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First Mortgage Trust (FMT) is an investment fund manager specialising in property finance. For nearly 30 years, FMT has been helping New Zealanders protect and grow their wealth by providing consistent investment returns. Today, it has over $2 billion in funds under management and more than 7,000 investors nationwide. FMT also provides clients with tailored property finance through first mortgages across the residential, commercial, industrial and retail property sectors in New Zealand. FMT has offices in Auckland, Tauranga, Wellington and Christchurch with over 70 staff members and is continuing to grow to meet market demand.
Find out more
Trying something new Branching out into specialist lending has been painted as a leap in the dark, and in the past, perhaps it was.
“The biggest barrier is confidence: ‘Will I get it right?’ ” says Jono Singh, business development manager at First Mortgage Trust (FMT). But now, robust support from non-banks like FMT means that rather than navigating unfamiliar territory alone, advisers can lean on experienced partners who understand both the technical requirements and the relationship dynamics involved.
“At FMT, we back you with real people, clear criteria and hands-on support. With us alongside you, specialist deals feel just as straightforward as bank ones,” says Singh.
Advisers agree that they can be reluctant to let go of the familiar apron strings of plain vanilla residential lending. Cameron Muggeridge, partner and mortgage adviser at Loan Market Central, says, “Advisers know residential lending inside and out, but once you step into commercial, business or development finance, the policies, processes and structures are different and very off-putting when there is no familiarity.”
His observation reflects a common industry pattern: advisers often possess the technical capability to handle complex deals but lack the confidence to venture beyond their comfort zones. The fear of getting it wrong can be paralysing, particularly when reputations are built on consistent delivery.
Where opportunity lives The data tells a compelling story about where growth opportunities exist. While non-bank housing lending has declined over the last 18 months in line with the housing slump, total lending in the sector doubled from December 2019 to December 2023. Non-bank business lending increased 82% over the same period and has remained at steady levels despite the weak economy. These trends suggest clients are actively seeking alternatives to traditional bank products.
“Self-employed borrowers and property investors are leading the charge,” says Singh. “They’re looking for quick decisions, tailored solutions and lenders who take the time to understand their full financial picture – not just a credit score.”
The demand stems from fundamental changes in how people work and invest. The gig economy has produced countless self-employed professionals whose income streams don’t conform to traditional employment patterns. Meanwhile, property investors face increasingly complex regulations and financing requirements that mainstream banks struggle to accommodate efficiently.
“Advisers are seeing the strongest growth in near prime, commercial and self-employed segments,” Singh adds. “These aren’t one-off transactions; they’re repeat clients who value an adviser who can find a way to say yes when others say no.”
Technology as enabler The fear that artificial intelligence might replace human advisers misses a fundamental point about the nature of specialist lending. While AI excels at processing standard applications, complex lending decisions require judgement, empathy and creative problem-solving – distinctly human traits.
“AI can process data, but it can’t build trust or understand human complexity,” Singh explains. “Specialist lending is about nuance, and that’s where having a BDM in your corner makes all the difference. We don’t just crunch numbers; we workshop deals, ask the right questions and take the time to understand each situation.”
Muggeridge sees technology as a liberation rather than a threat. “Definitely, we’ve found diversification much more achievable in the last few years due to freeing up time with tech to assist on the admin front, and a process for streamlined assessment,” he says. “This has enabled us to spend more time advising and engaging with lenders, with their changing appetite due to funding levels in this space.”
The key insight is that technology handles routine tasks, freeing advisers to focus on relationship-building and complex problem-solving. This division of labour actually strengthens the case for human expertise in specialist lending, where standard algorithms cannot capture the full context of a borrower’s situation.
Breaking down the myths Perhaps the biggest obstacle to diversification lies in misconceptions about specialist lending itself. Many advisers view it as inherently riskier or more complicated than traditional bank products.
“The myth is that specialist lending is ‘hard’ or ‘risky’,” says Singh. “The reality is very different: with the right lender, it’s simply about matching the right client to the right solution. With our team by your side, the process feels just as straightforward and easy, only with more options on the table.”
This perception gap often prevents advisers from exploring
opportunities that could significantly expand their client base. The reality is that specialist lenders often provide clearer criteria and more personalised support than large institutional banks.
Successful diversification requires more than individual skill development; it demands a cultural shift within advisory businesses. Muggeridge has built this into his company’s operational model.
