Mortgage Choice
 | |
| ASX: REA | |
| Founded | 1992 |
| Founder | Rodney Higgins & Peter Higgins |
| Fate | Acquired by REA Group |
| Headquarters | , |
Area served | Australia |
Key people | Vicki Allan (Chairman) Anthony Waldron (CEO) |
| Services | Mortgage broking |
| Website | www.mortgagechoice.com.au |
Mortgage Choice Limited, commonly known as Mortgage Choice, is an Australian mortgage broking firm.
Mortgage Choice is a current member of the Franchise Council of Australia[1] as well as the Mortgage & Finance Association of Australia;[2] and holds a credit licence (number 382869) issued by ASIC.[3]
Mortgage Choice was listed on the Australian Securities Exchange until it was acquired by REA Group in 2021.[4]
History
[edit]The company was founded in 1992 in Sydney by Rod Higgins and Peter Higgins.[5] After two years in operation, the company became a franchisor in 1994 by selling its first franchise license in Wollongong. That grew to a national footprint in 1996.
In 1998 Mortgage Choice launched a website and ran its first TV advertisement one year later.
In 2004, the company officially listed on the Australian Stock Exchange.
In 2008, it launched a diversified product offering, commencing with mortgage protection insurance; in 2011 that offering runs across commercial and personal loans, asset finance and risk and general insurances.
In 2009, Mortgage Choice acquired mortgage aggregator LoanKit.[6] This re-launched in 2010 as the company's aggregation arm.
In 2010, Mortgage Choice acquired Australian home loan and insurance comparison website HelpMeChoose.com.au;[7] and launched its first white label product bluegum™ home loans.[8]
In 2012, Mortgage Choice launched Mortgage Choice Financial Planning.[9]
In 2016, Mortgage Choice expanded its product offering by launching a branded asset finance offering.[10]
In 2018, Mortgage Choice announced the introduction of a new franchisee remuneration model that would give franchisees a bigger share of trail commissions, via a system in which franchisees can receive commissions based on either their new lending, or existing loans.[11]
In 2021, Mortgage Choice was acquired by REA Group, amalgamating the lesser-known REA Group-owned Smartline broker franchise into the Mortgage Choice brand. The acquisition increased Mortgage Choice's presence to 940 brokers & 720 franchises across Australia, as well as increasing the total lending partners to 40 .[12]
Operations
[edit]In Australia, Mortgage Choice is a national financial services company with a customer base in excess of 350,000 and a residential home loan panel of over 40 lenders.[13]
The head office is in Sydney, with state offices in Brisbane, Melbourne, Adelaide and Perth.
References
[edit]- ^ "Current FCA Members". Franchise Council Australia. Retrieved 4 July 2011.
- ^ "Find An MFAA Member". MFAA. Retrieved 4 July 2011.
- ^ "ASIC Connect".
- ^ "REA Group-Mortgage Choice acquisition gets approved". The Adviser. 27 May 2021.
- ^ "Mortgage Choice About Us". Mortgage Choice. Retrieved 4 July 2011.
- ^ "Mortgage Choice acquires Loankit". Business Spectator. Retrieved 4 July 2011.
- ^ "Mortgage Choice acquires HelpChooseMe". Smart Company. Retrieved 4 July 2011.
- ^ "Mortgage Choice launches bluegum home loans". Predictive Text. Retrieved 4 July 2011.
- ^ "Mortgage Choice ready with financial planning offer". Franchise Business. 28 October 2015. Retrieved 8 April 2018.
- ^ AB. "Franchise launches branded asset finance arm". Australian Broker. Retrieved 8 April 2018.
- ^ Ferguson, Clancy Yeates, Adele (12 July 2018). "Mortgage Choice profit to take a hit as it overhauls franchisee pay model". The Sydney Morning Herald. Retrieved 28 August 2018.
{{cite web}}: CS1 maint: multiple names: authors list (link) - ^ Mortgage Choice. "REA Group completes acquisition of Mortgage Choice Limited". Mortgage Choice. Retrieved 8 June 2021.
- ^ "About Mortgage Choice". Mortgage Choice. Retrieved 8 April 2018.