A new player has entered the mortgage broking market
NZ Loan, which is particularly targeting first-home buyers finding it difficult to get into the housing market and those with tarnished credit records, including discharged bankrupts.
Tuesday, May 17th 2005, 10:14PM
by Jenny Ruth
Radius, which operates in 20 centres around the country, is privately owned by New Zealanders.
Brian Winthrop, general manager of NZ Loan, says while his part of the firm might seem an odd fit, Radius has "similar skill sets" in its security business and it franchises through its @ your request brand.
NZ Loan currently has 10 staff and it’s looking to add a further four.
He says his company doesn't want to be viewed as a traditional mortgage broker. "We want to break the mould."
With home ownership becoming more and more difficult, his company sees an opportunity without waiting around for the government to come up with solutions, he says.
It is able to access products such as 100% home loans, 10-year interest-only loans and up to 95% finance to buy sections, so long as they are zoned residential and have services to the door, from banks and other lenders. It can also help source loans for bankrupts from the day they are discharged.
"We're prepared to look at all sorts of alternatives," Winthrop says.
| « Home loan rates in holding pattern | Government to help more people buy homes » |
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