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New Zealanders deliver global first for E-LOAN

For immediate release

31 July 2000

New Zealanders deliver global first for E-LOAN

Within five weeks of its launch, E-LOAN New Zealand has received almost 150 applications for home loans worth a total of $23,130,250 and achieved a global first for E-LOAN in terms of closing its first applications.

E-LOAN New Zealand Chief Executive Officer, Bruce Gordon, said he is excited that the New Zealand response to has exceeded the company's own expectations. New Zealanders loved the convenience of being able to compare hundreds of loan options online, he said.

President of E-LOAN International, Sam Kamel, said the speedy timeframe in which the first settled applications have been achieved through E-LOAN New Zealand was a 'global first'.

"That E-LOAN New Zealand had closed its first loans within the first month of operation shows that New Zealanders have really taken to the E-LOAN concept and have been quick to see and understand its benefits. New Zealanders are once again confirming their enthusiasm for new technology and the Internet."

Mr Gordon said is receiving thousands of visitors, "most of whom are staying for relatively long periods of time, compared with research we've seen on the length of sessions at other sites.

"It's a particularly pleasing result given the current subdued market, and the drop in house purchasing levels compared with last year. We're also pleased that applications are coming from all around the country, with 60% of applications coming from outside the Auckland region.

"New Zealanders have already shown real enthusiasm for the E-LOAN concept. They recognise the benefits of E-LOAN's unique loan comparison tool, and the true value of the expert help offered by E-LOAN consultants."

Eighteen of New Zealand's top lenders - including the four largest banks - have made their home loans available online through E-LOAN New Zealand.

E-LOAN New Zealand is the first e-business venture of eVentures New Zealand, an Internet accelerator company. For participating financial lenders, E-LOAN offers a comprehensive alternative selling channel to reach customers. Through a free and easy to use online process, E-LOAN customers can get objective and impartial information so they can make comparisons between a wide range of home loan products and select the best loan for their individual needs. The entire loan process from application through to settlement can be completed online with expert help available by telephone and email.

According to figures from Nielsen NetRatings, around 1.3 million New Zealanders have access to the Internet at home and 607,000 are actively online. New Zealanders visit more sites and spend longer online than most other countries, with the notable exception of the United States.

- ENDS -

For more information please contact: Bruce Gordon CEO E-LOAN 09-359 5020

Communications Contact: Leigh Strange 04-499 9111

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