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Cressida deploys $50 million capacity for premium product

Specialist mortgage lender Cressida Capital has rolled out a new premium mortgage product, and has $50 million of capacity to build market share.

Thursday, August 30th 2018, 9:19AM

by Dan Dunkley

The battle for non-bank business is heating up. Cressida’s new product, Cressida Gold, will bring the firm in line with its non-bank rivals with a lower fee base for low LVR clients, advisers said.

Cressida Gold interest rates start at 6.95 percent per annum. Fees are 1 percent for three months to three-year terms. The product is aimed at those seeking short-term lending, equity release, foreign residents, and recent immigrants.

Cressida Gold is targeted at clients up to 65 percent LVR. It is only available for properties in the Auckland area, according to the firm. Advisers said the product also excluded land or construction properties, and CCFA applications.

Nigel Staples, Cressida Capital director, said the company has $50 million in capacity to scale up “as required”. Staples said the launch had been driven by tightening from the major banks, as non-banks seek to build market share and gain an advantage. “The ongoing tightening of the major bank’s criteria has made it much more challenging for clients who don’t fall neatly within those criteria.”

Staples said Cressida is planning to deliver quick turnaround times on the product. “It took us some time to identify an appropriate funding structure to support this aspiration, and now that’s in place the market response has been very positive. Our advisers can continue to deal with people and a brand they know and trust and benefit from our high service standards and rapid turnaround times.”

Tags: Cressida non-bank lenders

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Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 2.55 2.69 2.79
ANZ 4.44 3.15 3.25 3.39
ANZ Special - 2.55 2.69 2.79
ASB Bank 4.45 2.55 2.69 2.79
Bluestone 3.49 3.49 3.49 3.49
BNZ - Classic - 2.55 2.69 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.15 3.29 3.39
BNZ - TotalMoney 4.55 - - -
CFML Loans 5.50 - - -
Lender Flt 1yr 2yr 3yr
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 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
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 ▼3.85 ▼3.95 -
HSBC Premier 4.49 2.45 2.60 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 3.69 2.55 2.65 2.79
Kainga Ora 4.43 ▼2.93 ▼3.07 ▼3.24
Kiwibank 3.40 3.30 3.54 3.54
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.55 2.79 2.79
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Resimac ▼3.39 3.45 ▼2.99 ▼3.35
SBS Bank 4.54 ▼3.05 3.19 ▼3.25
Lender Flt 1yr 2yr 3yr
SBS Bank Special - ▼2.55 2.69 ▼2.75
The Co-operative Bank - Owner Occ 4.40 2.55 2.69 ▼2.79
The Co-operative Bank - Standard 4.40 3.05 3.19 ▼3.29
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 3.65 3.69 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
Westpac Special - 2.55 2.69 2.79
Median 4.55 3.05 3.13 3.12

Last updated: 11 August 2020 8:24am

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