“What’s worked for us in our business is building a team culture where advisers don’t feel like they have to do everything alone,” he says. “We share knowledge across the group, and if someone is stronger in a certain area, they’ll collaborate on deals so clients still get the right outcome.”
This collaborative approach addresses the confidence issue while ensuring clients receive expert service, regardless of which adviser they initially contact. It also creates internal mentoring opportunities that accelerate skill development across the team.
Taking the first step For advisers ready to expand their capabilities, the path forward need not be overwhelming. Both industry veterans advocate starting small and building confidence through experience.
“My view on what would be the best starting point for diversification with lending is to start with finding a suitable mentor in the specialised fields and then get stuck into a commercial, business or development deal that you find uncomfortable due to lack of knowledge,” Muggeridge advises. “With your mentor’s support, it will help give you the framework to build your skills from there. Just start.”
Singh offers an even simpler approach: “Start with one client you thought you couldn’t help last year. Bring the deal to us and see what’s possible. That first success builds the confidence to do more. Just pick up the phone; with a few basic details, we can quickly tell you if the deal is a good fit for both of us.”
The financial incentives for diversification extend beyond immediate transaction volume. Specialist lending often commands higher margins while creating stronger client relationships that generate ongoing referrals and repeat business.
“We’ve seen advisers grow their books significantly by adding specialist lending,” Singh says. “Clients remember the adviser who solved the problem no one else could, and that’s the kind of reputation that drives long-term growth.”
This reputation effect proves particularly valuable in an increasingly competitive market. As more advisers enter the industry and technology automates routine processes, the ability to solve complex problems becomes a key differentiator.
A recent survey of first home buyer intentions by Perceptive reveals the opportunity clearly: compared to 28% who will approach banks directly, only 9% currently consider non-bank lenders. This gap represents untapped potential for advisers who can confidently present specialist solutions.
An increasing number (44%) of new buyers also plan to use a mortgage adviser – many of these potential customers are likely unfamiliar with the different lending criteria offered by non-banks, or the fact that many non-bank lenders are not accessible to the public and only available through a mortgage adviser.
Building tomorrow’s practice The mortgage advice industry’s future belongs to practitioners who can serve clients across the full spectrum of lending needs. That doesn’t mean every adviser must become a specialist lending expert, but it does require openness to collaboration and continuous learning.
“Diversification isn’t optional any more; it’s essential,” Singh says. “Advisers who embrace specialist lending are thriving. Rely only on the banks and you risk missing a growing wave of clients who want flexible, tailored solutions.”
The challenge now is execution. With the right support structures, technology tools and a collaborative mindset, advisers can expand their capabilities without compromising service quality. The clients are waiting; the opportunities are real – the only question is who will seize them first.
Disclaimer First Mortgage Trust: Terms, conditions, fees and lending criteria apply. Lending is from the First Mortgage Trust Group Investment Fund. First Mortgage Managers Limited, the manager, is not a registered bank. Lending terms, conditions & fees apply.
PICTURE AN adviser staring at a client file that doesn’t fit the neat tick boxes of a bank’s lending criteria. The income is irregular, the assets complicated, the story unusual. That mismatch might once have meant a polite rejection. Today, it can mark the start of an opportunity.
Traditional bank lending, once the backbone of adviser business, increasingly fails to serve clients whose financial profiles don’t fit neat institutional boxes. From self-employed entrepreneurs to property investors with complex portfolios, borrowers are seeking solutions that banks simply cannot provide.
Advisers face a choice: stay tethered to familiar residential deals or step into the growing field of specialist lending. With support from non-bank partners offering clear criteria and hands-on assistance, diversification is no longer a risky gamble but a pathway to growth in a changing market.
