Keep up to date with
news and rate changes

Kiwibank takes all of advisory firm

Kiwibank has bought the remaining 24% of New Zealand Home Loans it doesn't already own.

Monday, July 9th 2012, 9:24AM
by Jenny Ruth

The bank first bought into NZ Home loans, which has 59 franchises and 190 consultants nationwide, in 2006. It accounts for about 30% of Kiwibank's mortgage business.

The company says it will write more than $950 million in mortgages in the year ending June 2013 and expects to exceed $1 billion the following year.

Kiwibank's mortgage book stood at $11.43 billion at March 31.

NZ Home Loans chairman Neil Richardson says the company will continue to operate as a separate entity from its Hamilton head office under its existing management structure – chief executive is Mark Collins – with no change to its franchise business model.

“Both businesses were founded with the vision of putting New Zealanders into a stronger financial position,” Richardson says. “It was important for us to remain in 100% New Zealand ownership and keep millions of dollars of mortgage funding in the New Zealand economy.”

John Erkkila and Murray Ferguson set up NZ Home Loans in 1996.

Commenting is closed
Copyright © 2018 Tarawera Publishing Limited. All Rights Reserved.