Mortgage broker gets wired
Another online mortgage service has hit the web, hard on the heels of E-Loan New Zealand's recent launch.
Sunday, July 2nd 2000, 12:00AM
by Paul McBeth
Another online mortgage service has hit the web, hard on the heels of E-Loan New Zealand’s recent launch.
Mortgage broking firm IntelMortgage Financial Solutions has just fired up a web site offering loans from 15 banks and financial services companies, as well as direct access to real estate agents and sharebrokers.
IntelMortage already has an office in Wellington and brokers around the country. Chief Executive Graham D’Arcy-Smith is tipping that up to 40 per cent of its business will come through the web site within the next five years.
D’Arcy-Smith claims that mortgage broking has huge, unrealised potential in New Zealand, accounting for only 17 per cent of this country’s lending market. By comparison, he says the proportion is 25 per cent in Australia and more than 80 per cent in the USA – more than half that coming from customers using Internet services.
IntelMortgage plans to add more online options by early next year including mortgage broking via WAP (mobile Internet phone) and access to insurance and sharebroking services.