BNZ discards brokers

The Bank of New Zealand has decided to stop dealing with mortgage brokers.

Sunday, May 4th 2003, 10:42PM

Bank of New Zealand has decided to stop dealing with mortgage brokers and concentrate on direct sales.

The bank has told brokers their agreements will be terminated from June 1.

Personal financial services general manager Chris Black said brokers had not provided a significant part of the bank's home loan business.

This has come through in market share figures which shows that while all the other banks have been increasing sales via mortgage brokers BNZ has gone backwards.

Part of the reason is that the bank won't let brokers use the successful Global Plus loyalty points programme.

"We have made this decision after an extensive strategic review and because the broker channel has not been a significant part of our home loan business," BNZ Personal Financial Services general manager Chris Black says. "While other banks use brokers extensively, only about 5% of BNZ home loans are originated from mortgage brokers."

Currently, BNZ is about number four in the mortgage market with 15% market share.

Eight positions in Auckland and Wellington would disappear because of the move.

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Lender

Flt

1yr

2yr

3yr

AIA - Back My Build

6.19

AIA - Go Home Loans

8.74

▼7.14

6.75

6.65

ANZ

8.64

▼7.74

7.39

7.25

ANZ Blueprint to Build

7.39

ANZ Good Energy

1.00

ANZ Special

▼7.14

6.79

6.65

ASB Bank

8.64

▼7.14

6.75

6.65

ASB Better Homes Top Up

1.00

Avanti Finance

9.15

Basecorp Finance

9.60

Bluestone

9.24

Lender

Flt

1yr

2yr

3yr

BNZ - Classic

7.24

6.79

6.65

BNZ - Green Home Loan top-ups

1.00

BNZ - Mortgage One

8.69

BNZ - Rapid Repay

8.69

BNZ - Std, FlyBuys

8.69

7.84

7.39

7.25

BNZ - TotalMoney

8.69

CFML Loans

9.45

China Construction Bank

7.09

6.75

6.49

China Construction Bank Special

Co-operative Bank - First Home Special

7.04

Co-operative Bank - Owner Occ

8.40

7.24

6.79

6.65

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1yr

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3yr

Co-operative Bank - Standard

8.40

7.74

7.29

7.15

Credit Union Auckland

7.70

First Credit Union Special

7.45

7.35

First Credit Union Standard

8.50

7.99

7.85

Heartland Bank - Online

7.99

6.89

6.55

6.35

Heartland Bank - Reverse Mortgage

Heretaunga Building Society

8.90

7.60

7.40

HSBC Premier

8.59

HSBC Premier LVR > 80%

HSBC Special

ICBC

7.85

7.05

6.75

6.59

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3yr

Kainga Ora

8.64

7.79

7.39

7.25

Kainga Ora - First Home Buyer Special

Kiwibank

8.50

8.25

7.79

7.55

Kiwibank - Offset

8.50

Kiwibank Special

7.25

6.79

6.65

Liberty

8.59

8.69

8.79

8.94

Nelson Building Society

9.00

7.75

7.35

Pepper Money Advantage

10.49

Pepper Money Easy

8.69

Pepper Money Essential

8.29

Resimac - LVR < 80%

8.84

8.09

7.59

7.29

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Flt

1yr

2yr

3yr

Resimac - LVR < 90%

9.84

9.09

8.59

8.29

Resimac - Specialist Clear (Alt Doc)

8.99

Resimac - Specialist Clear (Full Doc)

9.49

SBS Bank

8.74

7.84

7.29

6.59

SBS Bank Special

7.24

6.69

5.99

SBS Construction lending for FHB

SBS FirstHome Combo

6.19

6.74

SBS FirstHome Combo

SBS Unwind reverse equity

9.95

Select Home Loans

9.24

TSB Bank

9.44

7.79

7.55

7.45

Lender

Flt

1yr

2yr

3yr

TSB Special

8.64

6.99

6.75

6.65

Unity

8.64

6.99

6.79

Unity First Home Buyer special

6.55

6.45

Wairarapa Building Society

8.60

6.95

6.85

Westpac

8.64

7.89

7.35

7.25

Westpac Choices Everyday

8.74

Westpac Offset

8.64

Westpac Special

7.29

6.75

6.65

Median

8.64

7.27

7.29

6.65

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BNZ discards brokers

The Bank of New Zealand has decided to stop dealing with mortgage brokers.

Sunday, May 4th 2003, 10:42PM

Commenting is closed

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ANZ Special
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ASB Better Homes Top Up
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BNZ - Classic
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CFML Loans
China Construction Bank
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Credit Union Auckland
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Heretaunga Building Society
HSBC
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HSBC Special
ICBC
Kainga Ora
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Kiwibank
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Westpac
Westpac - Choices Everyday
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