The owner of real estate group Ray White has expanded its interest in financial services after announcing the purchase of NAB's mortgage aggregators.
The owner of real estate group Ray White has expanded its interest in financial services after announcing the purchase of NAB's mortgage aggregators.
National Australia Bank is selling PLAN Australia, Choice and FAST to Sydney-based Loan Market Group for an undisclosed sum.
The family-owned business was founded by Sam White, of the White Family Group, in 1994.
Loan Market has since grown to a panel of 62 lenders that support more than 600 brokers across Australia and New Zealand, along with a further 850 brokers trading under their own brand.
The group says it writes more than $36 billion in loans each year.
It will gain more than 4,100 brokers under PLAN, Choice and FAST, which will each run independently.
Mr White said Loan Market could now offer more options to its members.
“It will empower our business owners to divide which value proposition and support structure they need to thrive,” he said.
“The scale of the purchase will also allow us to further invest in technology, innovation and compliance-driven tech to benefit more brokers and, importantly, their clients.”
The acquisition is expected to complete early next year.
NAB, which recently completed a strategic review of its mortgage aggregators, said it would now focus on its core banking business.
Personal banking executive Rachel Slade said NAB would still be connected to the broker market through broker originated lending.
She said brokers played a significant role in the lending market and enabled access to credit for many Australians.
“As the broker market evolves it is the right time for us to exit broker aggregation and focus on lending at NAB,” Ms Slade said.
“Loan Market Group brings strong credentials and will enable brokers to continue building their businesses and delivering for customers.
“NAB looks forward to continuing our strong relationship with Loan Market Group as the bank behind the broker.”
The White family also owns mortgage aggregation business New Zealand Financial Services Group, which it purchased in 2012, and Ray White, established in 1902.
The real estate group is now jointly led by third generation family members Brian and Paul White.
Choice chief executive Stephen Moore said the White family was an Australian success story.
“It is a family-owned and run business with a fantastic culture we expect will resonate well with Choice members, and that aligns with our focus on providing exceptional service and support,” he said.
PLAN chief executive Anja Panneck said she was thrilled with the acquisition.
“This will enable PLAN Australia to continue to deliver our leading premium aggregation offering and in doing so, partner and support our members in this dynamic industry, with the additional insights of the Loan Market Group.”
FAST Group chief executive Brendan Wright said the deal would allow the business to continue to support its brokers with “a clearly differentiated value proposition for finance broking businesses in a rapidly evolving financial services landscape”.
