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Lifetime Group gears up for mortgages

The Christchurch-based Lifetime Group is set to become a bigger player in the mortgage broking market after its most recent deal.

Friday, December 16th 2016, 9:52AM

It has formed a strategic partnership with the Rothbury Group which see it take over Rothbury’s life insurance and mortgage businesses. Rothbury gets Lifetime’s general insurance business and it is also is taking a cornerstone shareholding in LIfetime.

Rothbury, which is the fourth largest general broker in New Zealand and part of the ASX-listed Steadfast Group, has bought a 19.5% stake in the business for $8 million.

Lifetime’s mortgage business will get another eight brokers, bringing the total to 19, and it will generate around $400 million in loans a year.

Lifetime chief executive Mike Jones says that he sees “real potential for growth in the mortgage business.”

Currently it doesn’t have mortgages in all the Lifetime offices, but that is likely to change.

Rothbury’s also has a tie up with the Bayleys real estate group.

Jones says the transaction is part of a 36-month growth plan. Over the past two years the business has been improving its systems and processes and next year it will look to start growing again.

Lifetime runs a hybrid business model where advisers can acquire shares in the business. Currently it has 63 shareholders and two-thirds of those are advisers.

Jones says the model with mortgage brokers is more of a partnership at the moment and it is working on reviewing the model it uses in this space.

Jones says Lifetime has been “really gearing up” for the new financial advisers regulation and has been working on its systems and compliance.

“Without a doubt we will be a FAF (Financial Adviser Firm),” he says. “It’s fait au compli.”

The group has also been working on a new CRM. Currently it uses Xpaln via Sovereign and AMP. It will stay with IRESS, who run Xplan, but it is developing a customised front end for the CRM.

Tags: Lifetime

« A year of two halves for non-bank sectorMortgage advisers get a new minister »

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ANZ 8.64 7.84 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
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BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
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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 - - -
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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 - - - -
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SBS Unwind reverse equity 9.95 - - -
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TSB Bank 9.44 8.04 7.55 7.45
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TSB Special 8.64 7.24 6.75 6.65
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Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 7.89 7.35 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.75 6.65
Median 8.64 7.29 7.32 6.65

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