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In Brief: RAC out of home lending

ROYAL Automobile Club of WA has exited the home lending business it entered five years ago, selling its 1,800-mortgage-loan portfolio to Adelaide-based credit union Australian Central for an undisclosed sum. RAC general manager membership and retail Michael Heath said the company had reviewed its presence in the home lending market about three months ago and put the business on the block in mid-April. He said the not-for-profit organisation had entered the mortgage market in 2003 after ending a joint venture with Australian Finance Group Ltd, now Australia’s biggest mortgage broker. But the business had not taken off. The sale of RAC’s Mortgage Find business, with more than $306 million of mortgages under advice, is the subject of due diligence, and is expected to be completed by the end of June.

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