E-Loan offering on-line browsing for mortgages

WELLINGTON - E-Loan, an online mortgage broker half-owned by Stock Exchange listed eVentures, takes on the home finance market today offering loans from 18 banks and financial services companies.

E-Loan represents financial institutions handling around 90 per cent of the estimated $15 billion in annual home lending, with ASB the only retail bank of significance not to be represented.

The service is free to customers as E-Loan recoups its costs through the normal commissions paid by lenders to mortgage brokers.

Chief executive Bruce Gordon said E-Loan offered an impartial service regardless of provider.

Users will be able to compare 200 home loan products and related insurances offered by the main banks and smaller providers such as TSB, AMP Banking, Axa and HSBC.

Other commercial and personal financial services are to be offered in future.

E-Loan is a joint venture between eVentures and E-Loan of the United States, which claims to be the biggest online lender in the US, with 25 per cent of the market.

It claims between 55 and 60 per cent of the online car financing market, a position it has consolidated through a recent deal with online auction company eBay.

E-Loan's shareholders include online broker Charles Schwab and Abbey National of Britain.

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