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Another insight into the broking industry

Mortgage broking accounts for a relatively small part of New Zealand Finance Holdings’ business, but the prospectus for the financial services company’s $2.94 million float provides further insights into the industry.

Wednesday, September 15th 2004, 1:10AM

by Jenny Ruth

Its mortgage broking subsidiary, New Zealand Mortgage Finance (NZMF), contributed 32.4%, or $2.85 million, of the financial services company’s total $8.8 million in revenue in the year ended March 31.

By contrast, the other mortgage broking firm to list this year, Mike Pero Mortgages, chalked up $13.1 million in sales for the year ended June 30, up 27.6% from the previous year. But NZMF is growing fast – revenue in the latest year tripled from $918,196 in the previous year. It has about 22 brokers working either in-house or as licencees (including the sole remaining office branded Loan Plan).

They place loans directly with the company’s finance company arm, which specialises in short-term lending secured by property, with its wholesale business which is funded by Australian Mortgage Securities (AMS which is part of the Australian Financial Investments Group which also owns retail home lender Wizard Home Loans), or with other third party lenders.

The company’s AMS-funded loan book grew 141% from about $16 million in the year ended March 2003 to nearly $40 million in the latest year.

Managing director John Callaghan says that loans written by NZMF during the latest year totalled $311 million with 55% or $174 million placed with mainstream banks and the other 44% or $137 million placed with non-bank lenders including New Zealand Finance itself, Liberty and Bluestone (the AMS loan book isn’t included in these figures).

ASB Bank ($55 million) and its subsidiary Sovereign ($31 million) gained the lion’s share of the banking business followed by Westpac ($32 million), National Bank ($27 million) and ANZ Bank ($21 million).

HSBC and Bank of New Zealand received $4 million each.

Callaghan says the loans placed with BNZ occurred before it instituted its policy of not dealing with mortgage brokers.

« Brokers debate mortgage reduction operatorsHousing figures paint a mixed picture »

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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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