15 Aug 2008

Lower profit forecast by housing financier

12:52 pm on 15 August 2008

New Zealand Finance is picking the slowdown in the housing market and the global credit crunch will have an impact on its profitability for the current financial year.

The residential property financier expects full year profit to be about $2 - $2.5 million dollars for the March year, down from $3.8 million this year.

However, managing director John Callaghan says New Zealand Finance has significant unused funding lines to take advantage of any uplift in activity in the housing market.