Published 1 April 2007
Mike Pero Mortgages Ltd pushed the value of mortgages written for its March financial year up by 20% after record months at the end of 2006.
Chief executive Jeff Staniland said: “We wrote a record $200 million of mortgages in November & $140 million in December, and have seen continued strong demand in 2007, which has pushed us to a record $1.8 billion year.” Recent figures collated by the Mortgage Brokers Association showed mortgage brokers accounted for $15 billion (37.5%) of the $40 billion home mortgage market in 2006. “Mike Pero Mortgages’ share of the mortgage broking channel was 12%, which means that overall around one in 20 mortgages written in New Zealand was done through a Mike Pero Mortgages’ broker. [12% of 37.5% is 4.5%]. “The figures support what we have been seeing for some time: that increasing numbers of existing & potential homeowners are seeking the independent advice of mortgage brokers. “With house prices & mortgage rates continuing to rise, home-wners are taking the time to ensure they get their mortgage right and have the best overall package. Just going for the lowest headline rate is not necessarily the best option, as a small difference in interest can be more than offset by other charges & fees as well as any costs associated with exiting a mortgage after a few years, as most people do.” Mike Pero Mortgages works mainly with 15 primary lenders but has access to a variety of others, some only available through a mortgage broker.
14 March 2006: Only 8% of Pero left with minorities
Attribution: Company statement, story written by Bob Dey for this website.