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Mortgages

AMS cracks a billion

Wholesale residential mortgage funder Australian Mortgage Securities says that after five years in the New Zealand market its mortgage portfolio here has exceeded $1 billion.

Thursday, April 15th 2004

"We are accelerating rapidly, which is a further sign of the emergence of the non-bank loan market in New Zealand as a significant player," says Mark Bouris, executive chairman of AMS’s parent company Australian Financial Investments Group (AFIG).

AMS’s biggest customer in New Zealand is Wizard Home Loans, which Bouris founded and which is also owned by AFIG. But it also provides funding to 12 other mortgage providers in New Zealand including Cairns Lockie, Pioneer Mortgage Services and Elders Home Loans.

"AMS is currently the only active mortgage securitiser in New Zealand," Bouris says, adding that he aims to double the New Zealand portfolio over the next three years.

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