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New property package cuts through the red tape

Media Release

6 November 2006

New Nationwide Finance property package cuts through the red tape for business owners

Nationwide Finance Limited is cutting through the red tape by offering business owners an innovative new finance package to enable them to purchase their own premises.

Nationwide Finance’s new ‘Owner-occupied’ property finance package allows business owners to reap the benefits of owning their own premises without the red tape that commercial banks would normally impose. CEO Steve Wilson says, “Commercial banks will finance these sorts of deals, but business owners often end up paying a high price in terms of the restrictions placed on them such as cross-collateralisation of securities, equity covenants and heavy principal repayments.”

Mr Wilson says, “Our new package enables business owners to maintain crucial separation between their business finances and their new property asset, meaning current banking arrangements are not impacted and business owners retain maximum flexibility to run their businesses as they see fit.”

“This package offers business owners the chance to make a significant commercial property investment with the prospect of future capital gains, enjoy security of tenure and protect the business against rising rents. It also allows business owners the freedom to make alterations to their premises to suit the needs of their business and there is even the potential for a future retirement income stream.”

Nationwide Finance is offering interest only options for up to 80 percent of the property value which helps free up cash flow – a major issue for many businesses. Nationwide Finance’s own specialists will take care of all the arrangements, removing the hassle for business owners and freeing them to get on with day-to-day business..

Mr Wilson says, “New Zealand businesses are known for their can-do attitude, but they need to the right financial tools to help them along the way. Our Owner-occupied package means business owners can make a solid investment in their future without having the day to day operation of their business tied in knots.”

Nationwide Finance’s launch of its new Owner-occupied property finance package coincides with the company’s recent brand refresh. Mr Wilson says the new look brings a more modern feel to the company’s identity and reflects plans to bring more new products to the market, tailored to the needs of New Zealand businesses.

“Some months ago we identified the need for a commercial property package which enabled our customers to get the benefits of property ownership without suffocating restrictions. Our new Owner-occupied package is the answer to that need and we’re already working on other innovative business financing solutions to be launched in the near future.”

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Nationwide Finance Limited – Key Facts

* Nationwide Finance has provided financial services to the economic backbone of New Zealand for more than 33 years.

* Nationwide Finance is part of the Hanover Group - New Zealand’s largest privately owned financial services provider. Being part of the Hanover Group gives Nationwide Finance access to significant expertise in legal services, finance, technology, and market information.

* Over three decades, Nationwide Finance has built a sound finance book across a range of asset types; principally transport, plant and equipment and property. More recently the company has further diversified its business into technology equipment leasing.

* Product offerings include: specialist business finance; commercial finance; property finance; technology and equipment leasing.

* Nationwide Finance has a highly experienced board of directors including well regarded independent directors Sir Tipene O’Regan, George Brooks and Chairman, Greg Muir.

* The company employs 40 staff, with offices in Auckland, Wellington and Christchurch.

ENDS

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