Australian non-bank lender set to return to NZ

One of the bigger non-bank lenders before the GFC is set to return to New Zealand.

Bluestone Mortgages, which was a significant player in the mortgage adviser market before the Global Financial Crisis has confirmed it is returning to the market.

"We think there is a good opportunity set around," Bluestone chief operating officer, Asia Pacific, Peter Wood says.

He was non-committal about when the company would return to market saying there were "still some things to piece together."

"All things being equal we will certainly be in the market."

TMM Online understands Bluestone has already recruited staff from some other non-bank lenders.

Wood says Bluestone will operate as a specialist lender, but it won't be offering reverse mortgages like it did when it was in the market earlier.

While it left the market in 2008, it has continued to manage a book of loans in New Zealand. The book was originally around $20-$30 million, Wood says, but is smaller now.

Bluestone Mortgages is part of the Bluestone Group which was established in 2000. Bluestone is a multi-national financial services business with offices in the UK, Ireland, the Philippines and Australasia. Since 2000 it has originated more than £3billion of loans (A$5bn) of loans for more than 20,000 customers and completed a total of 20 securitisations in both Australia and New Zealand.


Most Read

Get TMM delivered to your inbox each week

Sign Up