United Home Loans has bought the residential mortgage book of Equitable for an undisclosed sum.
United is part of the Hanover Group, which the largest privately owned financial services group in New Zealand.
Equitable says that United is committed to providing existing Equitable clients with a high standard of care and support.
This is the second incidence of lender consolidation in recent weeks. About a month ago Pioneer bought Pacific Home Loans.
Hanover chairman Greg Muir, says the purchase adds useful scale to United Home Loans’ business and further diversifies the business with the addition of the Origin (subsidiary of ANZ National Bank) funding line.
“The fact that United Home Loans is increasing its mortgage book is evidence of the strength of this business in the financial services market. The new portfolio is a prime book of quality mortgage clients which will further reinforce United Home Loans’ position.”
United Home Loans General Manager Robert Redford says the acquisition will enable United Home Loans to continue to lead the market with additional tailored products that will meet changing customer needs.
