E-Loan's passing almost misses epitaph
The Kiwi version of E-Loan has been killed off without fanfare after less than four years in existence.
Sunday, August 29th 2004, 8:55PM
by Jenny Ruth
AMP acquired E-Loan in November 2001, the third ownership change since it was launched in mid-2000.
When AMP killed sister site Liquid in April last year, it planned to perservere with E-Loan. It had changed its use to more of a referral tool and as an aide to its advisers, rather than the original business model of the site being a virtual mortgage broker, allowing consumers to compare a wide range of mortgage products, interest rates and fees before purchasing a mortgage through the site.
AMP had planned to keep E-Loan going, even though the insurance giant also sold its Australian and New Zealand mortgage books to HSBC in April 2003. Back then, AMP was saying that business through the site was increasing and that it was proving to be "successful."
Actual financial information during any of its ownership regimes was never provided, however anecdotal evidence suggests that the site never generated many home loans.
But now, AMP spokesman Richard Gordon says that the volumes of business generated by the web site were simply insufficient to keep it going.
It seems the Australian version is also long dead; the site directs users to AMP’s web site.
However, the original US version appears to be still going strong, if its web site is anything to go by.
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