New non-bank deposit taker to court advisor networks

The first company to be granted a non-bank deposit taker license by the Reserve Bank in nearly a decade says it will look to build strategic partnerships with advisor networks as it develops the lending side of its business.

Welcome Limited had its NBDT licence application approved by the RBNZ last week and hopes to begin offering secured term deposits out to five years from the second quarter of this year, which together with existing equity capital, will fund the company’s mortgage finance offering.

Welcome’s chief executive Anton Douglas says the company is not looking to set up a shop front for lending and will work closely with advisors.

“They are experts in what they do and that’s the best place for us to engage with the borrower, and it's better for the borrowers as well.”