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Homeloans acquires mortgage originator for $16m

One of the first mortgage originators in the country, Perth-based Homeloans Ltd has acquired Melbourne-based mortgage originator Independent Mortgage Corporation for approximately $16 million.

The purchase will be debt financed and comprises of an upfront payment of $13 million and a deferred component payable in July next year.

IMC is a successful Melbourne based mortgage originator of managed and brokered loans with long term established customer and funder relationships.

Homeloans managing director Brian Jones said that the acquisition is part of Homeloans' longer term strategic intent to increase its presence in the non-bank lender market.

Mr Jones went on to add that the acquisition will increase Homeloans loan book by almost 25 per cent increase Homeloans'penetration in the Victorian market, especially in the retail space; and provide a new and different delivery channel for its products and services.

IMC employs approximately 27 full time and consultant staff and Homeloans has retained the services of IMC's two principals until 30 June next year to assist in the assimilation of IMC with Homeloans.

The acquisition will be earnings accretive for Homeloans.

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