Hard on the heels of its Rate Breaker loan, Wizard Financial Services has launched a fee-free "switchover" product at 7.99 per cent floating.
Wizard has designed its Essentials loan to lure borrowers away from the traditional bank lenders, offering a sub 8 per cent rate and no application or admin fees. Rate Breaker, launched ten days ago, is aimed at new borrowers and has a floating rate of just 7.79 per cent.
While a smattering of non-banks are offering floating rate mortgages under 8 per cent, most lenders currently range between 8.1 per cent and 8.5 per cent.
Chairman Mark Bouris said that Wizard had been in the New Zealand market for several months now assessing opportunities for new products and services. He said these two products marked the start of its serious assault on the traditional lending market.
Wizard currently has three branches in Auckland, with another opening shortly, and is finalising branches in Wellington and Christchurch. Its services are also available online.
