NZ Mortgages

What NZ Mortgages does

Squirrel (formerly NZ Mortgages) is a New Zealand private mortgage advisory and non-bank lending business operating under Squirrel Group Limited, headquartered in Auckland CBD with a South Island office in Christchurch. The firm was founded in 2008 and describes itself as one of New Zealand's largest mortgage brokers, helping customers place more than NZ$3 billion of property per year through a network of bank and lender relationships with ASB, ANZ, BNZ, Kiwibank, Westpac, TSB, SBS, Co-operative Bank and AIA, alongside its own in-house non-bank lending products for borrowers who do not fit traditional bank criteria.

The company's product portfolio spans three core lines: mortgage brokerage and origination (covering first home buyers, refinancing, property investors, business owners, moving house, new builds and non-traditional borrowers), savings and investment products that allow retail customers to invest into Squirrel's own loan book via an On-Call Account, Term Investments, a Monthly Income Fund and Wholesale Investing options, and a property development and builder finance line. Distribution combines a digital online application portal (mortgages.squirrel.co.nz/application) with inside sales (0800 phone, email), assigned personal mortgage advisers, and physical office walk-ins, supported by content marketing including a property-market blog and the 'Live at the Nut Bar' podcast. The technology stack is not publicly disclosed beyond the application portal and a suite of mortgage calculators.

Squirrel earns revenue through three mechanisms: upfront and trailing commissions from bank partners when advisers place mortgage loans (transaction-fee model, with advisers paid the same regardless of lender to preserve impartiality), net interest income on its own non-bank lending book, and fee and interest income from its retail savings and investment products. The business is bootstrapped, with no disclosed external funding rounds, and was further consolidated in 2024-2025 when NZ Mortgages was absorbed into the Squirrel brand.

Name

NZ Mortgages

Legal name

Squirrel Group Limited

Website

https://nzmortgages.co.nz

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

11–50 employees

Short description

Squirrel (formerly NZ Mortgages) is a New Zealand private mortgage broker and non-bank lender, placing over NZ$3 billion of property annually through bank partner relationships and its own lending products, serving first home buyers, investors, business owners, and non-traditional borrowers nationwide.

Ownership category

akta.pro rank

Product category

Mortgage Brokerage and Non-Bank Lending

NAICS

Mortgage and Nonmortgage Loan Brokers (522310), Real Estate Credit (522292), Nondepository Credit Intermediation (5222)

SIC

Loan Brokers (6163), Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

Wholesale Mortgage Lending (Broker Channel) (FSALACAA)

akta.pro secondary industries

Commercial Mortgage Brokerage (FSAEAEAB), Debt & Structured Finance / Mortgage Brokerage (BPAJABAK)

Keywords

• Mortgage brokerage
• Home loan advisory
• Non-bank lending
• Savings and investment products
• Property finance

Headquarters

HQ city

Christchurch

HQ country

New Zealand

HQ region

Oceania

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Supply Chain, Infrastructure

Revenue model

1. Mortgage Brokerage Commissions: Squirrel acts as a mortgage broker earning commissions from lenders when placing mortgages. Advisers are paid the same regardless of which lender the customer chooses, ensuring unbiased advice.
2. Non-Bank Lending: As a non-bank lender, Squirrel provides its own lending products to customers who don't fit traditional bank criteria, earning interest income on these loans.
3. Savings and Investment Products: Squirrel offers savings accounts and investment products including high-interest On-Call accounts, term investments, and Monthly Income Fund, generating fee and interest income.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

NZ Mortgages, now operating under the Squirrel brand, provides mortgage brokerage services connecting customers with major New Zealand bank lenders (ASB, ANZ, BNZ, Kiwibank, Westpac, TSB, SBS, Co-Op, AIA) and also acts as a non-bank lender offering in-house lending products for borrowers who do not fit traditional bank criteria. The company additionally offers savings and investment products including a high-interest On-Call Account, term investments, and a Monthly Income Fund, helping customers purchase over $3 billion of property annually.

Product overview

NZ Mortgages operates under the Squirrel brand as a financial services company combining a mortgage brokerage (working with major banks) and non-bank lending. The core offering consists of mortgage brokerage services connecting customers with lenders like ASB, ANZ, BNZ, Kiwibank, Westpac, TSB, SBS, Co-Op, and AIA, alongside proprietary lending products for customers outside traditional bank criteria. The product portfolio includes mortgages (first home buyers, refinancing, property investors, business owners), property finance (development and builder funding), and savings/investment products (high-interest on-call accounts, term investments, monthly income fund). Digital tools include an online mortgage application platform and calculators. The company helps customers purchase over $3 billion worth of property annually.

