One in 20 mortgages processed at Mike Pero

MEDIA RELEASE: Friday 30 March 2007 – 2 pages

One in 20 mortgages processed at Mike Pero Mortgages

Record months at the end of 2006 have pushed Mike Pero Mortgages to a 20 percent growth in the value of mortgages written for its financial year ended March 2007.

“We wrote a record $200 million of mortgages in November and $140 million in December, and have seen continued strong demand in 2007 which has pushed us to a record $1.8 billion year,” says Jeff Staniland, Chief Executive of Mike Pero Mortgages.

Recent figures collated by the New Zealand Mortgage Brokers Association show that mortgage brokers accounted for $15 billion, or 37.5 percent, of the $40 billion home mortgage market in 2006.

“Mike Pero Mortgages’ share of the mortgage broking channel was 12 percent, which means that overall around one in 20 mortgages written in New Zealand was done through a Mike Pero Mortgages’ broker.

“The figures support what we have been seeing for some time: that increasing numbers of existing and potential home-owners are seeking the independent advice of mortgage brokers.

“With house prices and mortgage rates continuing to rise, home-owners are taking the time to ensure they get their mortgage right and have the best overall package. Just going for the lowest headline rate is not necessarily the best option as a small difference in interest can be more than offset by other charges and fees as well as any costs associated with exiting a mortgage after a few years, as most people do.”

Mike Pero Mortgages works mainly with 15 primary lenders but has access to a variety of others, some of which are only available through a mortgage broker.

Jeff Staniland says the increase in business shows that the public are becoming more aware of the independent advice they can receive from a broker rather than bank.

“What home-owners are becoming increasingly aware of is that a mortgage broker is able to provide a variety of options from a wide range of sources.”

ENDS

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