July 01, 2021
REA Group today announced it has successfully completed the acquisition of Mortgage Choice Limited following the initial announcement to the ASX on 29 March 2021 regarding the transaction.
The combined businesses will have a significant national broker footprint in Australia’s $400+ billion annual home loan market1 with more than 940 brokers, more than 720 franchises, over 40 lending partners and a loan book over $84 billion dollars.
REA Group Chief Executive Officer, Owen Wilson commented that he was delighted to welcome the Mortgage Choice team to REA. “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.
“We see considerable growth opportunities that will deliver increased value to our Smartline and Mortgage Choice broker network, clients and business partners. We look forward to providing Australians with even greater choice and flexibility when it comes to catering for all their home-financing needs.”
Smartline Chief Executive Officer, Sam Boer added that the acquisition would provide the perfect ingredients to create an even stronger value proposition and 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.”
Mortgage Choice Chief Executive Officer, Susan Mitchell added: “We are excited to be joining REA and the opportunity to leverage REA’s vast consumer audience who turn to realestate.com.au for all their property and home financing options. We look forward to evolving our combined service offerings to deliver superior value across all our stakeholder groups.”
Over the coming months REA and Mortgage Choice management teams will work to ensure a smooth transition and integration, while delivering the same levels of industry leading service and support to its franchisee network, brokers, clients and business partners.