Mike Pero Mortgages leading in market share growth

Mike Pero Mortgages leading in market share growth

Growth in mortgages written through Mike Pero Mortgages is outpacing mortgage growth recorded by the big banks, including BNZ, ANZ, ASB, and Westpac.

In the year ended March 2007 Mike Pero Mortgages recorded a 20 percent growth in the value of mortgages written to $1.8 billion.

“The whole market is trending higher driven by rising house prices. Growth at Mike Pero Mortgages has been outstanding, however, as more people choose to use our independent service to find the best overall mortgage package for their needs,” says Jeff Staniland, Chief Executive Officer at Mike Pero Mortgages.

“Around half of the mortgages now written at ANZ, ASB, National Bank, and Westpac come through brokers.”

Figures collated by the New Zealand Mortgage Brokers Association show that overall, mortgage brokers accounted for $15 billion, or 37.5 percent, of the $40 billion of new mortgages written in 2006.

The overall value of the mortgage market grew by 15 percent in the 2006 calendar year to $13.5142 billion, up from $11.7487 billion at the end of 2005.

Among the big banks BNZ recorded 12.1 percent year-on-year growth in its mortgage book (the total value of mortgages held by the bank) for the year ended December 2006. ANZ was slightly higher at 13.1 percent growth and ASB at 14.2 percent, while Westpac recorded growth of 16.4 percent.

“Mike Pero Mortgages works with around 15 primary lenders including all of the big banks, apart from the BNZ, which chooses to work only through its branches and own broker network.”

“People seeking new or updating existing mortgages are increasingly demanding choice and also value independence. Around 90 percent end up financing with one of the big trading banks, but a significant and growing proportion are choosing to work through a mortgage broker.

“This is a win for the home-owner as they get free independent advice from their mortgage broker and the best mortgage package for their situation, as well as being a win for the banks as they receive pre-qualified and quality clients.”

ENDS

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