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

 


Strong housing market drives Mike Pero Mortgages

9 February 2006

Strong housing market drives Mike Pero Mortgages result

New Zealand's largest mortgage broking company, Mike Pero Mortgages, has recorded a strong half-year profit driven by record monthly demand for residential mortgages.

"We put through around $130 million a month in mortgages during the six month period ended 31 December, well up on the $107 million a month a year earlier," says Mike Pero Mortgages Chief Executive Officer Jeff Staniland.

The profit for the six months was $952,231, up 19 percent on the same period a year earlier, on turnover of $9.2m, up 44 percent from the previous year.

The increased profit has resulted from a combination of more Mike Pero Mortgage brokers throughout the country, higher loan values, and an increased number of loans.

Despite predictions of a cooling housing market, the company sees continued strength in the mortgage market over the coming months. "Summer and early Autumn are traditionally active times for the housing market," says Mr Staniland.

"In addition, there are many fixed rate mortgages that were written during the height of the housing boom which are now due to be renegotiated." Both of these factors are expected to keep Mike Pero Mortgages brokers busy over the next few months.

"We do expect, however, that the background economic environment of higher interest rates, a slowing housing market and slowing economy, will be a drag on the mortgage market at some point. Mike Pero Mortgages is well positioned, however, to weather any downturn with a very strong reputation and brand and more than 50 brokers operating throughout the country," concludes Jeff Staniland.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

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>>

ALSO:

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>>

Earlier:

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>>

ALSO:

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>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news