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Pero calls for industry ad campaign

Mike Pero reckons that the mortgage broking industry should kick start a generic advertising campaign to promote brokers.

Thursday, September 11th 2003, 7:13PM

by Jenny Ruth

Mike Pero, whose advertising of his firm, Mike Pero Mortgages is widely credited with putting the mortgage broking industry on the map in New Zealand, has challenged the rest of his industry to put its money into funding generic industry advertising.

Speaking at the New Zealand Mortgage Brokers Association (NZMBA) annual conference, Pero suggested that his industry shouldn’t sit back and wait to see whether more lenders decide to follow the lead of Bank of New Zealand which will no longer deal with brokers.

"As an association, we should be promoting our services more aggressively," Pero said, pointing out that many New Zealanders still don’t know what exactly a mortgage broker does or how they could benefit from using one.

"It’s about time some of you put your hands in your pockets and that collectively we promoted our industry. It’s your future," Pero said.

While the banks are currently loudly complaining how expensive it is for them to deal with brokers, Pero suggested the best answer is to ensure the public insists on dealing with brokers.

He suggested every broker contribute $4 or $5 per loan to a generic advertising fund or a minimum $50 a month per broker. Given that the NZMBA currently has 498 full members and about 530 total membership including affiliates, such a levy would bring in more than $300,000 a year.

Pero suggested a cartoon style ad showing what brokers do and said the industry could get "unbelieveable value" from spending on that scale.

His suggestion received overwhelming support from the conference. When another broker asked for a show of hands of those who would be willing to support such a fund, the conference erupted with upraised arms.

NZMBA chairman Brian Berry said the positive response showed "people are prepared now to invest in their industry outside of their individual businesses" and promised the NZMBA would work on the proposal.

He noted that the Mortgage Industry Association of Australia (MIAA) has just started a nationwide advertising campaign along such lines in Australia.

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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 7.45 7.05 6.85
ANZ 8.64 7.99 7.49 7.35
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.39 6.89 6.75
ASB Bank 8.64 7.39 6.89 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 - 7.35 6.89 6.79
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.95 7.65 7.45
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 - 7.15 - -
Co-operative Bank - Owner Occ 8.40 7.35 6.89 6.75
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.85 7.39 7.25
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 6.85 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.59 7.29
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.35 7.89 7.65
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.35 6.89 6.75
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.90 7.39 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 8.30 7.89 7.69
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 9.30 8.89 8.69
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.95 7.45 7.29
SBS Bank Special - 7.45 6.95 6.79
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 7.05 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.19 7.55 7.55
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.39 6.75 6.75
Unity 8.64 6.99 6.85 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 7.15 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 7.45 7.37 6.79

Last updated: 14 February 2024 1:37pm

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