Dosh Teams Up With Westpac NZ To Offer Innovative Home Loan Solution

• Dosh home loans, powered by Westpac NZ, are delivering an innovative solution to Kiwi consumers via an easy application process;
• The home loan offering includes competitive rates and can be applied for online in minutes via the Dosh website or app;
• Dosh is also launching its annual home loan loyalty cashback reward – Dosh Streak – a new kind of loyalty programme in New Zealand.

Leading New Zealand fintech Dosh has launched an innovative new home loan offering, powered by Westpac NZ, that comes with a simple online application process and the potential for customers to get mortgage-free faster.

The Dosh home loan, available to eligible customers via its website and digital banking* app, offers competitive interest rates and includes a new-to-market cashback loyalty programme, Dosh Streak.

Dosh home loans are powered by Westpac NZ, bringing together New Zealand’s local digital-only financial services provider and a trusted banking institution, for the benefit of the Kiwi consumer.

Dosh co-founder and CEO, Shane Marsh, describes this borrowing solution as a “game-changer”, delivering convenience and value at a time when homeowners need it most, while increasing competition in the banking sector.

“This is a first-in-market digital product with two clear customer benefits: great value in the form of great rates and an annual loyalty cashback from Dosh, with the ease and convenience of a digital application,” says Marsh.

“More than 80% of fixed home loans are due to come up for re-fixing over the next 12 months, according to Westpac’s economists, so this couldn’t have come at a better time for many Kiwis to consider our new offering. Our collaborative home-loan offer is also a great opportunity for first home buyers to get onto the property ladder.

“We believe Kiwis deserve the world’s best digital solutions to maximise their financial wellbeing, and we’re proud to be collaborating with Westpac NZ to combine our strengths and bring this product to New Zealand homeowners.”

Westpac NZ Managing Director of Consumer Banking & Wealth, Helen Ryder, says the bank is excited about helping more New Zealanders achieve their home ownership goals.

“We’re continuously looking for ways to deliver the best experience for both aspiring and existing homeowners, in a highly competitive market,” says Ms Ryder.

“Our collaboration with Dosh is another way we’re helping drive innovation in the banking sector, while supporting a fintech to scale up. We see this as a key example of the new types of initiatives that will launch as open banking develops in New Zealand.

Marsh explains that Dosh has been set up as a nimble, digital-only business to allow it to continually offer new experiences to Kiwi customers.

“We’re not a traditional provider. Our digital-only, no-advice approach means Dosh can bring exceptional value to a large number of customers without incurring the normal business costs.

“Each year, Dosh Streak offers homeowners an annual loyalty cash payment, equal to 0.01% of the loan balance, up to a maximum of 0.20%, over the lifetime of your mortgage with Dosh. Streak rewards are exclusively offered by Dosh in addition to any offers, such as up-front cashback, from Westpac NZ. Ultimately this means more cash is returned to customer pockets.

“We see this as an offer that will drive competition, potentially leading to lower rates and savings for Kiwis throughout the country,” says Marsh.

“We’re looking to scale this rapidly to introduce greater benefits and affordability in the home-loan market.

“From today, through the quick-and-easy online application process, Kiwis can unlock great interest rates and, coupled with Dosh Streak, we believe this will bring much-needed value to homeowners in New Zealand.”

* Dosh is not a registered NZ bank. Dosh is a brand of MCA Investments Limited, a registered company in New Zealand (NZBN 9429048713511), and a registered financial services provider (FSP1000801).

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