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Mortgage brokers forecast 35 percent market share

Media Release – September 12

Mortgage brokers forecast 35 percent market share in 18 months

New Zealand mortgage brokers today predicted they will be generating 35 percent ($7.7 billion) of all new mortgages written within 18 months.

New Zealand Mortgage Brokers Association (NZMBA) chairman Brian Berry made these comments at opening of the sixth annual NZMBA Conference in Christchurch today. Almost 400 delegates are attending.

``We feel we’ll have more than a third of the mortgage market by early 2005 – based on current trends and on Australia’s experience,’’ Mr Berry said.

The needs of mortgage borrowers had become more sophisticated and Mr Berry said association brokers had met the challenge to be advisers in mortgage borrowing and financial management.
The conference heard members must be responsible when advising clients. This was particularly in light of the recent statements by economic commentators and the Reserve Bank regarding the buoyant property market.
Mr Berry said members agreed to make sure their clients understood the risks of property investment and market cycles.

With the industry’s projected growth and the association’s membership nearing 600, the industry has recognised the importance of maintaining a high level of professionalism.

This has lead to the appointment of a strategic planning group to bring together all the stakeholders in the industry – including banks - with a view to creating a mortgage industry association that will set overall standards.

Meanwhile the annual NZ Mortgage Broker of the Year awards were announced tonight.

The winners were:

South Island :
Charlie Reid & Gary Burton of Mortgage Link, Queenstown

Greater Wellington (including Kapiti/Nelson/Marlborough):
Russell Spencer of Mortgage Choice

Central North Island:
Craig Seton of Mortgage Link, Palmerston North

Waikato/Bay of Plenty:
Brent Mountfort of Mortgage Works, Rotorua

Greater Auckland (Joint Winners):
Gavin Lendich of Mortgage Planners
Cherie Matches of Mortgage Planners

Central Auckland:
Grant McFlinn of Mike Pero Mortgages

North Harbour/Northland:
Geoff Bawden of Bawden Consulting

The New Zealand Mortgage Brokers of the Year for 2003 is

Charlie Reid & Gary Burton of Mortgage Link, Queenstown

Ends - Word of Mouth Media NZ

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