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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Lender

Flt

1yr

2yr

3yr

AIA - Back My Build

3.34

AIA - Go Home Loans

6.39

4.75

5.45

ANZ

6.29

5.59

6.09

6.19

ANZ Blueprint to Build

7.39

ANZ Good Energy

1.00

ANZ Special

4.99

5.49

5.59

ASB Bank

6.29

4.99

5.45

ASB Better Homes Top Up

1.00

Avanti Finance - Near Prime

6.85

Avanti Finance - Specialised

8.00

Basecorp Finance

6.35

Lender

Flt

1yr

2yr

3yr

BNZ - Mortgage One

6.44

BNZ - Rapid Repay

6.44

BNZ - Std

6.34

▲5.19

▼5.35

▲5.59

BNZ - TotalMoney

6.44

CFML 321 Loans

4.20

CFML Home Loans

6.55

CFML Prime Loans

6.70

CFML Standard Loans

7.20

China Construction Bank

6.44

4.85

4.95

China Construction Bank Special

6.44

5.85

5.95

Co-operative Bank - First Home Special

4.89

5.29

5.59

Lender

Flt

1yr

2yr

3yr

Co-operative Bank - Owner Occ

5.69

4.99

5.45

5.69

Co-operative Bank - Standard

5.69

5.49

5.95

6.19

Credit Union Auckland

7.70

First Credit Union Special

5.09

5.49

First Credit Union Standard

6.49

5.69

6.09

FMT

7.15

FMT Development

7.90

Heartland Bank - Online

6.35

5.89

Heartland Bank - Reverse Mortgage

7.99

Heretaunga Building Society

6.50

5.50

5.65

ICBC

5.39

4.49

4.99

5.25

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Flt

1yr

2yr

3yr

Kainga Ora

5.79

4.59

4.95

5.19

Kainga Ora - First Home Buyer Special

Kiwibank

6.25

▲6.05

6.29

▲6.39

Kiwibank - Offset

6.25

Kiwibank Special

▲6.25

▲5.15

5.39

▲5.59

Liberty

6.65

6.55

6.22

6.20

Nelson Building Society

6.99

5.19

5.49

Pepper Money Near Prime

6.55

Pepper Money Prime

5.99

Pepper Money Specialist

8.00

SBS Bank

6.34

5.39

5.89

Lender

Flt

1yr

2yr

3yr

SBS Bank Special

4.69

5.29

SBS Construction lending for FHB

3.79

SBS FirstHome Combo

3.29

4.29

SBS FirstHome Combo

SBS Unwind reverse equity

7.99

TSB Bank

7.09

5.65

6.29

6.49

TSB Special

6.29

4.85

5.49

5.69

Unity First Home Buyer special

4.15

Unity Special

6.04

4.80

5.29

Unity Standard

6.04

5.60

6.29

Wairarapa Building Society

6.25

5.15

5.65

Lender

Flt

1yr

2yr

3yr

Westpac

6.39

▲5.79

▼5.89

▲6.19

Westpac Choices Everyday

6.49

Westpac Offset

6.39

Westpac Special

▲5.19

▼5.29

▲5.59

Median

6.39

5.15

5.49

5.59

NZ's Financial Adviser News Centre

Mortgages

Mortgage Rates Daily Commentary

New non-bank lender officially launches; And a bank cuts a rate

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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ANZ Good Energy
ANZ Special
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ASB Better Homes Top Up
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Avanti Finance - Specialised
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CFML 321 Loans
CFML Home Loans
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China Construction Bank
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Co-operative Bank - First Home Special
Co-operative Bank - Owner Occ
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Credit Union Auckland
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FMT
FMT Development
HBS
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Heartland Bank - Reverse Mortgage
Heretaunga Building Society
ICBC
Kainga Ora
Kainga Ora - First Home Buyer Special
Kiwibank
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Liberty
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Pepper Money Near Prime
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SBS
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SBS Construction lending for FHB
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TSB Bank
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Wairarapa Building Society
Westpac
Westpac - Choices Everyday
Westpac Choices Everyday
Westpac Offset
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