New Zealand’s largest independent mortgage brokerage Squirrel has teamed up with award-winning advisory firm NZ Mortgages led by Nathan Miglani in its bid to capture the South Island market.
The company has bought a majority stake in NZ Mortgages, a firm founded by Miglani that has been a leading brokerage in the region.
The strategic move aims to bring both companies under the Squirrel brand, and to help Squirrel, a big player in Auckland, establish a robust presence across the country.
The combined team will grow to more than 70 advisors, expanding Squirrel’s reach to Christchurch and enabling the company to originate more than $3.5 billion in mortgages each year.
Squirrel founder John Bolton noted the importance of this partnership, highlighting Squirrel’s customer-first approach and its commitment to leveraging technology. "Between our experience and NZ Mortgages' local expertise, we're excited about the potential this brings to the market."
Miglani told The Indian Weekender the merger will help them not only help more Kiwis fulfill their dream of home ownership, but also introduce innovative lending products to cater to people from all walks of life, especially builders and developers.
“NZ mortgages will leverage all of their (Squirrel’s) technology and be prepared for the future and open banking system, as well.”
Industry insiders say it’s quite an exciting time for NZ Mortgages as they will get a lot of technology and management support from Squirrel, while Squirrel will be able to scale the leverage of NZ Mortgages in South Island.
The acquisition follows Squirrel's 2022 merger with The Home Loan Shop, a Wellington mortgage advisory business. Squirrel CEO David Cunningham sees the merger as a natural progression in the company’s mission to become an iconic New Zealand brand, making home loans more accessible across the country.
Nathan Miglani is set to join the Squirrel leadership team as a Managing Partner for Squirrel South Auckland. Cunningham praised Miglani, calling him an exceptional leader whose values align well with Squirrel's. "Nathan has built an incredible company, and we’re excited to partner with him and his team on this new chapter," he added.
Nathan Miglani echoed this sentiment, stating that the partnership will lead to more innovative mortgage solutions for Kiwis. "This is about creating something bigger and better for New Zealand’s mortgage industry," he said.
The two brands will continue to operate independently until early 2025, with a focus on integrating their systems and processes. This merger positions Squirrel to grow its market share throughout the South Island, establishing a strong presence in Christchurch and beyond.