Online mortgage broker E-Loan presents a challenge

The launch of online mortgage broker E-Loan recently marks another significant milestone in the evolution of online financial services in New Zealand.

E-Loan, which is 50 per cent owned by listed company eVentures, is competing directly with mortgage brokers for business.

Instead of having face-to-face meetings, or conversations with a broker, clients can research and sign up to a mortgage online.

To do this the site uses some powerful software which allows people to them to rank mortgages from 18 providers, based on any characteristic they choose, whether it's interest rate, fees or whatever. Once they have found the mortgage they want they can apply for it online.