A major bank has increased the rate it uses to check potential borrowers can afford a loan. 

ANZ has upped its test rate to 9.1%. 

That's despite home loan rates sitting around 7% for a two-year fix.  

In past week ANZ and Westpac have raised interest rates.

Squirrel Mortgages Chief Executive David Cunningham told Mike Hosking the test rate doesn't make much of a difference. 

He says the good news for first home buyers is that compared to two years ago, because property prices are lower, they can still afford the same amount based on the test rate.

LISTEN ABOVE

A major bank has increased the rate it uses to check potential borrowers can afford a loan.  
ANZ has upped its test rate to 9.1%.  
That's despite home loan rates sitting around 7% for a two-year fix.   
In past week ANZ and Westpac have raised interest rates. 
Squirrel Mortgages Chief Executive David Cunningham told Mike Hosking the test rate doesn't make much of a difference.  
He says the good news for first home buyers is that compared to two years ago, because property prices are lower, they can still afford the same amount based on the test rate. 
LISTEN ABOVE

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Open your mind to the world with New Zealand’s number one breakfast radio show. Without question, as New Zealand’s number one talk host, Mike Hosking sets the day’s agenda. The sharpest voice and mind in the business, Mike drives strong opinion, delivers the best talent, and always leaves you wanting more. The Mike Hosking Breakfast always cuts through and delivers the best daily on Newstalk ZB.

Open your mind to the world with New Zealand’s number one breakfast radio show.Without question, as New Zealand’s number one talk host, Mike Hosking sets the day’s agenda.The sharpest voice and mind in the business, Mike drives strong opinion,...

The Mike Hosking Breakfast

David Cunningham: Squirrel Mortgages CEO on the increased test rates from ANZ

I read that apparently the Government are about to give a formal response this month to the Covid Inquiry Phase Two report. 

Brooke van Velden, who drove it, was so concerned about the mistake made around Covid vaccine advice for 12–17-year-olds, and the fact Chris Hipkins said he didn’t see any advice, when in fact he did. 

She went off to seek advice as to what to do. 

They told her what you would expect they would, which was, roughly, you could do a lot, do a bit, or do nothing. 

The trouble with Royal Commissions is once they are done, they are done, and launching yet another inquiry, she rightly decided, would be wasting everyone's time. 

So she has passed it off to the Health Minister, and we stand by. 

The tricky thing here is accountability: will there ever be any? 

Hipkins and Bloomfield, the two critical players here, never turned up in person to the Commission. Once the mistake was discovered, that the paperwork on the vaccine did get to Hipkins in Cabinet, no one seems to want to know anything about it. 

The head of the inquiry, Grant Illingworth KC, doesn’t answer questions. "The report can speak for itself," he tells everyone. Hipkins relied on the faulty report to say he never saw anything, even though he did, and Bloomfield refuses all comment. 

I go back to my original request; that the Government do things properly, which was an adversarial inquiry i.e. they had the power to force people to turn up. Because when they don’t and the Q&A is all back and forward on paper, look what happens. 

And what does happen? Well, nothing, clearly. 

I'm happy to be proven wrong, but what is the Health Minister going to do? What happens to Hipkins or Bloomfield, apart from nothing? 

Mistakes were made in Covid, so we have two Commissions. Commission one is a whitewash, Commission two missed critical detail, so more mistakes are made. 

Does that give you confidence that the next time we have an epidemic we are any better off? 

Of course not. 

So as we await the so-called response, what was the point?   

I read that apparently the Government are about to give a formal response this month to the Covid Inquiry Phase Two report.&nbsp;
Brooke van Velden, who drove it, was so concerned about the mistake made around Covid vaccine advice for 12–17-year-olds, and the fact Chris Hipkins said he didn’t see any advice, when in fact he did.&nbsp;
She went off to seek advice as to what to do.&nbsp;
They told her what you would expect they would, which was, roughly, you could do a lot, do a bit, or do nothing.&nbsp;
The trouble with Royal Commissions is once they are done, they are done, and launching yet another inquiry, she rightly decided, would be wasting everyone's time.&nbsp;
So she has passed it off to the Health Minister, and we stand by.&nbsp;
The tricky thing here is accountability: will there ever be any?&nbsp;
Hipkins and Bloomfield, the two critical players here, never turned up in person to the Commission. Once the mistake was discovered, that the paperwork on the vaccine did get to Hipkins in Cabinet, no one seems to want to know anything about it.&nbsp;
The head of the inquiry, Grant Illingworth KC, doesn’t answer questions. "The report can speak for itself," he tells everyone. Hipkins relied on the faulty report to say he never saw anything, even though he did, and Bloomfield refuses all comment.&nbsp;
I go back to my original request; that the Government do things properly, which was an adversarial inquiry i.e. they had the power to force people to turn up. Because when they don’t and the Q&amp;A is all back and forward on paper, look what happens.&nbsp;
And what does happen? Well, nothing, clearly.&nbsp;
I'm happy to be proven wrong, but what is the Health Minister going to do? What happens to Hipkins or Bloomfield, apart from nothing?&nbsp;
Mistakes were made in Covid, so we have two Commissions. Commission one is a whitewash, Commission two missed critical detail, so more mistakes are made.&nbsp;
Does that give you confidence that the next time we have an epidemic we are any better off?&nbsp;
Of course not.&nbsp;
So as we await the so-called response, what was the point? &nbsp;&nbsp;

