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Kiwi brokers are driving significant mortgage sales for a major Australian lender.
ANZ’s New Zealand business has seen a considerable increase in home loans sales by mortgage brokers over the two years to March. According to the major bank’s half yearly results, released yesterday, mortgage brokers continue to write the majority of ANZ’s home loans across the ditch – by a country mile.
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In the first half of 2013, brokers accounted for 32 per cent of ANZ (NZ) mortgages, with 28 per cent coming from retail channels, 22 per cent from small-business banking and 17 per cent from mobile mortgage managers.
However, as of March this year, brokers now write 38 per cent of ANZ (NZ) home loans – a six percent increase. By comparison, the small-business banking channel has remained stable – retail grew by one percentage point and ANZ’s mobile mortgage manager channel lost five percentage points of market share over the two-year period.
Home lending market share has increased in key regions like Auckland and Christchurch.
ANZ increased its overall mortgage market share from 30.6 per cent in March 2013 to 31.2 per cent in March of this year.
“Our domestic markets in Australia and New Zealand have again delivered strong growth and returns,” ANZ chief executive Mike Smith said.
“New Zealand has again performed well following the business simplification program and brand merger, entrenching our position as New Zealand’s leading bank.”
[Related: Big four boost broker support]
