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Non-bank lenders go dating advisers

Five non-bank lenders have clubbed together to run a speed dating event for mortgage advisers in Auckland.

Wednesday, August 22nd 2018, 6:00AM

by Dan Dunkley

The five; Bluestone, RESIMAC, Avanti, First Mortgage Trust and Liberty ran the event to help advisers learn more about the solutions they have available as alternatives to banks.

"We wanted to create an event that made it easy to find out about the many options available from not just one, but five non-bank lenders; to ask questions about client scenarios; and to be better able to open doors for Kiwis who might otherwise put home ownership or other property goals in the too-hardbasket," RESIMAC general manager Adrienne Church says.

Around 120 advisers attended the event and experienced advisers and those new to the sector said they took valuable lessons from the event.

Karen Renwick of Mortgage Link said the meeting was a "great format": "All the non-bank lenders were keen to offer solutions. As an adviser I look to them already, when that's appropriate. It was a first for me dealing with Bluestone, and was a great opportunity to meet them and understand their product range."

David Windler of the Mortgage Supply Company, believes advisers should “collaborate” more with non-banks as lenders tighten credit conditions: “For the non bank to gain traction with advisers the sectors have to do it together. The non-bank channel will only get stronger, with the current credit environment.

“We are seeing instances where you’d expect a bank solution, but we aren’t getting them. A well-rounded understanding of non-bank options is going to be important to advisers over time,” Windler added.

Alvin Rao, an adviser with two years of experience at Home Boost Mortgages, said the event had raised awareness about the alternatives already available to clients: “My loan book has a fair percentage of bridging / construction type applications that may not fit standard main bank criteria but due to equity position could sit well with a non-bank for a short term.

“An opportunity for non-banks may follow the well-publicised Royal commission audit, where as a result we may see the big 5 tighten lending policy, flowing on to non-bank lenders identifying the gap in product and market and being able to offer a product to fill the void to a larger client demographic,” Rao added.

Avanti Finance National Business Development Manager, Julia Winterbottom says "as non-bank lenders we are all about offering solutions and while one of us won’t have all of the answers, collectively we believe we can help more advisers help more customers. With a
better understanding of the specialist options available, an adviser is able to make an informed recommendation around the appropriate solution to meet their client’s needs."

Tags: Avanti Liberty non-bank lenders RESIMAC Royal Commission

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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

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