Lending Room

Lending Room: loan brokerage in New Zealand

Lending Room is an independent financial broker based in Auckland, New Zealand, operating under the trading name Lending Room and registered as a financial service provider (FSP486566). Its activity consists of intermediating between loan applicants and a network of more than twenty vetted New Zealand lenders, including non-bank entities and specialist finance providers. The company presents itself as an alternative to applying directly to each entity, as it allows the user to complete a single application and receive offers from several lenders.

Brokerage model and application process

The process described by the company is structured in three steps. First, the applicant completes a single form of about five minutes indicating the amount, purpose and basic situation. Then, Lending Room performs a soft credit check and compares the profile with the lenders on its panel to select the option that, in its judgement, offers the best overall package in terms of rate, term and fees. Finally, the team supports the client during approval and explains the total cost of the offer before the client decides whether to proceed. The company notes that there is no obligation to continue at any stage of the process.

The company states that most applicants receive an assessment the same business day and that funding can also be arranged the same day if approval and all documentation, including bank statements, have been submitted before 12:00 on a business day.

Available loan products

Lending Room's catalogue covers various personal and business financing purposes. Among the options it details are:

• Personal loans, secured or unsecured, for almost any purpose.
• Car loans, for both new and used vehicles, purchased from a dealer or private sale.
• Debt consolidation, which combines several debts into a single fixed-rate loan with one repayment.
• Home renovation loans, without needing to use your mortgage.
• Boat and jetski loans, including trailers and motors, for purchases from private sellers or dealers.
• Medical and dental loans, covering elective surgery, dental treatment, fertility treatment and urgent medical costs.
• Travel loans, with a fixed rate and a planned repayment schedule.
• Loans for open or employer-specific work visa holders, with a minimum of 13 months remaining and income earned in New Zealand.
• Secured loans, which allow access to larger amounts or better rates by using an asset as collateral.
• Business loans, aimed at working capital, equipment financing or growth.

Loan conditions

According to the published information, loan amounts range from NZ$3,000 to NZ$250,000, with terms from 6 to 84 months. Annual interest rates (AIR) range from 8.99% to 29.95%. The minimum rate of 8.99% is offered to applicants with strong credit profiles and secured loans; unsecured loans start from 10.99%. The company clarifies that the final rate depends on the credit profile, amount, term and security provided.

Lending Room states that its initial check is a soft enquiry that does not affect the credit score. A hard check is only performed later, with the client's consent, when the client decides to accept a specific lender's offer.

Costs and transparency

The company details that, if the loan is finalised, a broker and introducer fee of up to NZ$1,500, GST inclusive, applies. In addition, lender establishment fees of up to $450 may apply, depending on the lender. Lending Room states that all costs are disclosed before the client commits and that it only charges when the loan goes ahead.

Regulatory framework and supervision

Lending Room is registered as a financial service provider with number FSP486566 and operates as a New Zealand broker registered on the FSPR. The company declares that it is subject to the responsible lending principles set out in section 9C of the Credit Contracts and Consumer Finance Act 2003 (CCCFA) and supervised by the Commerce Commission. In its communication, it emphasises that it acts in the client's interest and not the lender's.

Differences compared to applying directly

The company contrasts its model with going directly to lenders. It notes that applying for loans directly involves one application per lender, each with its corresponding hard check, which can affect the credit score if several are accumulated in a short time. In contrast, Lending Room offers a single application, a soft check and access to its panel of lenders, including some specialist providers that do not deal directly with consumers. The company also mentions that its approach allows comparing offers from several entities in parallel.

Ratings and presence

The website shows a rating of 5.0 based on more than 1,280 reviews from New Zealand users, distributed between Trustpilot (more than 1,070 reviews) and Google (more than 210 reviews). The company is headquartered at Level 8, 57 Fort Street, Auckland, and is open during office hours Monday to Friday, 8:30 to 17:00.

Location and contact

Level 8 57 Fort Street Auckland · Phone: 09 928 6800 · Email: info@lendingroom.co.nz · Hours: Mo,Tu,We,Th,Fr 08:30-17:00