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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
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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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 ▼6.85 ▼6.49 ▼6.35
ANZ 8.64 7.45 7.09 6.95
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 6.85 6.49 6.35
ASB Bank 8.64 ▼6.85 ▼6.49 ▼6.35
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 - 6.85 6.49 6.39
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.45 7.09 6.99
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 - 6.59 - -
Co-operative Bank - Owner Occ 8.40 6.79 6.49 6.35
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.29 6.99 6.85
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 6.69 6.35 6.15
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 ▼7.50 ▼7.25 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.69 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.74 7.35 6.99
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 7.75 7.39 7.19
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 6.85 6.49 6.39
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 ▼7.25 ▼6.90 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 8.74 ▼7.49 7.09 6.95
Lender Flt 1yr 2yr 3yr
SBS Bank Special - ▼6.89 6.49 6.35
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 ▼5.89 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 ▼7.65 ▼7.29 ▼7.19
TSB Special 8.64 ▼6.85 ▼6.49 ▼6.39
Unity 8.64 ▼6.85 ▼6.49 -
Unity First Home Buyer special - ▼6.45 - -
Wairarapa Building Society 8.60 6.95 6.85 -
Lender Flt 1yr 2yr 3yr
Westpac 8.64 ▼7.45 ▼7.09 ▼6.89
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - ▼6.85 ▼6.49 ▼6.29
Median 8.64 7.00 6.85 6.39

Last updated: 26 July 2024 9:14am

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