Wizard confident on housing
Wizard Home Loans wrote $657 million in home loans in March – its second-biggest month on record. Wizard is confident about the housing market despite Reserve Bank warnings predicting only a small fall in total mortgages for the year from 2002's figures.
Last year, there were $155 billion in mortgages and Wizard expects this to drop to about $140 billion to $145 billion in 2003. Wizard's confidence is evident in its plans to open more branches: it expects to almost double the current number over the next two years under its branch partnership model. The non-bank lender says it has no intention of moving to a mortgage broking model. RAMS is also planning more branches, expanding by 52 new offices by the end of 2003.