People's bank steps into home loan gap

Sunday 29 August 2004

KiwiBank has signed a deal with Bluestone Mortgages to provide home loans for high-risk customers it is not prepared to lend to itself.

By The Landlord

Under the agreement, customers who do not meet Kiwibank criteria will be referred to Bluestone, netting the bank a commission of about 1% a time.

The bank's strategy behind the plan is to help customers get mortgages, while keeping their everyday banking such as deposit accounts and credit cards.

Kiwibank then monitors the Bluestone loans and when the borrower has built an acceptable credit record, Kiwibank will offer to refinance the loans.

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