Lender moves into NZ through white label arrangement

by Madison Utley22 May 2019

A New Zealand based financial services group has partnered with an Australian non-bank lender to launch a new range of home loan products to Kiwi borrowers.

Astute NZ will harness Pepper Money's "funding capability and deep underwriting expertise" to offer a product range under the Ascenteon brand in New Zealand’s mortgage lending market.

According to Pepper Australia CEO Mario Rehayem, "Pepper has a longstanding track record of seeking growth in underserved markets.”

“That’s why moving into New Zealand through a white label arrangement is a natural extension of that strategy. We are looking forward to working with Astute to provide their customers with loans that represent genuine choice, and a competitive alternative to what is already available in market,” he added.

The Ascenteon portfolio will comprise of eight different products, designed to meet the wide and varied needs of all types of residential borrowers. 

The platform will utilise fully-integrated online submissions and new-to-market tools, enabling borrowers to receive an indicative offer in under five minutes.

“The products are the result of close consultation by Pepper with stakeholders in the mortgage market. They are aligned closely to borrowers’ best interests and we believe they will appeal to borrowers in a lending market that is not uniformly well serviced,” explained Astute NZ CEO, Sarah Johnston.

“Certainly, the feedback received in the short time the loans have been available has been very positive,” Johnston said.

Pepper director of sales and distribution for New Zealand, Aaron Milburn, said that Pepper is delighted to partner with Astute.

“Pepper is about choice, flexibility and a genuine willingness to cater to a borrower’s unique circumstances. We look forward to supporting the Astute NZ adviser network in introducing a fresh mortgage alternative in the NZ market,” he concluded.