LJ Hooker's parent, Australian firm Suncorp Metway, earlier this year acquired Promina which is made up of Asteron, Guardian Trust, Vero and Tyndall Investment Management.
Under this new arrangement LJ Hooker will offer a new Asteron mortgage insurance product that protects customers against losing their home in the event of death, disability or trauma.
The agreement between LJ Hooker and Asteron was signed 28 August in Auckland. Both companies are members of the Suncorp Group, which recently acquired Asteron's parent Promina.
"Many New Zealanders are under-insured and could lose their home if there is a death or disability in the family," LJ Hooker general manager of financial services Peter Bromley says.
He says offering a product like this is fairly "fairly unusual in this market."
"Some banks offer life insurance to home owners, but our product covers the more likely risk of disability."
Suncorp Wealth Management executive general manager Sean Carroll says it's a natural step for LJ Hooker brokers to offer mortgage protection. "Taking out a home loan triggers a lot of concerns in the consumer's mind. It highlights their financial responsibilities and the need to have insurance cover to protect the people that rely on them."
