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


Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>


Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>


I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>


Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>


Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>


Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news