Tasman mortgage loans

A 70-year-old retired Christchurch womans occupation was described as self-employed on a mortgage application form so she could get a loan to invest in Blue Chip.

Her son, a mortgage industry professional, believes the same thing happened to hundreds of other people, enabling them to get loans through Tasman Mortgages that they should never have qualified for. Tasman was owned by Blue Chip at the time many of the loans were written.

Darryl Philpott is co-ordinating a group of people who are now struggling to pay those loans following the collapse of the Blue Chip property investment scheme.

The stories I'm being told from everyone over [in] New Zealand is that their Blue Chip adviser did the application for them, they were told they had to be self-employed otherwise [they] couldn't get the loan through.

Philpott knows of a truck driver who listed his occupation correctly on the application form, only to be told by his Blue Chip adviser that it would have to be changed to self-employed to get the loan approved.

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