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The Wizard of Oz comes to New Zealand

Leading Australian mortgage provider Wizard has established its first office in New Zealand and is planning four more by the end of the year.

Wednesday, August 23rd 2000, 12:26PM

by Philip Macalister

Leading Australian mortgage provider Wizard has established its first office in New Zealand and is planning four more by the end of the year.

Wizard's strategy in New Zealand is to be an aggressive niche player targeting market segments which are being ignored by the banks. Its plan over the longer term is to offer a full range of financial products, not just mortgages.

Executive chairman Mark Bouris says some of the key niches are those areas where banks have closed branches, and specific ethnic groups.

Wizard's first office is in West Auckland and it is planning to have two further branches Auckland, one in Wellington and one in Christchurch before the end of the year.

Bouris says the company has adopted a clicks and mortar strategy where it combines use of the Internet with branches.

He says customers often want to come into an office to close a transaction. Because Wizard believes in the customer it will open its offices on the weekend or any time of day to suit the client.

Wizard is also sharp on its pricing, currently offering floating mortgages at 8.39% with no fees.

"Wizard will bring an important competitive edge to the New Zealand financial services sector," Bouris says. "We offer some of the most competitive rates in the market and with the no application fees, no on-going fees nature of Wizard, the lending products in New Zealand will set us apart from the competition."

Wizard's New Zealand operations are headed by finance professional Grant Garner. Former banker Rod Kay is the manager of the West Auckland branch.

Wizard is one of Australia’s leading non-bank financial institutions. It has formed alliances with ABN AMRO and most recently Kerry Packer's listed company Publishing and Broadcasting Limited and Ecorp. Wizard owns 50% of Mortgage Asset Management Pty Limited, in partnership with ABN AMRO Australia Group. Mortgage Asset Management is a processing, underwriting, credit and customer service company that services approximately 70 mortgage originators of which Wizard is one.

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 5.44 - - -
AIA - Go Home Loans 7.99 5.99 5.69 5.69
ANZ 7.89 6.59 6.29 6.29
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.99 5.69 5.69
ASB Bank 7.89 5.99 5.69 5.69
ASB Better Homes Top Up - - - 1.00
Avanti Finance 8.40 - - -
Basecorp Finance 9.60 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.94 - - -
BNZ - Rapid Repay 7.94 - - -
BNZ - Std 7.94 5.99 5.69 5.69
BNZ - TotalMoney 7.94 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.79 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 7.65 5.99 5.75 5.69
Co-operative Bank - Standard 7.65 6.49 6.25 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - 6.40 6.10 -
First Credit Union Standard 8.50 7.00 6.70 -
Heartland Bank - Online 7.49 5.65 5.55 5.55
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society ▼8.60 6.75 6.40 -
ICBC 7.49 5.99 5.65 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.75 6.89 6.59 6.49
Kiwibank - Offset 8.25 - - -
Kiwibank Special 7.75 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 8.44 5.95 6.09 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 7.99 6.95 6.29 6.29
SBS Bank Special - 6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 5.44 5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.69 6.49 6.49 6.49
TSB Special 7.89 5.69 5.69 5.69
Unity 7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society 8.10 6.05 5.79 -
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 7.99 6.02 5.79 5.69

Last updated: 20 November 2024 9:45am

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