by Paul McBeth
E-Loan, an online mortgage broking service that notched up US$2 billion in loans last year, will be available to New Zealand borrowers in just a few months' time.
E-Loan will be the first internet business for eVentures New Zealand, itself a joint venture between local businessman Craig Heatley, global internet investor Softbank and News Corporation's investment arm epartners. A spokesperson for eVentures said that key staff should be appointed for E-Loan in the next few weeks and the business promoted shortly after that.
The concept behind E-Loan is that borrowers use the E-Loan website as a virtual mortgage broker to compare different mortgage products, rates and fees without obligation. They can also apply for a loan and have it approved online.
E-Loan was founded in the USA four years ago and has expanded there to offer data on car loans, small business loans and credit cards as well as mortgage products. The Australian site at www.eloan.com.au, launched in February, already carries a database of more than 150 products from 11 lenders including Westpac, ANZ Bank and National Australia Bank.