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Mortgage Express and the great PLAN

Two of Australasia's largest mortgage broking groups have announced agreements to work together on key areas of their businesses.

Friday, June 6th 2008, 6:01AM

by Maria Scott

Australia-based PLAN (the Professional Lenders Association Network) is to provide commission distribution and broker software systems to New Zealand's Mortgage Express, part of the Harcourts real estate agency group. The two groups have also entered into an alliance where PLAN New Zealand brokers may sub-contract to Mortgage Express to provide broking services to customers of Harcourts.

The two groups say that they are to remain independent broker groups but that both are looking to "realise economies of scale and administrative synergies".

Andrew L'Almont, chief executive of Mortgage Express said: "Mortgage Express elected to utilise PLAN Australia's services because the transition was seamless for us, our brokers and our panel lenders. The commission payments systems and broker software has been developed to support New Zealand broker groups and we all benefit from the economies of scale and professionalism of the support team in Melbourne."

"Mortgage Express and Harcourts are in the unique position of being able to generate more mortgage opportunities for brokers than anyone else in New Zealand. Where Mortgage Express itself cannot service these leads we will work with selected PLAN NZ members."

The announcement comes against a background of falling incomes for broking groups following cuts in bank commissions last year, a sharp slowdown in housing transactions and reduced availability of funding following the international credit crisis.

PLAN said that the provision of commission distribution services and broker software to large broker groups, on a fee-for-service basis, was a vital part of its strategy in the current market. PLAN NZ members were expected to settle $1.5 billion of loans in the year to the end of June 2008. This compared with more than $2 billion for the year before but the company said it remained confident.

Ray Hair, chief executive of PLAN NZ said that the industry continued to face testing times. But there were opportunities for brokers to improve productivity and to diversify income. PLAN NZ wanted to increase the number of quality brokers and their productivity.

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.19 4.05 4.05 4.49
ANZ Special - 3.55 3.55 3.99
ASB Bank 5.20 3.89 4.05 4.39
ASB Bank Special - 3.39 3.55 3.89
BNZ - Classic - 3.49 3.55 3.89
BNZ - Mortgage One 5.90 - - -
BNZ - Rapid Repay 5.35 - - -
BNZ - Std, FlyBuys 5.30 4.45 4.35 4.55
BNZ - TotalMoney 5.30 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 3.19 3.19 3.19
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 5.95 - - -
Credit Union Baywide 5.65 4.75 4.75 -
Credit Union North 6.45 - - -
Credit Union South 5.65 4.75 4.75 -
Finance Direct - - - -
First Credit Union 5.85 3.99 4.49 -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 ▼4.65 ▼4.80 -
HSBC Premier 5.24 3.54 3.54 3.69
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.15 3.18 3.18 3.20
Kainga Ora 5.18 3.97 4.05 4.39
Kiwibank ▼5.15 4.20 4.30 4.64
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - 3.45 3.55 3.89
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.25 4.15 -
Pepper Money Near Prime 5.64 - 5.44 5.44
Lender Flt 1yr 2yr 3yr
Pepper Money Prime 5.18 - 4.98 4.98
Pepper Money Specialist 7.59 - 7.39 7.39
Resimac 4.50 ▼4.45 3.89 3.94
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - 3.39 ▲3.55 3.89
Sovereign 5.30 3.89 4.05 4.39
Sovereign Special - 3.39 3.55 3.89
The Co-operative Bank - Owner Occ 5.15 3.49 3.59 3.89
The Co-operative Bank - Standard 5.15 3.99 4.09 4.39
TSB Bank 6.09 4.19 4.35 4.69
Lender Flt 1yr 2yr 3yr
TSB Special 5.29 3.39 3.55 3.89
Wairarapa Building Society ▼5.50 ▼3.95 ▼4.05 -
Westpac 5.34 4.15 4.09 4.49
Westpac - Offset 5.34 - - -
Westpac Special - 3.39 3.55 3.99
Median 5.34 3.97 4.05 4.39

Last updated: 24 January 2020 8:55am

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