Two months after the launch of white-labelled home loan brand “Select”, New Zealand Financial Services Group (NZFSG)/Loan Market and non-bank lender Bluestone are pleased to share a market update about the innovative suite of products.
Since its launch on 4 June 2019, Select has enjoyed fantastic interest and support from advisers, having already attracted new business in excess of $250m, with further growth anticipated. NZFSG CEO Brendon Smith said of the successful launch: “Seeing Select so enthusiastically welcomed by our advisers has been wonderful, as it proves that we were able to develop solutions that meet genuine needs of Kiwi borrowers as well as their mortgage advisers.”
Select home loans span the prime, near prime and specialist niches, and are designed to provide a suitable solution for most borrowers who fall outside bank lending criteria. They offer competitive rates and case-by-case credit assessments for self-employed borrowers, property investors and those struggling with a chequered credit history. For NZFSG/Loan Market advisers, Select offers a valuable opportunity to diversify their business and grow long-term value via proprietary, best-in-class loan products.
Bluestone Managing Director New Zealand Peter Wood said: “We’re very proud of the products we have developed with NZFSG. The early response by the market has been truly heartening to see, and will guide us as we embark on developing new service and product innovations.”
Both NZFSG and Bluestone have invested heavily to ensure the Select brand is backed by industry-leading service delivery and back-end support. As part of this effort, Bluestone’s newly appointed Head of Sales NZ Sue Griffiths has expanded her BDM team, which is now made up of five industry experts who cover every region of the country. Bluestone’s credit processing and loan support teams have also experienced significant growth to ensure a smooth service delivery during the application process.
The lender and aggregator are now embarking on further back-end improvements via a large-scale system integration that will be the first of its kind in the New Zealand market.
Smith said, “As New Zealand’s largest adviser group, it is our priority to ensure our service and delivery platforms represent the best the industry has to offer, particularly with new regulations looming. As such, we will work with Bluestone to ensure the Select brand will continue to provide the highest value to our advisers and their borrowers, while benefiting from simple loan processes and high-touch personal service.”
