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: Friday, October 11th, 9:10AM

Mortgages

rss
Latest Headlines

Church talks about her new role at Prospa

Former Resimac New Zealand general manager Adrienne Church says she is excited to be bringing a small business loan offering to mortgage advisers in New Zealand.

Monday, March 25th 2019, 5:21PM

Church is spearheading Prospa's push from Australia into the New Zealand market and says it's provides a new opportunity for advisers.

Prospa has been running for seven years in Australia and has lent more than A$1 billion to SMEs on the other side of the Tasman. It has been piloting its products in New Zealand for the past six months and has already lent $10 million.

The initial New Zealand lending has been direct to business (Prospa doesn’t do consumer lending). It is now starting to roll out its offer to mortgage advisers.

Prospa founders and joint CEOs, Greg Moshal and Beau Bertoli are in New Zealand currently as part of the company's rollout here.

"We want to be in New Zealand in a big way," Moshal says.

Prospa loans to SMEs are between $5000 and $150,000; they are unsecured (up to $100,000) and for terms from three months to 24 months. Loan purposes can be varied including refurbishments, hiring staff, but new plant and to fund marketing campaigns.

The total market for SME lending is estimated to be between $4 billion and $5 billion a year, across the more than 515,000 SMEs in New Zealand.

Church says its a great opportunity for advisers to expand their offering and to help ring-fence their clients.

Advisers can manage the loan themselves or refer leads to Prospa. It pays a 3% commission for every settled loan and 1.5% for repeat, or refinanced, business.

Church is currently recruiting for salespeople in Auckland and Christchurch.

Prospa's interest rates are calculated on a risk-adjusted basis. Applicants have to answer 21 questions and the company pulls in other data sources to help assess applications. It says there are 450 data points in the evaluation process. Interest rates range from 8.5% to 29%.

The firm has a range of funding lines including; venture capital, superannuation funds and debt arrangements.

In Australia default rates have been between 4% and 5%.

Church says she was attracted to the role as the company had a very high net promoter score, good levels of repeat business and enjoyed high employee satisfaction ratings .

Tags: Prospa

« OCR Preview: caution expectedInvestor slump continues in February »

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
Subscribe Now

Mortgage Rates Newsletter

Daily Weekly

Previous News
Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 5.94 - - -
AIA - Go Home Loans 8.49 ▼6.19 ▼5.69 ▼5.69
ANZ ▼7.89 6.79 6.29 6.29
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 6.19 5.69 5.69
ASB Bank 8.39 ▼6.19 ▼5.69 ▼5.69
ASB Better Homes Top Up - - - 1.00
Avanti Finance 8.90 - - -
Basecorp Finance 9.60 - - -
BNZ - Classic - 6.19 5.79 5.79
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One ▼7.94 - - -
BNZ - Rapid Repay ▼7.94 - - -
BNZ - Std ▼7.94 6.45 5.89 5.79
BNZ - TotalMoney ▼7.94 - - -
CFML 321 Loans 6.70 - - -
CFML Home Loans 6.95 - - -
CFML Prime Loans 8.75 - - -
CFML Standard Loans 9.70 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - ▼5.99 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 8.15 ▼6.19 ▼5.75 5.69
Co-operative Bank - Standard 8.15 ▼6.69 ▼6.25 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - 6.60 6.10 -
First Credit Union Standard 8.50 7.20 6.70 -
Heartland Bank - Online 7.99 6.69 6.35 6.15
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.00 6.50 -
ICBC 7.49 6.15 5.69 5.69
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 8.25 7.19 6.69 6.59
Kiwibank - Offset 8.25 - - -
Kiwibank Special - 6.29 5.79 5.79
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 8.75 6.69 6.19 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 8.49 ▼6.95 ▼6.29 ▼6.29
SBS Bank Special - ▼6.35 ▼5.69 ▼5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 5.94 5.45 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
TSB Bank 9.19 7.09 6.59 6.59
TSB Special 8.39 6.29 5.79 5.79
Unity 8.64 6.29 5.79 -
Unity First Home Buyer special - 6.20 - -
Wairarapa Building Society 8.50 ▼6.50 ▼5.89 -
Westpac 8.39 6.89 6.39 6.39
Westpac Choices Everyday 8.49 - - -
Westpac Offset 8.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 6.29 5.79 5.79
Median 8.39 6.47 6.10 5.79

Last updated: 11 October 2024 9:33am

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