The New Zealand home loan market maybe tough, but that's not stopping new competitors entering the fray.
The latest entrant to the market is Australian-based Challenger Mortgages (not to be confused with Challenger International, the fund management firm which offers a number of funds and portfolio endowment warrants).
New Zealander Rod Wilson heads up Challenger.
He says the firm is a mortgage banker like Resi Home Loans and Cairns Lockie, and it sources funding from Interstar.
He describes the Australian operation as being a niche provider that operates in the New South Wales market.
The firm is still finalising its strategy in New Zealand and has employed former broker Troy Kelleway as a business development manager.
He describes the New Zealand market as being a lot tougher than expected.
Wilson says one of the key features Challenger will offer is personal service.
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