Kiwibank takes all of advisory firm

The bank first bought into NZ Home loans, which has 59 franchises and 190 consultants nationwide, in 2006. It accounts for about 30% of Kiwibank's mortgage business.

The company says it will write more than $950 million in mortgages in the year ending June 2013 and expects to exceed $1 billion the following year.

Kiwibank's mortgage book stood at $11.43 billion at March 31.

NZ Home Loans chairman Neil Richardson says the company will continue to operate as a separate entity from its Hamilton head office under its existing management structure – chief executive is Mark Collins – with no change to its franchise business model.