BNZ's starts re-entry
BNZ’s re-entry into the mortgage adviser space after a 12-year absence has started well.
Tuesday, June 9th 2015, 12:06PM
TMM understands the bank had 133 applications in the first week and its book is passed the $10 million mark.
This is considered to be a good start as normally it takes about six weeks for a loan to be submitted then drawn down.
Currently only 100 advisers from the NZFSG, including Loan Market, have been accredited to BNZ.
While BNZ still hasn’t appointed someone to head up the bank’s operations in this market, it has increased its team.
There has been some comment that BNZ’s moves into third party distribution are on a three-month trial.
The bank says it is committed to advisers.
NZFSG principal Bruce Patten says “(BNZ) have no intention of not making this thing work.”
He says there is an agreed rollout strategy and the next 40 mortgages advisers will be accredited later in the year.
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