BNZ discards brokers

The Bank of New Zealand has decided to stop dealing with mortgage brokers.

Sunday, May 4th 2003, 10:42PM

Bank of New Zealand has decided to stop dealing with mortgage brokers and concentrate on direct sales.

The bank has told brokers their agreements will be terminated from June 1.

Personal financial services general manager Chris Black said brokers had not provided a significant part of the bank's home loan business.

This has come through in market share figures which shows that while all the other banks have been increasing sales via mortgage brokers BNZ has gone backwards.

Part of the reason is that the bank won't let brokers use the successful Global Plus loyalty points programme.

"We have made this decision after an extensive strategic review and because the broker channel has not been a significant part of our home loan business," BNZ Personal Financial Services general manager Chris Black says. "While other banks use brokers extensively, only about 5% of BNZ home loans are originated from mortgage brokers."

Currently, BNZ is about number four in the mortgage market with 15% market share.

Eight positions in Auckland and Wellington would disappear because of the move.

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Flt

1yr

2yr

3yr

AIA - Back My Build

3.34

AIA - Go Home Loans

5.89

▲4.59

▲4.95

▲5.19

ANZ

5.79

5.09

5.49

5.79

ANZ Blueprint to Build

7.39

ANZ Good Energy

1.00

ANZ Special

4.49

4.69

5.19

ASB Bank

5.79

▲4.59

▲4.95

▲5.19

ASB Better Homes Top Up

1.00

Avanti Finance - Near Prime

6.35

Avanti Finance - Specialised

7.55

Basecorp Finance

6.35

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Flt

1yr

2yr

3yr

BNZ - Mortgage One

5.94

BNZ - Rapid Repay

5.94

BNZ - Std

5.84

4.49

4.69

5.09

BNZ - TotalMoney

5.94

CFML 321 Loans

3.95

CFML Home Loans

6.05

CFML Prime Loans

6.25

CFML Standard Loans

6.95

China Construction Bank

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4.85

4.95

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6.44

5.85

5.95

Co-operative Bank - First Home Special

4.39

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4.49

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Co-operative Bank - Standard

4.99

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▲5.69

Credit Union Auckland

7.70

First Credit Union Special

4.79

4.95

First Credit Union Standard

6.49

5.39

5.55

Heartland Bank - Online

5.30

5.89

Heartland Bank - Reverse Mortgage

7.99

Heretaunga Building Society

7.45

5.90

5.80

ICBC

5.39

4.25

4.59

4.79

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4.49

4.79

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6.15

4.49

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Liberty

6.65

6.55

6.22

6.20

Nelson Building Society

6.49

4.59

4.69

Pepper Money Near Prime

6.55

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5.99

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SBS Bank

5.84

5.09

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5.69

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4.49

4.69

5.09

SBS Construction lending for FHB

3.74

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3.99

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TSB Bank

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5.19

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TSB Special

5.79

▼4.39

▲4.89

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Unity First Home Buyer special

3.99

Unity Special

5.79

4.49

4.69

Unity Standard

5.79

5.29

5.49

Wairarapa Building Society

6.15

4.59

4.79

Westpac

5.89

5.09

5.49

5.75

Westpac Choices Everyday

5.99

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Westpac Offset

5.89

Westpac Special

4.49

4.89

5.15

Median

5.94

4.59

4.95

5.19

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Mortgages

Mortgage Rates Daily Commentary

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BNZ discards brokers

The Bank of New Zealand has decided to stop dealing with mortgage brokers.

Sunday, May 4th 2003, 10:42PM

Commenting is closed

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Heretaunga Building Society
ICBC
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