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Mortgage Power to the People - Banks compete

Mortgage Power to the People - Banks compete

Kiwi’s can now put their mortgage out to tender, free of charge, using a new patent-pending service that delivers bids from up to a dozen leading lenders, within 24 hours. Loansurf reverses the traditional roles and competing lenders now apply to win a customers mortgage.

The service is called the Loansurf Mortgage Tender System which allows potential borrowers to use the internet or phone to complete a loan application that is put out to tender by the Loansurf system. Within 24 hours they will have up to a dozen expressions of interest to consider from some of New Zealand’s largest lending institutions.

“This gives borrowers the certainty that they are getting the best possible deal” says Loansurf executive director Dave Fermah.

“It means borrowers can make real savings on their next mortgage. These savings can be substantial over the life of a loan- around $25,000 on the average loan” he says.

“One important difference from existing services is that the borrower sees actual expressions of interest from the lenders, rather than a “filtered” summary. Often borrowers only get one or two bank offers to choose from. Loansurf gives the power of choice back to the borrower” says Mr Fermah.

Another unique aspect of the Loansurf website is the interest rate forecaster. Leading bank economist opinions are averaged out to tell borrowers whether they predict interest rates will stay the same, rise or fall. Loansurf will provide the average of these opinions on floating, short and long term rates. Loansurf.co.nz offers this service at no charge also.

The innovative service also looks set to gain international attention with companies negotiating licenses for the NZ-developed technology for use in the UK and Australia.

Loansurf is backed by one of New Zealand’s largest mortgage brokers, Property Pack, which last year placed half a billion dollars of residential mortgages across New Zealand.

Mr Fermah also adds “we are expecting increased demand for home mortgages, as our information suggests the residential housing market has bottomed and technically we are heading into two years of increased demand and therefore increasing house prices. This is based on patterns over the last 65 years in NZ, but may be subject to variance as we now get buffeted by the global economy.”

The public do not need access to the internet to use the system as they can phone a Loansurf mortgage consultant who will tender out a mortgage on the borrower’s behalf.

(Please note:”Loansurf interest rate forecaster” You (Media) may reproduce the results at any time as long as reference to “Loansurf interest rate forecaster” is given).

ENDS

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