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.

Add your comment

BNIQ sponsored byECU School of Business and Law


6th-Australian Institute of Management WA20,000
7th-Murdoch University16,584
8th-South Regional TAFE10,549
9th-Central Regional TAFE10,000
10th-The University of Notre Dame Australia6,708
47 tertiary education & training providers ranked by total number of students in WA

Number of Employees

BNiQ Disclaimer