tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Saturday, July 11th, 12:05PM

Mortgages

rss
Latest Headlines

The numbers BNZ are disclosing

BNZ says it is well ahead of target with its re-entry into the mortgage adviser market.

Monday, June 29th 2015, 10:16AM

“We are well beyond where we thought (the numbers) would be,” says Mel Cadman, who is heading up the bank's push into third party distribution.

However, the bank isn’t disclosing the number of applications it has received or settled. “We will keep that to BNZ,” she says.

So far about 82 of the 100 mortgage advisers accredited to use BNZ through the NZ Financial Services Group have lodged deals.

Cadman wouldn’t disclose what volume of business the bank is getting but said “we’ve grown faster than we anticipated.”

The bank is working to a 48-hour service level. Currently it has a team of 16 people working on broker distribution including underwriting.

BNZ is currently recruiting for a head of third party distribution.

Cadman said it was a deliberate strategy not to appoint someone before BNZ went to market five weeks ago.

“It was a deliberate strategy not to recruit until we had gone to market,” she said. “All markets talk and we wanted to keep as much to ourselves as we could.”

She says whoever is appointed my not come with broker market experience.

“Sales execution is huge for me.”

She says “there is some other thinking (around the role) but I don’t want to comment as it’s a little bit about our strategy.”

Currently there are 90 advisers in Auckland and 10 in Christchurch who can use BNZ.

The roll out plan is to add another 40 advisers in September; again these people will mainly be in the Christchurch and Auckland markets.

This fits with the bank's strategy of growing in the retail market in Auckland. Currently the bank has a significantly underweight position in the county's biggest and fast-growing region. Auckland accounts for 355 of New Zealand's GDP, but BNZ rtail main bank market share in the region is only 9%. It is addressing this problem by using mortgage advisers and mobile managers.

BNZ expects it will start thinking about opening up to other groups in six months time, but it doesn’t have a date for when it would offer its products to other adviser.

“There’s not in my mind a date for that,” Cadman says. But “within the next six months (we would start) investigating what we might do.”

Cadman says BNZ is committed to its partnership with NZFSG and that is her first priority.

She said BNZ was focused on “treasuring it’s relationship (with NZFSG)” and “delivering”.

Cadman says BNZ’s re-entry to the adviser channel is “definitely not a pilot.”

“We are absolutely really committed to it.”

Brokers are a real growth channel, she says, and BNZ wants to be part of it.

Tags: BNZ NZFSG

« FMT adds another Auckland BDMANZ's head of channel moves on »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
  • Harking back to the old days
    “Tactical move by CIGNA and looks like they have a lot of bench strength now in sales, underwriting and product / pricing...”
    1 day ago by hitting rock
  • Greens want ACC extended to cover sickness
    “Never happen. The Greens are such an aspirational bunch. Must all the weed. They 'want' all sorts of unlikely things...”
    2 days ago by All hat no cattle
  • Harking back to the old days
    “Really positive news. NZ has been blessed by many successful leaders and it is good that their skills can skill be utilised...”
    2 days ago by Francis L
  • Harking back to the old days
    “I dare say Cigna just got that extra grunt it's been looking for....”
    2 days ago by Matron
  • Greens want ACC extended to cover sickness
    “The Greens have no idea The purpose of the Woodhouse report was to remove the "at fault" component of accidents Sickness...”
    3 days ago by LNF
Subscribe Now

Mortgage Rates Newsletter

Daily Weekly

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 3.19 3.19 3.49
AIA Special - 2.69 2.69 2.99
ANZ 4.44 3.15 3.25 ▼3.39
ANZ Special - ▼2.55 ▼2.69 ▼2.79
ASB Bank 4.45 3.19 3.19 3.49
ASB Bank Special - 2.69 2.69 2.99
Bluestone 4.44 4.44 4.44 4.44
BNZ - Classic - 2.65 2.69 2.99
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.25 3.29 3.59
Lender Flt 1yr 2yr 3yr
BNZ - TotalMoney 4.55 - - -
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 4.75 4.75 -
Credit Union South 5.65 4.75 4.75 -
First Credit Union Special 5.85 3.35 3.85 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Heretaunga Building Society 4.99 4.35 4.45 -
HSBC Premier 4.49 2.60 2.65 2.80
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 3.99 2.58 2.68 2.79
Kainga Ora 4.43 3.29 3.39 3.85
Kiwibank 3.40 3.40 3.54 4.00
Kiwibank - Capped - - - -
Kiwibank - Offset - - - -
Kiwibank Special 3.40 2.65 2.79 3.25
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Lender Flt 1yr 2yr 3yr
Resimac 3.49 3.45 3.39 3.69
SBS Bank 4.54 3.29 3.19 3.49
SBS Bank Special - 2.79 2.69 2.99
The Co-operative Bank - Owner Occ 4.40 ▼2.69 ▼2.75 ▼2.99
The Co-operative Bank - Standard 4.40 ▼3.19 ▼3.25 ▼3.49
TSB Bank 5.34 ▼3.35 3.49 3.79
TSB Special 4.54 ▼2.55 2.69 2.99
Wairarapa Building Society 4.99 3.75 3.99 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
Westpac Special - ▼2.55 2.69 2.79
Median 4.55 3.19 3.22 3.39

Last updated: 10 July 2020 9:02am

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com