Published 29 Sep 2025
Total sector lending by non-banks
Source: Reserve Bank of New Zealand, Non banks: Funding and claims by sector (T4)
Business
4,984
9,090
9,492
9,549
9,537
Housing
3,109
6,266
5,281
5,102
5,038
Dec 2019 ($m)
Dec 2023
($m)
Dec 2024
($m)
Mar 2025
($m)
Jun 2025
($m)
Source: Perceptive Pipe Dream or Possibility: Home Buying Intentions in 2025 report
Through a mortgage adviser
28%
44%
19%
9%
2%
5%
With financial help from parents or family
Through a
non-bank lender
Not sure
Other
Directly with a bank
How prospective first home buyers plan to arrange finance
“Advisers are seeing the strongest growth in near prime, commercial and
self-employed segments. These aren’t one-off transactions; they’re repeat clients who value an adviser who can find a way to say yes when others say no”
Jono Singh,
First Mortgage Trust
“At FMT, we back you with real people, clear criteria and hands-on support. With us alongside you, specialist deals feel just as straightforward as bank ones”
Jono Singh,
First Mortgage Trust
Jono Singh
First Mortgage Trust
Industry expert
Mortgage advisers embrace specialist lending as client needs outgrow mainstream solutions
Beyond lending’s traditional boundaries
More
In Partnership with
Share
Jono Singh is a business development manager at First Mortgage Trust, based in Auckland and supporting advisers nationwide. With over 25 years of experience in lending, he works closely with advisers to deliver practical, flexible solutions. Known for his approachable style and trusted support, Singh helps advisers strengthen client relationships and build long-term loyalty. Whether residential, self-employed or commercial, he makes the lending process straightforward and collaborative. Got a deal to explore? Think FMT – give Jono or the team a call.
First Mortgage Trust
Jono Singh
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CA
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UK
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Copyright © 1996-2025 KM Business Information NZ
Companies
People
Newsletter
About us
Authors
Privacy Policy
Conditions of Use
Terms & Conditions
Contact Us
Sitemap
RSS
First Mortgage Trust (FMT) is an investment fund manager specialising in property finance. For nearly 30 years, FMT has been helping New Zealanders protect and grow their wealth by providing consistent investment returns. Today, it has over $2 billion in funds under management and more than 7,000 investors nationwide. FMT also provides clients with tailored property finance through first mortgages across the residential, commercial, industrial and retail property sectors in New Zealand. FMT has offices in Auckland, Tauranga, Wellington and Christchurch with over 70 staff members and is continuing to grow to meet market demand.
Find out more
Trying something new Branching out into specialist lending has been painted as a leap in the dark, and in the past, perhaps it was.
“The biggest barrier is confidence: ‘Will I get it right?’ ” says Jono Singh, business development manager at First Mortgage Trust (FMT). But now, robust support from non-banks like FMT means that rather than navigating unfamiliar territory alone, advisers can lean on experienced partners who understand both the technical requirements and the relationship dynamics involved.
“At FMT, we back you with real people, clear criteria and hands-on support. With us alongside you, specialist deals feel just as straightforward as bank ones,” says Singh.
Advisers agree that they can be reluctant to let go of the familiar apron strings of plain vanilla residential lending. “Advisers know residential lending inside and out, but once you step into commercial, business or development finance, the policies, processes and structures are different and very off-putting when there is no familiarity,” says Cameron Muggeridge, partner and mortgage adviser at Loan Market Central.
His observation reflects a common industry pattern: advisers often possess the technical capability to handle complex deals but lack the confidence to venture beyond their comfort zones. The fear of getting it wrong can be paralysing, particularly when reputations are built on consistent delivery.
Where opportunity lives The data tells a compelling story about where growth opportunities exist. While non-bank housing lending has declined over the last 18 months in line with the housing slump, total lending in the sector doubled from December 2019 to December 2023. Non-bank business lending increased 82% over the same period and has remained at steady levels despite the weak economy. These trends suggest clients are actively seeking alternatives to traditional bank products.
“Self-employed borrowers and property investors are leading the charge,” says Singh. “They’re looking for quick decisions, tailored solutions and lenders who take the time to understand their full financial picture – not just a credit score.”
The demand stems from fundamental changes in how people work and invest. The gig economy has produced countless self-employed professionals whose income streams don’t conform to traditional employment patterns. Meanwhile, property investors face increasingly complex regulations and financing requirements that mainstream banks struggle to accommodate efficiently.
“Advisers are seeing the strongest growth in near prime, commercial and self-employed segments,” Singh adds. “These aren’t one-off transactions; they’re repeat clients who value an adviser who can find a way to say yes when others say no.”
Technology as enabler The fear that artificial intelligence might replace human advisers misses a fundamental point about the nature of specialist lending. While AI excels at processing standard applications, complex lending decisions require judgement, empathy and creative problem-solving – distinctly human traits.
