On Friday 20th September, Squirrel and NZ Mortgages leadership teams signed a deal to see Squirrel acquire a majority stake in the leading Christchurch-based mortgage firm. This follows their acquisition of Wellington-based firm The Home Loan Shop in 2022, with their rebrand to Squirrel occurring earlier this year.
Squirrel CEO, David Cunningham, says this latest move marks an important next step on our mission of becoming an iconic New Zealand brand with a nationwide presence.
“With our roots in Auckland, and now a strong presence in Wellington, the South Island was the natural next opportunity for growth. And when you’re looking to establish a brand presence in any new market, you can’t beat having an established team on the ground who already has all the local knowledge.
Managing Director and Senior Adviser Nathan Miglani will join the Squirrel leadership team to grow the brand's presence in the South Island, while retaining the award-winning levels of service that NZ Mortgages delivers to its clients. Says Miglani, “This partnership is about more than just a joining of forces—it's the chance to create something bigger and better for New Zealand’s mortgage industry. Together, we’ll be able to offer new and innovative mortgage and funding solutions that otherwise wouldn’t be possible, better serving clients both in Christchurch, and across the South Island. I’m thrilled to be part of this next chapter and to help shape a new direction for the industry.”
Squirrel founder, John Bolton, says “Delivering an exceptional customer experience has always been our first priority—and we’ve invested heavily in our technology over the years to enable us to achieve that goal. Between our systems and experience, and NZ Mortgages’ intimate knowledge of the Christchurch market, we’re excited to see what’s possible.”
The merger will see Squirrel's Advisory team grow to over 50 people—including 33 in Auckland, 10 in Wellington and 10 in Christchurch—responsible for originating over $3 billion in mortgages each year, or 1 in every 20 new mortgages in New Zealand by value.
Squirrel and NZ Mortgages will continue to operate as separate brands until early 2025, with the immediate focus on integrating systems to tap into the best of both worlds, ultimately operating under the Squirrel brand.
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