Asteron to enter mortgage market
Asteron, formerly Royal & SunAlliance Financial Services and a subsidiary of listed insurance company Promina, is planning to enter the mortgage lending market early in the second quarter of this year.
Monday, January 19th 2004, 2:03AM
by Jenny Ruth
"It’s an exciting opportunity from our point of view. Let’s face it, there’s been an enormous growth in debt in New Zealand" rather than growth in savings products.
Asteron will try to expand its sales of its risk products on the back of the lending business, Boucher says.
Asteron’s risk products include term life insurance, income protection insurance, trauma and disability products.
The company is currently talking to a range of potential partners. "We’re confident of finalising that within the next month. That should enable us to meet the targeted time for the launch in April."
Initially, the company will focus on the retail market, ideally offering the full gamut of loans from floating to long term fixed rates, although that will depend on who the partner ends up being.
"We would like to be as extensive as we can," Boucher says.
Later on, the company may look to expand into other parts of the lending market, he says.
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