Trail commissions introduced
Propertyfinance Securities is introducing trail commissions on its home mortgages Headstart and No Nonsense.
Monday, April 3rd 2006, 6:57AM
"Mortgage brokers in New Zealand currently originate a much smaller percentage of home loans than countries such as the US and Australia. Less than one in three mortgages in New Zealand is originated through a broker, giving significant opportunity for growth," Sundstrum said.
Propertyfinance Securities is looking to take its Headstart and No Nonsense business from $50 million today to $175 million within 12 months with associated benefits for the Company. Headstart is designed specifically for first time home buyers, and No Nonsense for the self employed.
"We are determined to realise this growth opportunity by working with brokers to develop long-term partnerships and become the mortgage provider of first choice."
The new trail commissions will see brokers earn between 0.2% and 0.4% on the value of mortgages outstanding.
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