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AMP buys Roost

AMP Financial Services has agreed to buy the Roost mortgage broking business for an undisclosed amount.

Monday, April 30th 2007, 7:01AM
AMP recently re-entered the mortgage market with the acquisition of a book of loans from HSBC.

Under AMP's ownership Roost will continue to operate as a separate entity and will continue to be managed from Dunedin by Roost’s founder and managing director, Miranda Caird.

The transaction will see AMP continue the development of the Roost brand and look to broaden Roost’s strong mortgage proposition to its nationwide network of 32 franchises to include insurance and other products.

Roost will sit alongside AMP's adviser network which has 353 advisers in 80 businesses around New Zealand. Roost Franchises will join AMP Adviser Businesses to become the only mortgage brokers in New Zealand able to offer the recently announced AMP Home Loans.

AMP managing director Greg Camm says the acquisition supports the growth aspirations of AMP.

"AMP has ambitious growth aspirations and this new channel will help deliver on our commitment to help more New Zealanders than ever before achieve financial security.”

“We haven’t made this investment in Roost to see it come second” says Camm. “We see an opportunity to add serious value to the franchise system for both customers and franchisees.”

Caird says a "key driver has been that AMP can help add real value to our franchisees’ businesses with their insurance capability and resources. It has taken some time to find like- minded people within the insurance industry keen to work with Roost to find a solution for franchisees.

“The AMP proposition gives Roost Franchisees the ability to provide insurance options from a range of providers as they already do with mortgages."

Roost was formerly Mortgage Choice NZ.

« More commission cuts likelySmith leaves Sovereign »

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Mortgage Rates Table

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
Basecorp Finance 5.49 - - -
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 - - -
Lender Flt 1yr 2yr 3yr
CFML Loans 4.95 - - -
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 3.40 3.50 -
HSBC Premier 4.49 2.25 2.35 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - 2.25 - -
ICBC 3.69 2.25 2.35 2.65
Kainga Ora 4.43 2.67 2.97 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
Lender Flt 1yr 2yr 3yr
SBS Bank 4.54 2.79 ▲2.99 ▲3.29
SBS Bank Special - 2.29 ▲2.49 ▲2.79
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 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 2.29 2.69 2.79
Median 4.55 2.73 2.99 2.80

Last updated: 12 April 2021 8:56am

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