Mike's Minute: Why are we waiting for another Covid response?

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/41516045-795d-494c-8063-b47f0173f7dd/transcript

The leader of Reform UK is in hot water over some undeclared financial gifts. 

Nigel Farage is facing a probe by Parliament’s standards watchdog over a £5 million gift from convicted fraudster George Cottrell. 

Farage claims he has done no wrongdoing – insisting he followed the rules and is the victim of an “establishment hit job”.  

UK Correspondent Enda Brady told Mike Hosking he thinks the media is putting the Reform leader under intense scrutiny because if he is going to be Prime Minister, which Farage believes he will be one day, you need to know he’s clean. 

He says you need to know where the money is coming from and who is paying for his security. 

LISTEN ABOVE 

The leader of Reform UK is in hot water over some undeclared financial gifts.&nbsp;
Nigel Farage is facing a probe by Parliament’s standards watchdog over a £5 million gift from convicted fraudster George Cottrell.&nbsp;
Farage claims he has done no wrongdoing – insisting he followed the rules and is the victim of an “establishment hit job”. &nbsp;
UK Correspondent Enda Brady told Mike Hosking he thinks the media is putting the Reform leader under intense scrutiny because if he is going to be Prime Minister, which Farage believes he will be one day, you need to know he’s clean.&nbsp;
He says you need to know where the money is coming from and who is paying for his security.&nbsp;
LISTEN ABOVE&nbsp;

Enda Brady: UK Correspondent on Reform UK's Nigel Farage facing media scrutiny over an undeclared gift from George Cottrell

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/c6f57193-551c-4bea-9977-b47f016b95f6/transcript

On the Mike Hosking Breakfast Full Show Podcast for Tuesday 7th of July, should we be worried about China testing a nuclear-capable missile in the South Pacific? And is there actually anything we could do about it? 

Invest NZ is pushing for $30 billion in investment into data centres, so we got the facts about them from Tech New Zealand’s Graeme Muller. 

And Hannah Waddingham and Octavia Spencer joined from the UK to tell us about their new show ‘Ride or Die’. 

Get the Mike Hosking Breakfast Full Show Podcast every weekday morning on iHeartRadio, or wherever you get your podcasts. 

LISTEN ABOVE 

On the Mike Hosking Breakfast Full Show Podcast for Tuesday 7th of July, should we be worried about <a href="https://www.newstalkzb.co.nz/on-air/mike-hosking-breakfast/audio/wayne-mapp-former-defence-minister-on-chinas-missile-test-occurring-the-same-day-australia-and-fiji-signed-a-security-alliance/">China testing a nuclear-capable missile in the South Pacific?</a> And is there actually anything we could do about it?&nbsp;
Invest NZ is pushing for $30 billion in investment into data centres, so we got the facts about them from <a href="https://www.newstalkzb.co.nz/on-air/mike-hosking-breakfast/audio/graeme-muller-tech-new-zealand-ceo-on-invest-new-zealand-looking-at-attracting-investment-for-new-data-centres/">Tech New Zealand’s Graeme Muller.</a>&nbsp;
And Hannah Waddingham and Octavia Spencer joined from the UK to tell us about their new show ‘Ride or Die’.&nbsp;
Get the Mike Hosking Breakfast Full Show Podcast every weekday morning on iHeartRadio, or wherever you get your podcasts.&nbsp;
LISTEN ABOVE&nbsp;

Full Show Podcast: 07 July 2026 

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/ae565909-a9cc-44d0-8dac-b47f015d6319/transcript

David Cunningham: Squirrel Mortgages CEO on the increased test rates from ANZ

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