Tuesday, January 25 2022

The three aggregators officially joined Loan Market Group today, after finalizing their sale to NAB.

The Loan Market group agreement acquire 100% of the three broker aggregation activities (Choice Aggregation Services, FAST and PLAN Australia) of National Australia Bank (NAB) has been officially finalized.

Last Friday (February 26) was the last day of the three groups operating under NAB, Today (March 1) marks the first working day on which the three aggregators are part of the newly expanded Loan Market group.

The four aggregation brands will continue to operate under their own brands and under the direction of their existing leaders, Sam White (Loan Market), Stephen Moore (Choice), Brendan Wright (FAST) and Anja Pannek (PLAN).

The existing platforms for brokers, MyCRM and Podium, will continue to operate separately without immediate change.

As part of the acquisition, business owners may switch between the business models that suit them.

The purchase of the three networks from NAB makes Loan Market one of Australia’s largest aggregators, with more than 5,000 mortgage brokers.

It also operates in New Zealand, having acquired New Zealand wholesale mortgage aggregation company Allied Kiwi in 2012 (to form New Zealand Financial Services Group), and Kepa Aggregation in 2020.

‘Options for every broker’

Speaking after the deal was reached, Loan Market Executive Chairman Sam White said: “To date, a greater portion of mortgage brokers are working in the market without any ownership affiliation with banks, and we believe this is a great result for customers.

“Being a 100% family business – not bank owned – resonates with Australians, especially in a post-DIS world. We are seeing this with clients voting with their feet, as broker market share continues to climb. ”

Mr. White added that the acquisition provided certainty for incoming broker networks and more choice for the industry.

“In an uncertain world, our brokers can count on Loan Market Group for a stable hand and business to partner with. We have been in brokerage for 27 years, and my family in the real estate and financial services industry for over 119 years. We’re not going anywhere.

“As of today, Loan Market Group is the premier retail finance aggregator and the premier wholesale finance aggregator. We have options for every broker, every specialty and every budget. We will continue to refine and improve the offerings to brokers. “

Mr. White added that “the scale of the purchase” would allow Loan Market Group “to invest more in technology, innovation and compliance solutions to enable our brokers to deliver exceptional customer experiences. “.

The CEOs of Choice, FAST and PLAN all welcomed the new shareholder base and looked forward to the future leadership of the group.

Stephen Moore, CEO of Choice, said, “It will be the best of both worlds for Choice members.

“The entire Choice team continues, which means the same great service and support and a constant focus on helping brokers build successful businesses.

“It also means that we will now be able to operate at a faster pace, which means being even more responsive to the needs of brokers.”

Meanwhile, Brendan Wright, CEO of FAST, said, “Our brokers will have access to unmatched resources, which will enable us to elevate a clearly differentiated value proposition for financial brokerage firms in an evolving financial services landscape. rapidly evolving, backed by a well-established network of leadership and support. within the Loan Market group, all with a wealth of experience in our dynamic sector. “

Likewise, Anja Pannek, CEO of PLAN Australia, said she was “incredibly excited” that “the voice of the group as an advocate for our industry, our members and their customers will be strengthened”.

“Partnering with our members to grow their business remains our main goal at PLAN Australia and I look forward to improving it even further in the future,” she said.

Looking to the future, the Executive Chairman of Loan White concluded, “We believe deeply in the mortgage brokerage industry and the value our industry brings to Australians, and Loan Market Group will continue to invest in it.”

“Loan Market Group’s mission is to be the best aggregator in the world. We are the home of every good broker who is committed to delivering the best results for clients. We are the voice of brokers. Amplify 5,000 brokers with regulators, politicians and lenders. ”

Loan Market Group is part of the 119-year-old White Family group, which includes the large real estate company Ray White.

The Loan Market / NAB-owned aggregator purchase contract is not the only one to change the structure of aggregation groups this year.

The process is underway to create the largest aggregation entity merged into the brokerage through the project $ 120 million merger between AFG and Connective, despite some delays. Once finalized, the combined group would see listed aggregator company ASX AFG acquire the assets and liabilities of the Connective Group to create a major national mortgage distribution network, with more than 6,575 brokers.

[Related: What the Loan Market/NABregators deal means for brokers]

Choice, FAST, PLAN join Loan Market Group

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Last updated: March 1, 2021

Publication: March 1, 2021

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Annie kane

Annie kane

Annie Kane is editor-in-chief of The Adviser and Mortgage Business.

In addition to writing about the Australian brokerage industry, mortgage market, financial regulation, fintechs and the broader credit landscape – Annie is also the host of Elite Broker and In Focus podcasts and The Adviser Live webcasts. .

Email Annie at: This e-mail address is protected from spam. You must enable JavaScript to view it.


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