E-LOAN to transform online loan services

E-LOAN offers convenience and control for the customer that will transform online loan services says E-LOAN chief executive Bruce Gordon.

E-LOAN formally launches its service from 6pm this evening (June 21).

”The customer is at the centre of E-LOAN’s business model. E-LOAN is about putting the customer first to give them true control and real choice,” says Mr Gordon.

The key driver for establishing E-LOAN’s business in New Zealand and for its future success is its capacity to provide the highest standards possible in the delivery of quality service to customers, he says.

E-LOAN New Zealand provides customers shopping for a home loan with online access to around 200 home loan products and services, from 18 lending institutions. The free service presents impartial information about individual loan products. Customers have the opportunity, through a simple mechanism, to research, select, apply for and settle a loan that exactly fits their individual needs.

Almost all of the New Zealand financial institutions that offer home loans have agreements to sell through the E-LOAN website. They include the four largest banks and many of the specialist and niche home lenders. The lenders are:
AMP banking ANZ Bank
Asset Lend AXA New Zealand
Bank of New Zealand Cairns Lockie
Equitable Home Loans Frontline Finance
HSBC The National Bank of New Zealand
New Zealand Finance Group Pacific Home Loans
Perpetual Trust Premier Home Loans
Resi Home Loans Trent Home Loans
TSB Bank WestpacTrust

Combined, the lenders who have signed represent around nine out of ten dollars currently borrowed for residential home loans.

E-LOAN uses its own unique software, E-MATCH, which compares the customer’s requirements with the range of loan options available and presents customers with the loans that best suit their needs.

128-bit encryption is used whenever personal information is transmitted such as the loan application forms. PricewaterhouseCoopers has audited E-LOAN’s impartiality, privacy and security procedures.

Initially E-LOAN New Zealand will offer home loans. In the future its products will extend to a range of personal financial servicing options.
B A C K G R O U N D E R

Bruce Gordon, CEO, E-LOAN New Zealand
Bruce Gordon has a proven background in business development, a real commitment to consumers and an acute knowledge of the banking and financial services industries. He has a solid grounding in operational customer-focused banking and is an expert in electronic applications in banking services, and in business development.

Prior to joining E-LOAN Mr Gordon was chief executive officer of Farmers’ Financial Services, New Zealand’s largest consumer finance and card company. In this role he made significant changes to the company which greatly improved its performance. His achievements included launching the Farmers’ Home Loan Service. In previous roles with the Bank of New Zealand and ASB Bank Mr Gordon has worked to bring to market leading electronic banking facilities such as Telephone Banking, Secure internet Payments and EFTPOS.

Ownership of E-LOAN New Zealand
E-LOAN New Zealand is 50% owned by eVentures New Zealand and 50% owned by
E-LOAN USA. E-LOAN USA was founded in August 1996. E-LOAN USA has captured 25% of the online home loan market and successfully closed 5,000 loans on site in the first year of operation. It is the leading online financial services’ company in the United States.

E-LOAN has established businesses in the United Kingdom, France, Germany, Japan and Australia.

E-LOAN New Zealand’s initial capital has been provided by eVentures New Zealand, with E-LOAN USA provides technology and intellectual property.

E-LOAN USA Inc is publicly traded on the NASDAQ. Its board of directors includes representatives of Yahoo!, Benchmark Capital, Bank of America, and Technology Partners. SOFTBANK Corp is an investor in E-LOAN USA Inc.

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