Differentiator

Problem solved

Functional benefit

Products and services

• Mortgage Brokerage Service
• Savings and Investment Products
• Property Finance (Development and Builder Funding)
• Online Mortgage Application
• Bridging Finance

Quantifiable outcome

• Help customers purchase over $3 billion worth of property each year
• +2 more outcomes

Named customers2 records

Segments6 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eleven partnerships are on record, tiered core and minor.

• ASBcoreChannel Partner/ Reseller/ DistributorMajor New Zealand bank partner providing mortgage lending products through Squirrel's brokerage services. Squirrel accesses ASB's lending products to offer customers.
• ANZcoreChannel Partner/ Reseller/ DistributorMajor New Zealand bank partner providing mortgage lending products. Squirrel acts as broker bringing customers to ANZ.
• BNZcoreChannel Partner/ Reseller/ DistributorBank partner providing lending products through Squirrel's mortgage brokerage channel.
• KiwibankcoreChannel Partner/ Reseller/ DistributorNew Zealand state-owned bank partner for mortgage products.
• WestpaccoreChannel Partner/ Reseller/ DistributorMajor bank partner providing mortgage lending options to Squirrel customers.
• TSBcoreChannel Partner/ Reseller/ DistributorNew Zealand bank partner offering mortgage products through Squirrel brokerage.
• SBS BankminorChannel Partner/ Reseller/ DistributorRegional New Zealand bank partner providing lending products.
• Co-operative BankminorChannel Partner/ Reseller/ DistributorNew Zealand mutual bank partner for mortgage products.
• AIAminorChannel Partner/ Reseller/ DistributorInsurance and banking partner providing lending products through Squirrel.
• Financial Advice New ZealandminorGTM or Marketing PartnerIndustry association membership providing credibility and referral network for financial advisers.
• FinTech NZminorGTM or Marketing PartnerNew Zealand fintech industry association membership showing industry standing.

Scale indicators5 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• NZ Home Loans (Heartland Group): Heartland Group's NZ Home Loans brand is one of NZ's largest mortgage broker and non-bank lender networks, directly comparable to Squirrel's hybrid broker-plus-lender model. Both target similar first-home-buyer and non-traditional-borrower segments nationally.
• Mike Pero Mortgages: One of New Zealand's longest-established mortgage broker franchises with national coverage. Highly comparable to Squirrel on residential mortgage brokerage, multi-lender panel access, and adviser-led sales motion, though it operates a franchise model.
• Loan Market New Zealand: Part of the Australia-headquartered Loan Market aggregator network, Loan Market NZ operates a franchise mortgage broker model across New Zealand. Directly comparable on multi-lender brokerage, adviser-led service, and consumer-facing brand.
• Mortgage Lab: New Zealand-focused mortgage brokerage using adviser-led sales with a multi-lender panel, targeting first home buyers and refinancers. Directly comparable to Squirrel on customer segments, online application tools, and hybrid digital-plus-adviser delivery.
• Avanti Finance: NZ non-bank lender offering residential and property development finance, including to borrowers outside traditional bank criteria. Comparable to Squirrel's non-bank lending and property development finance arms, with overlapping funding-via-retail-deposits model.
• Global Financial Services: NZ mortgage broker and financial advisory firm offering residential and commercial mortgage broking. Comparable to Squirrel on multi-lender panel access, adviser-led sales, and small-business/owner-occupier customer segments.

Regional players

• Resimac: Australian-headquartered non-bank lender with NZ operations, providing residential and asset finance mortgages through broker channels. Comparable to Squirrel's non-bank lending capability, though primarily operating from Australia with a NZ distribution footprint.

Broad incumbents

• Heartland Group Holdings: NZX-listed NZ financial services group offering reverse mortgages, asset finance, and (via NZ Home Loans) residential mortgages through both direct and broker channels. Comparable as an incumbent NZ non-bank lender with broader product portfolio than Squirrel.

Others

• Co-operative Bank: NZ mutual bank and one of Squirrel's distribution partners, offering residential mortgage products through Squirrel's brokerage channel. Comparable as a funding partner in the NZ mortgage ecosystem rather than a direct competitor.
• Kiwibank: NZ state-owned bank and core Squirrel distribution partner, providing residential mortgage products through Squirrel's brokerage. Comparable as a key lender-partner within Squirrel's distribution ecosystem rather than a competitor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/nz_mortgages
• LinkedInlinkedin.com/company/loan-market-paramount

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about NZ Mortgages