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Wizard supports construction industry

Media release October 24, 2001
Wizard supports construction industry

New Zealand’s construction sector has received another fillip with the launch of a new mortgage product tailored to residential construction or home building.

The loan comes from the country’s leading non bank lender Wizard Home Loans, its second new product in as many weeks.

Wizard’s Construction Loan is targeted to those building residential houses at a competitive 7.04% interest rate.

The loan provides progress payments during construction against registered valuers certificates. It charges monthly interest during the construction period, with the option to then convert to interest only and/or principal and interest repayments at fixed or variable rates at the completion of construction.

Owner occupier borrowers can borrow up to 90% of the project value for construction up to $300,000 and 85% for projects $300,000 to $500,000 in major centres. These ratios are slightly lower in provincial centres. Up to 75% of the value of the land can be loaned for sections with services.

Wizard executive chairman Mark Bouris said the company had moved quickly to launch the product in New Zealand given the mood of the market.

“Although the construction industry has had a tough time, we see demand getting stronger and more Kiwis becoming interested in building or buying homes.”

Wizard’s Building Loan is its second new product in as many weeks, following the launch of its Fastdoc product for borrowers without the full paperwork necessary to support a traditional mortgage application.

Wizard’s branch network in New Zealand continues to expand with six branches in Auckland and one in Palmerston North and one in Christchurch. Branches are also in the pipeline for Dunedin, Wellington, Tauranga, Hamilton and Napier.

ENDS

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