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Thursday 28 March 2024  Add your comment
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Mike Pero Mortgages value revealed

An independent valuation of the Mike Pero Mortgages business puts its worth at a fraction of what it was when NZF acquired the business in 2006.

Monday, November 26th 2012, 6:55AM 2 Comments

An independent valuation of the Mike Pero Mortgages business reckons a 50% stake in the firm is worth $2.76 million.

The review, completed by Simmons Corporate Finance, was done after NZF agreed to sell its half share in the business, plus a half share in Mike Pero Real Estate, to its joint venture partner Liberty Financial.

In a statement to the NZX on Friday, NZF says its board is yet to review Simmons Corporate Finance's valuation and the proposed sale is subject to shareholder approval.

A notice of meeting will be lodged shortly.

NZF and Liberty gained control of the Mike Pero Mortgages business in 2006 following a successful takeover bid of the company that was at that time listed on the NZX.

At that times its offer valued the company at $20.63 million.

Melbourne-based Liberty is a big player in the Australian lending markets and has been active in New Zealand, particularly in second-tier lending. However in the past year it has entered the prime home loan space and offers a very competitive floating rate of 5.64% (see how it compares here )

Liberty also bought non-bank deposit taker Business Finance and has become active in the deposit taking space.
 

« Home loan lending helps bank stabilityQuestions over Mike Pero valuation »

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Comments from our readers

On 28 November 2012 at 2:23 pm Mike Grant said:
Well one has to ponder what value Mike Pero is actually in the Real Estate business.

Based on a foundation of very low equity if any and a business plan loosely based on a Franchise system? Is there any actual value in the Brand. After all it is only a name and unless another Unknown Aussie investor shines to it there is little if any potential gain offering in the current Business model.

On 4 December 2012 at 3:49 pm Dennis Spice said:
Very few real estate companies advertise on television. The last one that did was The Joneses and we all know how that finished. So good luck Mike Pero.

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.24 6.79 6.65
ANZ 8.64 7.84 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.24 6.79 6.65
ASB Bank 8.64 7.24 6.79 6.65
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.24 6.79 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.84 7.39 7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 7.04 - -
Co-operative Bank - Owner Occ 8.40 7.24 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.74 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.69 6.45 6.19
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.75 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.39 7.25
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.25 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.25 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.75 7.35 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 ▼8.09 ▼7.59 ▼7.29
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 ▼9.09 ▼8.59 ▼8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.84 7.45 7.25
SBS Bank Special - 7.24 6.85 6.65
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.74 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.04 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.24 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 7.89 7.49 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.89 6.65
Median 8.64 7.29 7.32 6.65

Last updated: 28 March 2024 9:42am

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