Standard Chartered has launched two client initiatives to tap into the wealthy Australian expatriate market in Europe and to target sports professionals. These customers represent very attractive markets for private banks to capture, but providers will need to clearly understand their unique needs in order to succeed.
Fundit Holdings has launched a new website in New Zealand that allows home owners to put up online auctions for their mortgages. So far, the service has received a tentatively positive response in the marketplace. However, it may take longer than anticipated for this service to hit it off as many customers are still cautious when committing to high-value long-term products online.
The reverse mortgage markets in Australia and New Zealand have considerable growth potential, with Australia's high level of home equity, retirement savings gap and ageing population suggesting a bright future. However, to realize this potential, lenders must act to raise the profile of reverse mortgages and improve perceptions.
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