, he thinks things through.”

Peters said he was proud of...

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