Begbie says Prospa’s main channel in New Zealand is through mortgage advisers, who account for about 70% of business in New Zealand.
Its most popular product is a line of credit, which is flexible and designed to meet the varied needs of small businesses.
Prospa also offers a small business loan and a combined line of credit and loan product.
Its line of credit product offers unique features, such as a dedicated app for managing funds and a committed credit line that guarantees availability.
While short-term business confidence has dipped due to economic uncertainties, long-term confidence is growing.
With recent OCR cuts, there is optimism for improved market conditions by 2025, she says.
Prospa has seen higher approval-to-settlement rates in recent months due to increased willingness among customers to take loans.
Prospa plans to engage more closely with mortgage advisers by providing new tools and resources.
A nationwide roadshow is being planned to introduce new products, such as higher loan sizes and longer loan terms, and to increase awareness among advisers.
Begbie concludes by emphasising the importance of mortgage advisers in the lending process and Prospa’s commitment to supporting them with more tools and engagement opportunities.
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