Yes Percy all good and accurate points but I think Peat and Snoopy make a fair point that these mortgages are capital intensive with no immediate repayments. But on the other hand, the term is very short (before the mortgage is FULLY repaid) and I think that is a fact many are overlooking. Having split this business from the bank in NZ, allowing them to diversify borrowing in the current low interest environment makes this a great business to be invested in.