“AI can process data, but it can’t build trust or understand human complexity,” Singh explains. “Specialist lending is about nuance, and that’s where having a BDM in your corner makes all the difference. We don’t just crunch numbers; we workshop deals, ask the right questions and take the time to understand each situation.”
Muggeridge sees technology as a liberation rather than a threat. “Definitely, we’ve found diversification much more achievable in the last few years due to freeing up time with tech to assist on the admin front, and a process for streamlined assessment,” he says. “This has enabled us to spend more time advising and engaging with lenders, with their changing appetite due to funding levels in this space.”
The key insight is that technology handles routine tasks, freeing advisers to focus on relationship-building and complex problem-solving. This division of labour actually strengthens the case for human expertise in specialist lending, where standard algorithms cannot capture the full context of a borrower’s situation.
Breaking down the myths Perhaps the biggest obstacle to diversification lies in misconceptions about specialist lending itself. Many advisers view it as inherently riskier or more complicated than traditional bank products.
“The myth is that specialist lending is ‘hard’ or ‘risky’,” says Singh. “The reality is very different: with the right lender, it’s simply about matching the right client to the right solution. With our team by your side, the process feels just as straightforward and easy, only with more options on the table.”
This perception gap often prevents advisers from exploring
opportunities that could significantly expand their client base. The reality is that specialist lenders often provide clearer criteria and more personalised support than large institutional banks.
Successful diversification requires more than individual skill development; it demands a cultural shift within advisory businesses. Muggeridge has built this into his company’s operational model.
“What’s worked for us in our business is building a team culture where advisers don’t feel like they have to do everything alone,” he says. “We share knowledge across the group, and if someone is stronger in a certain area, they’ll collaborate on deals so clients still get the right outcome.”
This collaborative approach addresses the confidence issue while ensuring clients receive expert service, regardless of which adviser they initially contact. It also creates internal mentoring opportunities that accelerate skill development across the team.
Taking the first step For advisers ready to expand their capabilities, the path forward need not be overwhelming. Both industry veterans advocate starting small and building confidence through experience.
“My view on what would be the best starting point for diversification with lending is to start with finding a suitable mentor in the specialised fields and then get stuck into a commercial, business or development deal that you find uncomfortable due to lack of knowledge,” Muggeridge advises. “With your mentor’s support it will help give you the framework to build your skills from there. Just start.”
Singh offers an even simpler approach: “Start with one client you thought you couldn’t help last year. Bring the deal to us and see what’s possible. That first success builds the confidence to do more. Just pick up the phone; with a few basic details, we can quickly tell you if the deal is a good fit for both of us.”
The financial incentives for diversification extend beyond immediate transaction volume. Specialist lending often commands higher margins while creating stronger client relationships that generate ongoing referrals and repeat business.
“We’ve seen advisers grow their books significantly by adding specialist lending,” Singh says. “Clients remember the adviser who solved the problem no one else could, and that’s the kind of reputation that drives long-term growth.”
This reputation effect proves particularly valuable in an increasingly competitive market. As more advisers enter the industry and technology automates routine processes, the ability to solve complex problems becomes a key differentiator.
A recent survey of first home buyer intentions by Perceptive reveals the opportunity clearly: compared to 28% who will approach banks directly, only 9% currently consider non-bank lenders. This gap represents untapped potential for advisers who can confidently present specialist solutions.
An increasing number (44%) of new buyers also plan to use a mortgage adviser – many of these potential customers are likely unfamiliar with the different lending criteria offered by non-banks, or the fact that many non-bank lenders are not accessible to the public and only available through a mortgage adviser.
Building tomorrow’s practice The mortgage advice industry’s future belongs to practitioners who can serve clients across the full spectrum of lending needs. That doesn’t mean every adviser must become a specialist lending expert, but it does require openness to collaboration and continuous learning.
“Diversification isn’t optional any more; it’s essential,” Singh says. “Advisers who embrace specialist lending are thriving. Rely only on the banks and you risk missing a growing wave of clients who want flexible, tailored solutions.”
The challenge now is execution. With the right support structures, technology tools and a collaborative mindset, advisers can expand their capabilities without compromising service quality. The clients are waiting; the opportunities are real – the only question is who will seize them first.
Disclaimer First Mortgage Trust: Terms, conditions, fees and lending criteria apply. Lending is from the First Mortgage Trust Group Investment Fund. First Mortgage Managers Limited, the manager, is not a registered bank. Lending terms, conditions & fees apply.
