Nothing like a challenge for new entrant
One of Australia's niche mortgage bankers has crossed the Tasman to do battle in New Zealand.
Monday, October 8th 2001, 7:39AM
The New Zealand home loan market maybe tough, but that's not stopping new competitors entering the fray.
The latest entrant to the market is Australian-based Challenger Mortgages (not to be confused with Challenger International, the fund management firm which offers a number of funds and portfolio endowment warrants).
New Zealander Rod Wilson heads up Challenger.
He says the firm is a mortgage banker like Resi Home Loans and Cairns Lockie, and it sources funding from Interstar.
He describes the Australian operation as being a niche provider that operates in the New South Wales market.
The firm is still finalising its strategy in New Zealand and has employed former broker Troy Kelleway as a business development manager.
He describes the New Zealand market as being a lot tougher than expected.
Wilson says one of the key features Challenger will offer is personal service.
Challenger's rates will be included in Good Returns' mortgage rates table and daily newsletter.
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