New leader announced as brokerage expands South Island presence
Squirrel has announced it has acquired a majority stake in NZ Mortgages, a leading Christchurch-based mortgage brokerage, with the businesses set to merge under the Squirrel brand.
Already New Zealand’s largest independent mortgage broker, this is the second major acquisition for Squirrel in recent years, following its merger with Wellington mortgage advisory business The Home Loan Shop in 2022.
Squirrel CEO David Cunningham (pictured above left) said this latest move marks an important next step on the company’s mission of becoming an iconic New Zealand brand with a nationwide presence and helping Kiwis access an easier way of getting a home loan.
“With our roots in Auckland, and now a strong presence in Wellington, the South Island was the natural next opportunity for growth,” said Cunningham, who joined the company in 2022.
“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.”
NZ Mortgages leader set to join Squirrel
With NZ Mortgages a well-known name in its own right, Cunningham praised the company’s founder, Nathan Miglani (pictured above centre), who is an award-winning mortgage adviser.
“Nathan’s built an exceptional company over the last few years – and one which shares a lot of the same values that underpin how we operate at Squirrel,” said Cunningham.
“It’s awesome to be partnering with him and the rest of the NZ Mortgages team on this next phase of our journey.”
With the acquisition in process, Miglani is set to join the Squirrel Mortgages leadership team.
Having already grown by 50% in the last year, Squirrel said Miglani will be responsible for growing the Squirrel brand’s presence and market share in Christchuch and throughout the South Island.
Miglani said this partnership was 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,” he said.
“I’m thrilled to be part of this next chapter and to help shape a new direction for the industry.”
Squirrel: One in 20 NZ mortgages
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 one 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.
Squirrel founder John Bolton (pictured above right) also praised the move.
“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,” Bolton said.
“Between our systems and experience, and NZ Mortgages’ intimate knowledge of the Christchurch market, we’re excited to see what’s possible.”
