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Mortgages

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Big merger in mortgage market

Squirrel is to merge with the Wellington-based mortgage brokerage, The Home Loan Shop.

Thursday, July 21st 2022, 9:12AM 1 Comment

by Eric Frykberg

The new entity will operate under the Squirrel brand.

A simultaneous partnership has been announced with the financial strategy and coaching business, enable.me.

Squirrel chief executive David Cunningham said “merging with The Home Loan Shop marks a coming together of two like-minded businesses, with a lot of shared values.”

The Home Loan Shop founder, Greg Scott said; “For both organisations, it just felt like the time was right to do something bigger, better and a little different.”

Scott said the priority would be building on the world-class technologies and systems that already exist across both businesses.

Squirrel founder, John Bolton said “some might question the choice to go through with a merger at a time when the housing market is undeniably slow.”

“The reality is, this is the perfect time with borrowers increasingly gravitating towards personal financial advice.”
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Squirrel and The Home Loan Shop will continue to operate as separate entities until mid-2023,

Ultimately, the merger will see Squirrel grow to a team of more than 100, originating upwards of $2.5 billion in mortgages per year, and representing over 6% of the New Zealand mortgage adviser market.

Tags: Squirrel

« Mortgage adviser wins No-Loan-No-Fee disputeFAP programme inches forward »

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Comments from our readers

On 21 July 2022 at 11:22 am Tang Shing-bor said:
Good on them, nice to see some positive news. I have dealt with Squirrel and JB in the past and it's been a pleasure.

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Lender Flt 1yr 2yr 3yr
AIA 6.35 5.25 5.45 5.99
ANZ 6.34 5.59 6.05 6.29
ANZ Blueprint to Build - - - -
ANZ Special - 4.99 5.45 5.69
ASB Bank 6.35 5.25 5.45 5.69
Avanti Finance 6.65 - - -
Basecorp Finance 7.25 - - -
Bluestone 6.89 - - -
BNZ - Classic - 4.95 5.39 5.69
BNZ - Mortgage One 6.39 - - -
BNZ - Rapid Repay 6.39 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Std, FlyBuys 6.39 5.55 5.99 6.29
BNZ - TotalMoney 6.39 - - -
CFML Loans 7.25 - - -
China Construction Bank - 5.35 5.80 5.99
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - ▼4.89 - -
Co-operative Bank - Owner Occ 6.25 ▼4.99 5.39 ▼5.69
Co-operative Bank - Standard 6.25 ▼5.49 5.89 ▼6.19
Credit Union Auckland 5.95 - - -
First Credit Union Special 5.85 5.35 5.85 -
Heartland Bank - Online 4.60 ▼4.79 5.29 5.39
Lender Flt 1yr 2yr 3yr
Heretaunga Building Society 6.50 5.60 6.00 -
HSBC Premier 6.34 5.09 5.34 5.59
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 6.00 ▼4.79 5.15 ▼5.69
Kainga Ora 5.85 5.31 5.58 5.97
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 6.00 5.95 6.45 6.79
Kiwibank - Offset 6.00 - - -
Kiwibank Special - 4.95 5.45 5.89
Liberty 4.84 - - -
Lender Flt 1yr 2yr 3yr
Nelson Building Society ▲6.95 5.55 6.15 -
Pepper Money 5.29 - - -
Resimac 5.59 6.54 6.44 6.98
SBS Bank 6.29 ▼5.39 ▼5.79 5.99
SBS Bank Special - ▼4.89 ▼5.29 5.49
Select Home Loans 6.89 - - -
TSB Bank 7.05 ▼5.65 6.09 6.39
TSB Special 6.25 ▼4.85 5.29 5.59
Unity 5.65 4.95 5.55 -
Wairarapa Building Society 6.49 5.55 6.15 -
Westforce credit union - Special - 5.35 5.85 -
Lender Flt 1yr 2yr 3yr
Westforce credit union - Standard 5.85 6.05 6.55 -
Westpac 6.39 ▼5.55 6.05 ▼6.29
Westpac - Offset 6.39 - - -
Westpac Special - ▼4.95 5.45 ▼5.69
Median 6.34 5.33 5.79 5.93

Last updated: 11 August 2022 8:40am

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