About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Wednesday, December 12th, 11:30PM
rss
Latest Headlines

Avanti makes major home loan changes

Avanti Finance, the non-bank lender backed by Westpac, has made a number of changes to its home loan offering as it seeks to gain market share from New Zealand’s big banks.

Tuesday, August 7th 2018, 1:19PM

The finance company, which also provides car and home loans, insurance and debt consolidation, has introduced a number of new features on its mortgage offering.

These include lifting low-doc loan values to $1 million, and raising apartment lending to $1 million, according to Stephen Massey, head of sales at the lender.

Avanti has also increased its second mortgage offering to higher levels for customers with a strong equity position.

Massey said the changes were part of the non-bank’s efforts to gain market share with a “gap in the market” left by major lenders, as they came to grips with LVR restrictions and regulatory pressure. The push for new business will continue to be backed by Westpac and the company’s own equity, Massey said.

Avanti will continue to focus on owner-occupier customers in need of alternative financing due to their personal circumstances, such as self-employed people, or those looking for equity release.

Massey added: “We have seen more gaps left by the banks and though we can’t solve all of those, we look at them and see if it is a fit for us. If we can fill a gap we will look to help.”

Avanti’s changes come as non-bank lenders continue to grow in prominence in the New Zealand market, after falling away from the market after the GFC. RESIMAC has seen record volumes so far this year, Blackwell Global announced a new funding line in February, while Bluestone Asia Pacific, backed by private equity fund Cerberus, is also looking to take share in the New Zealand market.

Tags: Bluestone mortgages non-bank lenders RESIMAC

« Mortgage fraudsters jailedAussie report calls for end of trail commission »

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
  • ASB appoints Vanguard as manager
    “What I find amusing from those industry participants who favour passive investing over active is their continued ignorance...”
    8 hours ago by Pragmatic
  • Law doesn't have to be broken for FMA to take action
    “Agree with Brent Sheather - NZ regulators suffer from what is formally termed 'regulatory capture'. A form of government...”
    14 hours ago by Chatterbox
  • ASB appoints Vanguard as manager
    “Pragmatic just going back 20 years to speak to you, I suspect the ASB’s value proposition is well diversified low cost...”
    14 hours ago by John Milner
  • CLU back on agenda for Massey
    “I'm delighted Massey has elected to do this. The initial efforts of Denis Sampson and others bringing it here from the US...”
    16 hours ago by Referee
  • Old approach won't always stack up
    “Thanks Steve for a thoughtful and moderate comment. I know Brian and the fact was that the client was happy. For the...”
    17 hours ago by MediCare
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
ANZ 5.79 4.55 4.79 4.99
ANZ Special - 4.05 4.29 4.49
ASB Bank 5.80 4.44 4.69 4.89
ASB Bank Special - 3.95 4.29 4.49
BNZ - Mortgage One 6.50 - - -
BNZ - Rapid Repay 5.95 - - -
BNZ - Special - 4.10 4.29 4.49
BNZ - Std, FlyBuys 5.90 4.69 4.79 4.99
BNZ - TotalMoney 5.90 - - -
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.15 5.20 5.25 -
Lender Flt 1yr 2yr 3yr
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.70 4.85 -
Housing NZ Corp 5.80 4.69 4.79 4.79
HSBC Premier 5.89 3.99 4.19 4.69
HSBC Premier LVR > 80% - 3.79 - -
HSBC Special - - - -
Lender Flt 1yr 2yr 3yr
ICBC 5.80 4.59 4.69 5.09
Kiwibank 5.80 4.55 4.69 4.99
Kiwibank - Capped - - - -
Kiwibank - Offset 5.80 - - -
Kiwibank Special - 4.05 4.29 4.49
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 6.10 5.10 5.45 -
Resimac 5.30 4.86 4.94 5.30
RESIMAC Special - - - -
SBS Bank 5.89 4.85 5.05 4.49
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 4.19 3.95 4.49
Sovereign 5.90 4.45 4.69 4.89
Sovereign Special - 3.95 4.29 4.49
The Co-operative Bank - Owner Occ 5.75 4.10 4.35 4.49
The Co-operative Bank - Standard 5.75 4.60 4.85 4.99
TSB Bank 5.80 4.45 4.69 4.99
TSB Special - 3.95 4.19 4.49
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.95 4.69 4.79 5.19
Westpac - Offset 5.95 - - -
Westpac Special - 4.15 4.29 4.59
Median 5.89 4.50 4.69 4.79

Last updated: 2 December 2018 8:39pm

News Quiz

The maximum remuneration model for Australian life insurance advisers is to be set at what?

Upfront 40% + trail 20%

Upfront 50% + trail 10%

Upfront 50% + trail 20%

Upfront 60% + trail 10%

Upfront 60% + trail 20%

MORE QUIZZES »

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