Mortgage advisers key players in credit union’s success
A Hawke’s Bay-based credit union is attributing much of its recent success to their developing partnerships with mortgage brokers throughout New Zealand.
Wednesday, November 1st 2017, 6:05PM
Hastings-based NZCU Baywide opened up their home lending to the national market last October (this excludes the Auckland and Hamilton markets).
They spent the past 18 months pushing into national adviser networks in anticipation of this move, and have been rewarded with a 26% growth in loans for the year ending June 30.
At the NZCU Baywide AGM last week chief executive Gavin Earle also announced a six per cent growth in assets, and financial reserves of $39.9 million. Loans to members currently sit at $267 million.
Earle says that the relationship with brokers has an important factor in the credit union’s positive results.
“Referrals by key mortgage partners have played an important role in the success of our nationwide home lending,” says Earle.
“Mortgage broker referrals have been particularly important in the strong growth of 95% LVR lending.”
He says that debt consolidation lending referrals through advisers have also contributed to the credit union’s strong end of year position.
While the credit union has been operating in Hastings since 1971, it only broadened its reach to the wider market in the last decade. “This was a pretty successful move for us,” says Earle.
In the past year NZCU Baywide has also upgraded its banking system to reflect the technological developments in the sector, and maintained its BB rating by its agency Fitch.
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