Powered by MOMENTUM MEDIA
realestatebusiness logo

Breaking news and updates daily. Subscribe to our Newsletter!

Home of the REB Top 100 Agents
Breaking news and updates daily. Subscribe to our newsletter

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Mortgage Choice officially in the hands of REA

By Grace Ormsby
02 July 2021 | 1 minute read
Mortgage Choice officially in the hands of REA

As of 1 July 2021, REA Group is now the proud owner of Mortgage Choice Limited.

REB first reported that REA Group was in talks to take over the mortgage brokerage business back in March. 

Early last month, shareholders of Mortgage Choice Limited voted in favour of the acquisition, which cleared one of the hurdles to the takeover taking place. 

Advertisement
Advertisement

Since then, REA Group has received all of the permissions it needed to successfully complete the transaction, including from the Supreme Court of New South Wales, with the scheme of arrangement then implemented on 1 July 2021.

As a result, REA Financial Services Holding Co. Pty Ltd has acquired 100 per cent of the shares in Mortgage Limited. Representing an enterprise value of approximately $244 million, the scheme consideration was $1.95 per share.

In a statement to the ASX, REA Group CEO Owen Wilson said the completion of the acquisition “represents an exciting milestone for our combined businesses”.

It means REA Group now has “a significant national broker footprint”.

According to a statement, this footprint includes more than 940 brokers, more than 720 franchises, over 40 lending partners and a loan book over $84 billion.

Mr Wilson added that the “combination of our Smartline and Mortgage Choice businesses will allow REA to accelerate our financial services strategy”.

“We see considerable growth opportunities that will deliver increased value to our Smartline and Mortgage Choice broker network, clients and business partners,” he said.

“We look forward to providing Australians with even greater choice and flexibility when it comes to catering for all their home-financing needs.”

According to Smartline’s CEO, Sam Boer, the business will be able to create “an even stronger value proposition and market-leading position”, thanks to the incorporation of Mortgage Choice.

He said: “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.”

Susan Mitchell, the CEO of Mortgage Choice, has considered the move into the REA Group as an “opportunity to leverage REA’s vast consumer audience”.

“We look forward to evolving our combined service offerings to deliver superior value across all our stakeholder groups,” she said.

It was reported that the REA and Mortgage Choice management teams will work together over the coming months “to ensure a smooth transition and integration”.

Mortgage Choice officially in the hands of REA
OwenWilson 850x400 dec2018
lawyersweekly logo

Tags:

ABOUT THE AUTHOR


Grace Ormsby

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.

Rankings
rankings
JUST RELEASED
May 09, 2022

REB Top 50 Women in Real Estate 2022

REB is thrilled to present the Top 50 Women in Real Estate 2022 ranking, which sets t ... LEARN MORE

rankings
JUST RELEASED
May 04, 2022

REB Top 100 Agents 2022

Now in its second decade, the REB Top 100 Agents 2022 rankings are the most revered s ... LEARN MORE

rankings
JUST RELEASED
May 02, 2022

REB Top 50 Agents NSW 2022

Even a pandemic has not put the brakes on the unstoppable property market in NSW, whi ... LEARN MORE

rankings
JUST RELEASED
April 27, 2022

REB Top 50 Agents VIC 2022

The COVID-19 crisis has not deterred the property market in Victoria, which has been ... LEARN MORE

rankings
JUST RELEASED
April 25, 2022

REB Top 50 Agents QLD 2022

As the property market continues to roar in Brisbane and Queensland, the REB Top 50 A ... LEARN MORE

Coming up

rankings rankings
Do you have an industry update?

top suburbs

12 month growth
Mirador
103.33%
Bawley Point
98.13%
Walla Walla
90.7%
Byron Bay
86.67%
Kiama Heights
85.93%
Greta
84.14%
Nulkaba
81%
South Hobart
78.78%
Diddillibah
76.25%
Lennox Head
73.98%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.