Pepper takes out 600 New Zealand loans in the first year
Australian non-bank company Pepper Money made 600 home loans in its first year in New Zealand, as part of its goal of expanding over the next 12 months.
Thursday May 21, 2020, 10:16 a.m.
The non-banking giant made its debut in New Zealand in May last year, bolstering its ranks with New Zealand hires and entering into a distribution partnership deal with advisory group Astute Financial.
The group launched its white label Ascenteon product a year ago this week, via Astute. It has since expanded its offering to advisors across the country.
On the anniversary of the launch, Aaron Milburn, director of Pepper in New Zealand, said TMM online the company has supported “over 600 Kiwi families” with all loans distributed through the advisor channel.
Milburn said the first year had been “very successful” and added that the company would look to expand into “other asset classes” in the coming years. In Australia, Pepper offers personal loans, auto finance, and business loans.
“We are always looking at every opportunity,” Milburn said. He added that the group would make “more announcements in the coming months” regarding its mortgage products.
Pepper has reaffirmed its commitment to the New Zealand market during Covid-19.
Milburn said Pepper was in New Zealand for the long haul, with growth expected in Northland and the South Island, and would not be deterred by the Covid-19 outbreak and financial downturn.
“We’re not here for the short term, we’re here to grow. We were the first lender in Australia and New Zealand to protect the trail,” he said. “We have an all-Kiwi team, we’ve hired in the north and south of the island, and we’re here for the long haul.”
Milburn says Pepper is keen on promoting advisors and helping clients meet their financing needs.
“No Kiwi should stay at home and not understand their financing options. We need to educate the New Zealand public about the great job the advisers are doing. The percentage of advisors in the mortgage market, below 40%, is much lower than it should be. . For us, it’s about promoting advisers. “
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