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E-Loan -- NZ yes, Australia no?

By Phil Boeyen, ShareChat Business News Editor

Tuesday 5th September 2000

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The home loan service of listed tech company, e-Ventures, is ploughing ahead with further online developments despite rumblings of tough times across the Tasman.

E-Loan New Zealand says it is adding the ability to chat live with a consultant at its website, and has also added the ability to access the site with WAP (Wireless Application Protocol) hardware.

It is also offering home loan products from six new lenders, bringing to the total number of lenders to 24.

Since it launched its website in June, E-Loan New Zealand says it has received over 250 home loan applications.

However it appears to be a different story in Australia, where a media report claims the brand is struggling, and the company there says it is "re-evaluating" E-Loan.

It's believed E-Loan Australia has spent millions on television advertising but online borrowers have not been knocking on its doors.

The media report says the Nasdaq-listed E-Loan reported a net loss of $US47.9 million for the six months to June 2000, with the company saying it expected this level of loss to continue for the foreseeable future.

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