PICTURE AN adviser staring at a client file that doesn’t fit the neat tick boxes of a bank’s lending criteria. The income is irregular, the assets complicated, the story unusual. That mismatch might once have meant a polite rejection. Today, it can mark the start of an opportunity.
Traditional bank lending, once the backbone of adviser business, increasingly fails to serve clients whose financial profiles don’t fit neat institutional boxes. From self-employed entrepreneurs to property investors with complex portfolios, borrowers are seeking solutions that banks simply cannot provide.
Advisers face a choice: stay tethered to familiar residential deals or step into the growing field of specialist lending. With support from non-bank partners offering clear criteria and hands-on assistance, diversification is no longer a risky gamble but a pathway to growth in a changing market.
Published 29 Sep 2025
Total sector lending by non-banks
Source: Reserve Bank of New Zealand, Non banks: Funding and claims by sector (T4)
Business
4,984
9,090
9,492
9,549
9,537
Housing
3,109
6,266
5,281
5,102
5,038
Dec 2019 ($m)
Dec 2023
($m)
Dec 2024
($m)
Mar 2025
($m)
Jun 2025
($m)
Source: Perceptive Pipe Dream or Possibility: Home Buying Intentions in 2025 report
Through a mortgage adviser
28%
44%
19%
9%
2%
5%
With financial help from parents or family
Through a
non-bank lender
Not sure
Other
Directly with a bank
How prospective first home buyers plan to arrange finance
“Advisers are seeing the strongest growth in near prime, commercial and
self-employed segments. These aren’t one-off transactions; they’re repeat clients who value an adviser who can find a way to say yes when others say no”
Jono Singh,
First Mortgage Trust
“At FMT, we back you with real people, clear criteria and hands-on support. With us alongside you, specialist deals feel just as straightforward as bank ones”
Jono Singh,
First Mortgage Trust
Fernando Lemos
Bank Australia
Industry experts
Mortgage advisers embrace specialist lending as client needs outgrow mainstream solutions
Beyond lending’s traditional boundaries
More
In Partnership with
Share
News
MORTGAGE INDUSTRY
BEST IN MORTGAGE
SPECIALTY
TV
Resources
US
CA
AU
NZ
UK
Jono Singh is a business development manager at First Mortgage Trust, based in Auckland and supporting advisers nationwide. With over 25 years of experience in lending, he works closely with advisers to deliver practical, flexible solutions. Known for his approachable style and trusted support, Singh helps advisers strengthen client relationships and build long-term loyalty. Whether residential, self-employed or commercial, he makes the lending process straightforward and collaborative. Got a deal to explore? Think FMT – give Jono or the team a call.
First Mortgage Trust
Jono Singh
Copyright © 1996-2025 KM Business Information NZ
Companies
People
Newsletter
About us
Authors
Privacy Policy
Conditions of Use
Terms & Conditions
Contact Us
Sitemap
RSS
First Mortgage Trust (FMT) is an investment fund manager specialising in property finance. For nearly 30 years, FMT has been helping New Zealanders protect and grow their wealth by providing consistent investment returns. Today, it has over $2 billion in funds under management and more than 7,000 investors nationwide. FMT also provides clients with tailored property finance through first mortgages across the residential, commercial, industrial and retail property sectors in New Zealand. FMT has offices in Auckland, Tauranga, Wellington and Christchurch with over 70 staff members and is continuing to grow to meet market demand.
Find out more
Trying something new Branching out into specialist lending has been painted as a leap in the dark, and in the past, perhaps it was.
“The biggest barrier is confidence: ‘Will I get it right?’ ” says Jono Singh, business development manager at First Mortgage Trust (FMT). But now, robust support from non-banks like FMT means that rather than navigating unfamiliar territory alone, advisers can lean on experienced partners who understand both the technical requirements and the relationship dynamics involved.
“At FMT, we back you with real people, clear criteria and hands-on support. With us alongside you, specialist deals feel just as straightforward as bank ones,” says Singh.
Advisers agree that they can be reluctant to let go of the familiar apron strings of plain vanilla residential lending. “Advisers know residential lending inside and out, but once you step into commercial, business or development finance, the policies, processes and structures are different and very off-putting when there is no familiarity,” says Cameron Muggeridge, partner and mortgage adviser at Loan Market Central.
