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ANZ will today launch a new mortgage product geared for an investment market primed for growth – and brokers have been recognised by the bank as a valuable distribution channel.
The ANZ Portfolio mortgage operates like a line of credit and is geared to enable investors to consolidate multiple loans under the one facility with the added convenience of up to 12 sub accounts. Equity can be released quickly when opportunities arise allowing investors to move quickly when required.
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The product is available via ANZ’s branch networks and through accredited brokers.
ANZ general manager of mortgages Michael Bock told Mortgage Business that the bank sees brokers as an important channel for the new investment product.
“The strength of broker client relationship and the generally strong broker understanding of investment funding are qualities that are of great value to ANZ in the distribution of this product,” he said.
“The investment market looks particularly strong at present. Prices have largely remained stable across most markets over the last few years while rental values have continued to increase.
“Given the ongoing pressure of property undersupply and increasing demand due to migration we see considerable potential for the investment market over the coming 12-18 months.“
Mr Bock said that the product had been a year and a half in development and admitted that there was “an element of coincidence” in the present investment market potential and the product launch.
The timing, he said “couldn’t have been better.”
