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Latest updates on the sale of our mortgage portfolio

We’ve agreed to sell our mortgage portfolio to Pepper Money.

Why is this happening?

After announcing our decision to wind down our Wealth and Personal Banking business in New Zealand, we entered into an agreement with Pepper Money Limited (Pepper Money) to sell our mortgage portfolio.

The sale is now approved by the Overseas Investment Office (OIO) and so we will commence the transition of our mortgage portfolio across to Pepper Money. This means the transfer of home loans to Pepper Money will be completed on Friday 1 December 2023 and from Monday 4 December 2023 you will manage your home loan(s) with Pepper Money.

What does this mean?

The Overseas Investment Office (OIO) approval confirms the sale of our mortgage portfolio to Pepper Money. We will now initiate the process of transferring all home loans to Pepper Money.

To ensure a smooth transition, we will have a planned system outage from 11:00p.m on Friday 1 December to 8:00p.m. on Saturday 2 December 2023. Please note that during this time, our personal internet banking platform will be unavailable. Any pending payments will be processed once our system is back online.

We remain committed to supporting you and will do everything possible to ensure a seamless transition. Should you have any questions, please refer to our Customer FAQs page to read our most commonly asked questions or you can contact us directly on 0800 028 088 within New Zealand, or +64 9 368 8557 if calling from overseas (noting international toll charges may apply).

Please note, the wind down of the deposit business will continue in phases, with some adjustments made to accommodate the sale of the mortgage portfolio. To find out more about the wind down, please visit our dedicated page, Latest updates on the wind-down.

Questions about the mortgage portfolio sale

1Please note, due to our security policy not permitting clickable links to third party websites, we ask you to please copy and paste the above URL to Pepper Money’s website directly into your internet browser.

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