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Dorchester grows its market share

DorchesterLife says it has seen a 55% increase in its share of the reverse annuity mortgage market and an increase of over 100% in the average drawdown amount.

Tuesday, February 27th 2007, 6:58AM
Its home equity release product, RAM Ultimate, was relaunched in the middle of last year. The company says sales are well ahead of expectations, with figures showing an increase in the average drawdown from $35,000 to $76,000.

Group general manager Henry Lynch, credits the growth of RAM Ultimate to the business’ commitment to protecting customers, as well as to a number of initiatives introduced over the past six months.

“Market response to our Reverse Annuity Mortgage product, RAM Ultimate, has been very positive as DorchesterLife continues to provide competitive interest rates and unique product features whilst upholding its promise of customer protection,” Lynch says.

DorchesterLife’s robust lending assessment criteria guarantees customers a minimum of 20% owners’ equity in their property at the initial drawdown, and protects customers by basing property growth valuations on a conservative rate of between 2% and 3.5% nationwide.

This compares to other home equity release providers who only allow for 10% owners’ equity and base property growth valuations on rates as high as 7% nationwide.

Lynch says the company rebranding as DorchesterLife, the re-organisation of its support teamand an innovative web based customer relationship management (CRM) system are all helping.

The purpose built CRM system gives accredited brokers the ability to track clients through the different stages of the application process, compile a client history and provides them with simple-to-use calculators to determine the amount DorchesterLife can advance to clients.”

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Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 ▼2.29 ▼2.59 ▼2.65
ANZ 4.44 2.89 3.25 3.39
ANZ Special - 2.29 2.69 2.79
ASB Bank 4.45 2.29 2.59 2.65
Bluestone 3.49 3.34 2.99 3.34
BNZ - Classic - 2.29 2.59 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 2.89 3.19 3.39
BNZ - TotalMoney 4.55 - - -
CFML Loans 4.95 - - -
Lender Flt 1yr 2yr 3yr
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland Bank - Online 2.50 1.99 2.35 2.45
Heretaunga Building Society 4.99 3.50 3.40 -
HSBC Premier 4.49 2.25 2.35 2.65
HSBC Premier LVR > 80% - - - -
HSBC Special - 1.99 - -
Lender Flt 1yr 2yr 3yr
ICBC 3.69 2.25 2.35 2.65
Kainga Ora 4.43 2.79 3.04 3.13
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.40 3.20 3.50 3.50
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.35 2.65 2.65
Liberty 5.69 - - -
Nelson Building Society 4.95 3.20 3.24 -
Pepper Essential 4.79 - - -
Resimac 3.39 3.35 2.99 3.35
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Lender Flt 1yr 2yr 3yr
SBS Bank Special - 2.29 2.29 2.65
Select Home Loans 3.49 3.34 2.99 3.34
The Co-operative Bank - First Home Special - 2.09 - -
The Co-operative Bank - Owner Occ 4.40 2.29 2.59 2.79
The Co-operative Bank - Standard 4.40 2.79 3.09 3.29
TSB Bank 5.34 3.09 3.29 3.45
TSB Special 4.54 2.29 2.49 2.65
Wairarapa Building Society 4.99 3.55 3.49 -
Westpac 4.59 3.09 3.29 3.39
Westpac - Offset 4.59 - - -
Westpac Special - 2.29 2.69 2.79
Median 4.55 2.79 2.99 2.80

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