How the Non-Bank Lending Process Works in New Zealand

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In New Zealand any institution can offer banking processes like investment services, money transfer services and even loan and credit facilities for borrowers and investors. However, it may only use the word “bank” in its name when it is registered with the Reserve Bank of New Zealand. As a result there are around 400 companies in the country which offer a wide range of financial services to customers. These institutions are called non-bank financial institutions.

Non-bank financial institutions in New Zealand have strongly expanded over the past few years and they account for more than half of the consumer credit in the country. These institutions account for around 10 percent of domestically sourced credit provisions, over 15 percent of total commercial property lending and a significant share of development lending. The most popular non-bank financing loans in New Zealand are often used for vehicle purchases.

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