His observation reflects a common industry pattern: advisers often possess the technical capability to handle complex deals but lack the confidence to venture beyond their comfort zones. The fear of getting it wrong can be paralysing, particularly when reputations are built on consistent delivery.
Where opportunity lives The data tells a compelling story about where growth opportunities exist. While non-bank housing lending has declined over the last 18 months in line with the housing slump, total lending in the sector doubled from December 2019 to December 2023. Non-bank business lending increased 82% over the same period and has remained at steady levels despite the weak economy. These trends suggest clients are actively seeking alternatives to traditional bank products.
“Self-employed borrowers and property investors are leading the charge,” says Singh. “They’re looking for quick decisions, tailored solutions and lenders who take the time to understand their full financial picture – not just a credit score.”
The demand stems from fundamental changes in how people work and invest. The gig economy has produced countless self-employed professionals whose income streams don’t conform to traditional employment patterns. Meanwhile, property investors face increasingly complex regulations and financing requirements that mainstream banks struggle to accommodate efficiently.
“Advisers are seeing the strongest growth in near prime, commercial and self-employed segments,” Singh adds. “These aren’t one-off transactions; they’re repeat clients who value an adviser who can find a way to say yes when others say no.”
Technology as enabler The fear that artificial intelligence might replace human advisers misses a fundamental point about the nature of specialist lending. While AI excels at processing standard applications, complex lending decisions require judgement, empathy and creative problem-solving – distinctly human traits.
“AI can process data, but it can’t build trust or understand human complexity,” Singh explains. “Specialist lending is about nuance, and that’s where having a BDM in your corner makes all the difference. We don’t just crunch numbers; we workshop deals, ask the right questions and take the time to understand each situation.”
Muggeridge sees technology as a liberation rather than a threat. “Definitely, we’ve found diversification much more achievable in the last few years due to freeing up time with tech to assist on the admin front, and a process for streamlined assessment,” he says. “This has enabled us to spend more time advising and engaging with lenders, with their changing appetite due to funding levels in this space.”
The key insight is that technology handles routine tasks, freeing advisers to focus on relationship-building and complex problem-solving. This division of labour actually strengthens the case for human expertise in specialist lending, where standard algorithms cannot capture the full context of a borrower’s situation.
Breaking down the myths Perhaps the biggest obstacle to diversification lies in misconceptions about specialist lending itself. Many advisers view it as inherently riskier or more complicated than traditional bank products.
“The myth is that specialist lending is ‘hard’ or ‘risky’,” says Singh. “The reality is very different: with the right lender, it’s simply about matching the right client to the right solution. With our team by your side, the process feels just as straightforward and easy, only with more options on the table.”
This perception gap often prevents advisers from exploring opportunities that could significantly expand their client base. The reality is that specialist lenders often provide clearer criteria and more personalised support than large institutional banks.
Successful diversification requires more than individual skill development; it demands a cultural shift within advisory businesses. Muggeridge has built this into his company’s operational model.
“What’s worked for us in our business is building a team culture where advisers don’t feel like they have to do everything alone,” he says. “We share knowledge across the group, and if someone is stronger in a certain area, they’ll collaborate on deals so clients still get the right outcome.”
This collaborative approach addresses the confidence issue while ensuring clients receive expert service, regardless of which adviser they initially contact. It also creates internal mentoring opportunities that accelerate skill development across the team.
Taking the first step For advisers ready to expand their capabilities, the path forward need not be overwhelming. Both industry veterans advocate starting small and building confidence through experience.
“My view on what would be the best starting point for diversification with lending is to start with finding a suitable mentor in the specialised fields and then get stuck into a commercial, business or development deal that you find uncomfortable due to lack of knowledge,” Muggeridge advises. “With your mentor’s support it will help give you the framework to build your skills from there. Just start.”
Singh offers an even simpler approach: “Start with one client you thought you couldn’t help last year. Bring the deal to us and see what’s possible. That first success builds the confidence to do more. Just pick up the phone; with a few basic details, we can quickly tell you if the deal is a good fit for both of us.”
The financial incentives for diversification extend beyond immediate transaction volume. Specialist lending often commands higher margins while creating stronger client relationships that generate ongoing referrals and repeat business.
