- Acquisition announcement was made back in March
- Acquisition will result in the REA Group having a loan book of over $84 billion
The REA Group has announced the successful acquisition of Mortgage Choice Limited, following the initial announcement to the ASX in late March regarding the transaction.
The acquisition will result in the Group having more than 940 brokers, over 720 franchises and over 40 lending partners with a loan book of over $84 billion.
“We are excited to be bringing together our two strong businesses. The combination of our Smartline and Mortgage Choice businesses will allow REA to accelerate our financial services strategy,” said REA Group CEO Owen Wilson.
“We see considerable growth opportunities that will deliver increased value to our Smartline and Mortgage Choice broker network, clients and business partners.
Owen Wilson, REA Group CEO
“We look forward to providing Australians with even greater choice and flexibility when it comes to catering for all their home-financing needs.”
Sam Boer, Smartline CEO, added that the acquisition provided “perfect ingredients” to formulate a stronger market-leading position.
“Bringing Mortgage Choice into the REA family will provide us with greater national broker coverage and strengthens our ability to help more Australians finance their next property,” said Mr Boer.
Susan Mitchell, Mortgage Choice CEO, said the company was excited to be joining REA and is optimistic about the opportunity to leverage the vast consumer audience enjoyed by REA’s dominant online (realestate.com.au) platform.
“We look forward to evolving our combined service offerings to deliver superior value across all our stakeholder groups.”
Over the next few months, both REA and Mortgage Choice’s management teams will facilitate the transition and integration. This includes support to Mortgage Choice’s franchise network, brokers, clients and business partners.
