Pepper writes 600 NZ loans in first year
Australian non-bank Pepper Money provided 600 home loans in its first year in New Zealand, as it targets expansion over the next 12 months.
Thursday, May 21st 2020, 10:16AM
The non-bank giant made its first steps into New Zealand in May last year, bolstering its ranks with NZ hires and forming a distribution partnership deal with adviser group Astute Financial.
The group launched its white label Ascenteon product a year ago this week, through Astute. It has since widened its offering to advisers across the country.
On the anniversary of the launch, Aaron Milburn, Pepper's head of New Zealand, told TMM Online the firm has supported "over 600 Kiwi families", with all of the loans distributed through the adviser channel.
Milburn said the first year had been "very successful", and added the firm would look to expand to "other asset classes" in the years ahead. In Australia, Pepper offers personal loans, car finance, and commercial lending.
"We always look at every opportunity," Milburn said. He added the group would make "further announcements in the coming months" related to its mortgage products.
Pepper re-affirmed its commitment to the New Zealand market during Covid-19.
Milburn said Pepper was in NZ for the long-haul, with growth planned in Northland and the South Island, and would not be deterred by the Covid-19 outbreak and financial downturn.
"We are not here for the short-term, we are here to grow. We were the first lender in Australia and New Zealand to protect trail," he said. "We have an all-Kiwi team, we've been making hires in the north and south island, and we're here for the long term."
Milburn says Pepper is keen to promote advisers and help customers realise their financing needs.
"No Kiwis should be sitting at home and not understanding their financing options. We need to tell the New Zealand public about the awesome job advisers do. Advisers' percentage of the mortgage market, at under 40%, is way below what it should be. For us, it's all about promoting advisers."
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