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NZF promises new products for brokers

NZF Group has promised new products for advisers as it looks to grow its share of the non-bank lending sector in New Zealand.

Thursday, October 27th 2011, 7:00AM

by Niko Kloeten

The group has had a tough couple of years and its subsidiary NZF Money was recently put into receivership, forcing NZF Group to include a loss on discontinued operations of $10.7 million for the current financial year.

However, its deal to sell a majority stake in its home loan business to Australian non-bank lender Resimac is nearly complete, and NZF Group chief executive Mark Thornton said the deal would mean good things for advisers who work with NZF.

He said NZF would look at producing new products for advisers after the deal went through.

"We want to deal with brokers on a volume basis – it's the 80/20 rule," he told Good Returns.

"However, we build such business by dealing with all brokers and they need a good range of products."

These products would include LMI (lenders mortgage insurance) covered mortgages and non LMI-covered mortgages, he said.

Thornton said the products would be mostly targeted at mortgage brokers, particularly in the major population centres.

He also said Resimac would bring valuable experience from dealing with its large force of advisers across the Tasman, where it has funded more than A$12 billion of mortgages.

Despite the slow housing market, Thornton was confident of growing NZF's share of the mortgage market whichever way house prices went.

"The fundamentals are not going to get any worse, and if it did we have such a small portion of the market we can almost disregard the trend.

"And in such a market the banks cannot lend as quickly as a non-bank lender."

Niko Kloeten can be contacted at niko@goodreturns.co.nz

« Deteriorating growth outlook likely to keep rates on holdInterest rates on hold for now »

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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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