Real estate agency LJ Hooker is about to enter New Zealand’s mortgage market as part of a plan to create a "one-stop-shop" for home-buyers through which it will also provide legal and insurance services.
The real estate firm already offers mortgage broking services in Australia, using finance provided by its parent company the Suncorp Metway bank, although GoodReturns understands the finance for the New Zealand operation will be provided by another institution.
It will work with other third parties to provide the related services, although its customers will still be allowed the choice to seek such services elsewhere.
LJ Hooker has been working on its New Zealand plan for about six months but isn’t quite ready to launch or to talk about it. While various officials confirmed the plan is in progress, the firm refused to discuss it on the record.
Suncorp Metway, which is Australia’s sixth largest bank, launched a $A500 million residential mortgaged-backed securities (RMBS) issue last week. They are backed by a pool of first-ranking mortgage loans originated and serviced by the bank.
It was Suncorp Metway’s second RMBS issue. The first was in February 1999.
