The sale is in line with AXA's strategy to focus on its key businesses of investments and insurance.

The $309m Home Loans mortgage book (not to be confused with New Zealand Home Loans, a supplier associated with Sovereign) had been set up to provide both securitisation and competitive loans to Mortgage Express, the mortgage broker jointly owned by AXA and Harcourts New Zealand.

"We could no longer ensure the provision of funds required to sustain the continued growth of the mortgage book, so we’ve sold it to someone who can and who can continue to provide a highly competitive offer to Mortgage Express" AXA New Zealand chief executive Ross McEwan says.

He describes the sale as being very positive for both parties, enabling the Home Mortgage Company access to the Mortgage Express distribution network.

"Mortgage Express is an excellent mortgage broker which will be strengthened by having access to the Home Mortgage Company’s service and funds," McEwan says.

He says WestpacTrust intends to offer very competitive rates through Mortgage Express.

WestpacTrust says the only changes customers will see is the name on the letters.

The decision by AXA to sell the Home Loans books follows closely behind a deal where AXA has outsourced administration of its mortgage business, including its mortgage based managed funds, to the Public Trust Office.

The deals mean that AXA is no longer in the business of manufacturing mortgages, rather it is now just a distributor through its brands including Mortgage Express.