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The REA Group is in talks to take over one of Australia’s biggest mortgage brokerage businesses.
In a statement to the ASX, the digital advertising and property platform business has announced a proposal to acquire Mortgage Choice Limited.
According to the REA Group, the deal “will accelerate REA’s financial services strategy to create a leading mortgage broking business with scale”.
Commenting on the announcement, REA Group CEO Owen Wilson said the proposed acquisition of Mortgage Choice is “an exciting development that will bring together our well-established Smartline business and franchisee network with the complementary Mortgage Choice organisation and its significant broker footprint”.
He expressed that together with REA’s Smartline business, “having Mortgage Choice join the REA network will enable us to provide our audience with an even greater number of expert brokers to meet their financing needs”.
Weighing in on the move, Smartline’s CEO, Sam Boer, considered that, “like Smartline, Mortgage Choice is grounded in strong values, a commitment to innovation [and] value-added client services”.
Highlighting Mortgage Choice’s “talented and passionate team”, Mr Boer said Smartline is “looking forward to working with a like-minded organisation and welcoming Mortgage Choice into the REA family”.
“Between now and the completion of the acquisition, there will be no change to the service, support or products our clients receive from Smartline,” the CEO stated.
“Once the transaction completes, we look forward to working with Mortgage Choice to add further value to our clients, franchisees and business partners.”
The REA Group has flagged that the transaction is still subject to conditions being met, including Mortgage Choice shareholder and regulatory approvals.
ABOUT THE AUTHOR
Grace Ormsby
Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.
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