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Interstar sold to Packers

One of the major sources of non-bank mortgage finance in New Zealand has been sold.

Wednesday, September 3rd 2003, 11:05PM

by Jenny Ruth

Australia-based fund manager Challenger Financial Services Group is buying wholesale mortgage financier Interstar Securities for A$85 million ($95.3 million) as part of an A$133 million purchase from Zurich Financial Services.

Challenger was created from a merger earlier this year with Australian tycoon Kerry Packer’s investment company, CPH Investment, and is a listed company with a market capitalisation of nearly A$1.4 million. It recently sold its New Zealand operations to Equitable. Interstar is one of the major sources of non-bank mortgage finance in New Zealand.

"The acquisition of Interstar provides Challenger an opportunity to enhance its broader financial services platform with Interstar's expanding wholesale mortgage distribution base and leverage on Interstar's reputation in global capital markets," Challenger said in a statement announcing the deal.

Another Australian listed company controlled by Packer, Pubishing & Broadcasting (PBL) owns 25% of another major mortgage wholesaler, Australian Mortgage Securities, which is also 25% owned by Wizard Home Loans. The other two shareholders are Deutsche Asset Management and Wizard founder Mark Bouris.

Challenger chairman James Packer, son of Kerry, was reported as saying that the acquisition shouldn’t be linked with the family's other mortgage-related interests.

"Interstar is viewed as a long-term investment and is fundamental to building shareholder wealth for Challenger's investors," Packer said.

Challenger chief executive Chris Cuffe was also reported as saying that: "these are completely separate businesses. The ownership link has been overplayed." Neither Challenger nor Interstar returned telephone calls today.

John Grant, head of Wizard in New Zealand, says his company has no comment on the Challenger purchase. "It is one of our shareholders that’s bought the business but it’s their perogative what they do," he says.

The other assets Challenger is buying from Zurich is a high-yield fixed interest and loan portfolio, and 84,500 hectares of forestry assets.

Interstar, which reported a pre-tax profit of just under A$20 million in the year ended June 30, has an A$11 billion mortgage portfolio and employs 160 staff based in Melbourne. It wholesales residential mortgages, financing them with securities issued in the US, Australia and Europe.

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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 7.24 6.79 6.65
ANZ 8.64 7.84 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.24 6.79 6.65
ASB Bank 8.64 7.24 6.79 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
Lender Flt 1yr 2yr 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 6.69 6.45 6.19
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
Lender Flt 1yr 2yr 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
Lender 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 7.45 7.25
SBS Bank Special - 7.24 6.85 6.65
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 8.04 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.24 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 7.89 7.49 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.89 6.65
Median 8.64 7.29 7.32 6.65

Last updated: 28 March 2024 9:42am

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