The business will come under the Approved brand of mortgage brokers.
NZ Finance managing director John Callaghan says the purchase helps expand the group’s presence nationwide.
He says that a NZ Finance subsidiary New Zealand Mortgage Finance has entered into a conditional agreement to purchase the residential division of Property Pack (Wellington) for an undisclosed sum.
Property Pack has about 1100 active clients with an average loan size of just over $200,000 therefore the active loan book size is only $220 million.
It was formed in early 2001 and was responsible for the growth and development of the Property Pack brand and business from Taupo south to the rest of New Zealand. As a result of brand and staffing changes in 2004, the business refocused it operations towards commercial property finance, while maintaining its existing residential client base.
The purchase adds a large number of new clients to NZMF as it continues to grow its distribution network in New Zealand, having absorbed the Auckland and Wellington based franchised mortgage broking operation of Approved Mortgage Brokers in April this year.
NZMF currently has four Approved Mortgage Broker franchisees in Wellington and is currently negotiating with another party to launch its first external NZMF franchise in Wellington which is expected in October. Approved Mortgage Brokers has also just launched into Christchurch, Queenstown and Hamilton, as well as adding an additional franchise in Auckland.
