A couple of weeks ago we launched Newpark Home Loans into the market with an innovative fee model that for the first time provides mortgage brokers in New Zealand with real choice, real flexibility and real value.
Having a membership fee model that only applies to the mortgage business, as opposed to every individual broker in the business, has proved to be a huge point of difference. Business owners have recognised that this creates a real opportunity to expand without expanding their overheads. With further cost savings associated with risk insurance production, the new model creates a real win-win partnership that has not been seen in New Zealand before.
API | Fixed month fee | Fixed % of Upfront | Fixed fee per loan settled |
$0 | $300 | 10% | $700 |
$25k | $200 | 7% | $490 |
$50k | $100 | 3% | $210 |
>$50k | Free | Free | Free |
1. Additional API required is above existing Newpark production
2. All prices quoted are + GST
3. Prices do not include CRM licence fee
4. Prices are per brokerage, not per individual Adviser
5. Commission paid to brokerage, not to individual Adviser
The response so far has therefore been overwhelmingly positive and is a great endorsement of the direction we wish to take with Newpark Home Loans. Already we are fielding a large number of enquiries from Advisers outside of Newpark who have heard of the new model and are keen to become members. Clearly, the membership will grow and that will allow us to do much more and further expand the offering in 2019.
The lenders have also been extremely supportive as we refresh their accreditation agreements. Most of them were in attendance at the launch as well. So far we have most accreditations in place and plan to have a full lending panel to take advantage of.
But that’s not all. We are close to finalising access to the market- leading mortgage CRM that is used by over 4,000 mortgage brokers in Australia. The benefits are many but just to name a few they include marketing and task automation, one-time data capture, deal-centric pipeline management, open API integration with banks and data scraping. This represents the real future of mortgage broking in New Zealand.
The future direction of Newpark Home Loans will be very much guided by the members of the group. If you want to be part of a group that is serious about your business, then contact the General Manager – Home Loans ([email protected]) immediately. We are accepting expressions of interest for membership right now.
As always, thank you very much for your support and feedback. Collectively we are “Professional advisers you can bank on”.