“We’ve seen advisers grow their books significantly by adding specialist lending,” Singh says. “Clients remember the adviser who solved the problem no one else could, and that’s the kind of reputation that drives long-term growth.”
This reputation effect proves particularly valuable in an increasingly competitive market. As more advisers enter the industry and technology automates routine processes, the ability to solve complex problems becomes a key differentiator.
A recent survey of first home buyer intentions by Perceptive reveals the opportunity clearly: compared to 28% who will approach banks directly, only 9% currently consider non-bank lenders. This gap represents untapped potential for advisers who can confidently present specialist solutions.
An increasing number (44%) of new buyers also plan to use a mortgage adviser – many of these potential customers are likely unfamiliar with the different lending criteria offered by non-banks, or the fact that many non-bank lenders are not accessible to the public and only available through a mortgage adviser.
Building tomorrow’s practice The mortgage advice industry’s future belongs to practitioners who can serve clients across the full spectrum of lending needs. That doesn’t mean every adviser must become a specialist lending expert, but it does require openness to collaboration and continuous learning.
“Diversification isn’t optional any more; it’s essential,” Singh says. “Advisers who embrace specialist lending are thriving. Rely only on the banks and you risk missing a growing wave of clients who want flexible, tailored solutions.”
The challenge now is execution. With the right support structures, technology tools and a collaborative mindset, advisers can expand their capabilities without compromising service quality. The clients are waiting; the opportunities are real – the only question is who will seize them first.
Disclaimer First Mortgage Trust: Terms, conditions, fees and lending criteria apply. Lending is from the First Mortgage Trust Group Investment Fund. First Mortgage Managers Limited, the manager, is not a registered bank. Lending terms, conditions & fees apply.
PICTURE AN adviser staring at a client file that doesn’t fit the neat tick boxes of a bank’s lending criteria. The income is irregular, the assets complicated, the story unusual. That mismatch might once have meant a polite rejection. Today, it can mark the start of an opportunity.
Traditional bank lending, once the backbone of adviser business, increasingly fails to serve clients whose financial profiles don’t fit neat institutional boxes. From self-employed entrepreneurs to property investors with complex portfolios, borrowers are seeking solutions that banks simply cannot provide.
Advisers face a choice: stay tethered to familiar residential deals or step into the growing field of specialist lending. With support from non-bank partners offering clear criteria and hands-on assistance, diversification is no longer a risky gamble but a pathway to growth in a changing market.
Published 29 Sep 2025
Total sector lending by non-banks
Source: Reserve Bank of New Zealand, Non banks: Funding and claims by sector (T4)
Business
4,984
9,090
9,492
9,549
9,537
Housing
3,109
6,266
5,281
5,102
5,038
Dec 2019 ($m)
Dec 2023
($m)
Dec 2024
($m)
Mar 2025
($m)
Jun 2025
($m)
Source: Perceptive Pipe Dream or Possibility: Home Buying Intentions in 2025 report
Through a mortgage adviser
28%
44%
19%
9%
2%
5%
With financial help from parents or family
Through a
non-bank lender
Not sure
Other
Directly with a bank
How prospective first home buyers plan to arrange finance
“Advisers are seeing the strongest growth in near prime, commercial and
self-employed segments. These aren’t one-off transactions; they’re repeat clients who value an adviser who can find a way to say yes when others say no”
Jono Singh,
First Mortgage Trust
“At FMT, we back you with real people, clear criteria and hands-on support. With us alongside you, specialist deals feel just as straightforward as bank ones”
Jono Singh,
First Mortgage Trust
Share
Jono Singh
First Mortgage Trust
Industry experts
More
In Partnership with
Mortgage advisers embrace specialist lending as client needs outgrow mainstream solutions
Beyond lending’s traditional boundaries
News
MORTGAGE INDUSTRY
BEST IN MORTGAGE
SPECIALTY
TV
Resources
US
CA
AU
NZ
UK
Jono Singh is a business development manager at First Mortgage Trust, based in Auckland and supporting advisers nationwide. With over 25 years of experience in lending, he works closely with advisers to deliver practical, flexible solutions. Known for his approachable style and trusted support, Singh helps advisers strengthen client relationships and build long-term loyalty. Whether residential, self-employed or commercial, he makes the lending process straightforward and collaborative. Got a deal to explore? Think FMT – give Jono or the team a call.
First Mortgage Trust
Jono Singh
