E-Loan surprised by response

Online home loan company E-Loan New Zealand says Kiwis are taking to its services like nowhere else on Earth.

Online home loan company E-Loan New Zealand says Kiwis are taking to its services like nowhere else on Earth.

The company says it has received almost 150 applications for home loans totalling more than $23 million in its first five weeks.

E-Loan says the response is better than expected.

"That E-Loan New Zealand has closed its first loans within the first month of operation shows that New Zealanders have really taken to the E-Loan concept," says chief executive Bruce Gordon.

Gordon says thousands of locals are visiting the eloannz.co.nz Web site, 60% of them from outside Auckland.

Eighteen lenders supply the loans, including the four largest New Zealand banks. E-Loan staff are on hand to advise potential borrowers.

The entire loan process from application to settlement can be completed online with help available by telephone and email.

E-Loan New Zealand is a joint venture between eVentures New Zealand and US-based online mortgage provide E-Loan.

EVentures is a joint-venture between media company News Corp, Internet investor Softbank and Sky TV founder Craig Heatley.

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