Resimac and Loan Market launch NZ joint-venture

Led by business development manager Scott Bailey, Economy will initially provide three types of mortgages to Loan Market's about 145 mortgage advisers  in New Zealand who will be able to market them under their own business brands.

From next month, Loan Market brokers will be able to access finance for standard prime home loans, non-resident prime loans and an uninsured low-doc product with a revolving credit facility.

Bailey told Loan Market's annual conference the target market for the prime loans includes first-home buyers "looking for a good rate, guidance and service. Borrowers wanting an alternative to the banks."

The low-doc product will be aimed at self-employed people such as those who have only been in business a short while and who want access to a line of credit. It would also be suitable for investors  -- Economy will offer five-year interest -only loans "at a compelling LVR (loan-to-valuation ratio)," Bailey says.