AMS cracks a billion

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Wholesale residential mortgage funder Australian Mortgage Securities says that after five years in the New Zealand market its mortgage portfolio here has exceeded $1 billion.

Thursday, April 15th 2004, 6:44AM

by Jenny Ruth

"We are accelerating rapidly, which is a further sign of the emergence of the non-bank loan market in New Zealand as a significant player," says Mark Bouris, executive chairman of AMS’s parent company Australian Financial Investments Group (AFIG).

AMS’s biggest customer in New Zealand is Wizard Home Loans, which Bouris founded and which is also owned by AFIG. But it also provides funding to 12 other mortgage providers in New Zealand including Cairns Lockie, Pioneer Mortgage Services and Elders Home Loans.

"AMS is currently the only active mortgage securitiser in New Zealand," Bouris says, adding that he aims to double the New Zealand portfolio over the next three years.

"I am confident of this because we have built a company with full control of our funding and product arms which enables us to develop innovative financial products at highly competitive rates that challenge the complacency of the banks," he says.

"We are quick to respond to market needs and have tailored our products and services to adapt to the generational shift in the way Australians and New Zealanders use there mortgage – as a low-interest finance tool," Bouris says.

New Zealand still accounts for a small part of the more than A$17 billion in AFIG’s total securitised mortgages. Besides Bouris, the other three AFIG shareholders are Deutsche Asset Management, ABN Amro and Kerry Packer’s Publishing and Broadcasting.

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