Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Wizard Network Expands South

New Zealand’s leading non-bank lender, Wizard Home Loans, continued its rapid expansion in New Zealand with the opening of its Dunedin branch last week.

Now with eleven branches nationwide Wizard Home Loans is closer to reaching its target of opening 14 branches in its first two years in the New Zealand market.

At present there are six branches in Auckland and one each in Hamilton, Palmerston North, Napier Christchurch and Dunedin, with new offices planned for Tauranga, Wellington and the Hutt Valley.

Executive Chairman Mark Bouris says the aggressive branch rollout in New Zealand parallels Wizard’s fast-track development in Australia where it opened its first branch in January, 1998, and now has 125 branches in four states.

“Wizard’s rapid growth has come from delivering truly low-cost lending with minimal fees and charges and the lowest interest rates in the market,” says Mr Bouris.

Wizard Home Loans is not a mortgage broker, but a ‘mortgage originator’ – it creates its own Wizard-branded loan products financed by its mortgage securitisation company.

New Zealand’s new Dunedin branch will service the Otago and Southland regions. Branch owner, David Mitchell says its opening comes at a time when the property market in central Otago is booming.

“There’s a proliferation of new subdivisions and the demand for quality houses is exceeding supply. Wizard’s competitive interest rates and personal service will be attractive for many new buyers as well as those refinancing existing homes,” he says.

Mr Bouris said that although the non-bank sector was less developed in New Zealand than in Australia, it was making inroads. Signs that the banks were improving service reflected the impact of non-bank lenders and greater competition.

Wizard Home Loans is Australia’s seventh-largest writer of new mortgages in Australia, writing about four per cent of home mortgage business in that market. It is backed by Kerry Packer’s PBL Group along with international investors managed by Deutsche Asset Management. Wizard has twice been voted the Best Non-Bank Financial Institution by Australian Banking and Finance Magazine.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Media Mega Merger: StuffMe Hearing Argues Over Moveable Feast

New Zealand's two largest news publishers are appealing against the Commerce Commission's rejection of the proposal to merge their operations. More>>


Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>


Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>


Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>