The G cracks the big B mark
New Zealand's largest mortgage-based dealer group has cracked the $1 billion mark for the first time.
Tuesday, July 7th 2015, 5:27PM
Mortgage advisers with the NZ Financial Services Group (aka as The G) wrote more than $1 billion worth of loans in June, Bruce Patten says.
He says the group have got close to the billion-dollar market before, but this is the first time it has exceeded that market, writing loans with a total value of $1,060,211,624.
"It's great to break through that threshold," he says.
Patten says there is no one factor that contributed to this total, rather the whole market had been active.
While there is no data on the number of loans written, due to the way the information is collected the $1 billion would be made up of 4-5000 loans. NZFSG has 755 members, but around a third of these people are insurance-only advisers.
Currently the banks have advised that they will be cancelling pre-approvals for property investment loans in Auckland as they will have to comply with new Reserve Bank rules from October 1.
Patten doesn't expect that will create a frenzy of activity like when the original LVR restrictions were introduced two years ago, partly because there is a shortage of housing stock for sale.
"I don't see it going crazy," he says. "It's not an emotional purchase (for propeerty investors)."
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