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Melbourne, Australia

Mortgage Choice acquires

Australian Franchise News – 18-10-10


Australia’s largest independently-owned mortgage broker, Mortgage Choice, is pleased to announce its purchase of one of Australia’s top websites for home loan leads sold to mortgage brokers,

It is the broker’s second acquisition in 11 months, the first being mortgage aggregator LoanKit.

The comparison website generates tens of thousands of home loan leads annually from potential home loan customers, which are distributed to over 60 professional mortgage broking firms including Mortgage Choice, as well as a number of lenders. It also receives life and health insurance leads via two recently launched portals.

Mortgage Choice CEO Michael Russell said, “The purchase marks an exciting strategic investment for the company given that over 70% of our home loan leads are currently sourced online.”

“This proportion will only rise further as the internet continues to strengthen as the preferred information source for potential and existing home loan customers.

“ will continue to operate as a standalone business, maintaining the strong relationships it enjoys with its existing clients while continuing to add new clients.

“The comparison website has a unique business model, one that customers and brokers alike embrace. Its visitors are active in the home loan market and are often seeking engagement with an expert to discuss their specific home loan requirements. This delivers brokers a high volume of leads that convert into new loans.

“Its core proposition remains: providing a service to consumers that is unswayed by the needs or views of affiliated brokers and lenders. The same team will run it with the same backend systems.” founder Dr Adir Shiffman said, “This is a great opportunity for our business. After growing at more than 100% per annum for the last couple of years, we were seeking a business partner that could help us take the next step. Mortgage Choice was the standout for their understanding of the space and their ability to support us, while taking a hands-off approach to operations.” COO Justin Hanka, former COO for iSelect, added, “I’m pleased to see move into the Mortgage Choice stable. The partnership will prove invaluable. While the comparison space is very competitive, I have experienced firsthand that if done well it can be extremely lucrative. is as promising as anything I have ever been involved in. I?m excited about our future and what we plan to achieve in the years to come.”

Mr Russell said, “Mortgage Choice’s overriding strategy is to continue to increase our home loan market share. is a clear market leader in its space, and gives us security around our access to high quality online leads. This purchase shows Mortgage Choice is still actively seeking growth opportunities through acquisitions and if the opportunity to buy a great business arises we will pursue it.”

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