17/04/2013 - 15:41

Macquarie buys into Homeloans

17/04/2013 - 15:41

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Macquarie buys into Homeloans
Homeloans founders Tim Holmes and Rob Salmon, seen here in 2005.

Macquarie Bank paid $20 million for a one fifth stake in Perth-based financial services group Homeloans.

Macquarie bought the 19.84 per cent stake in the mortgage broker from financial services firm Challenger Group last week and announced the purchase yesterday.

National Australia Bank owns 17 per cent of Homeloans.

Homeloans started out as WA Homeloans, founded by Rob Salmon and Tim Holmes, who both remain on the board. They listed the companu in 2001 to fund its national expansion.

Mr Holmes's beneficial interest of 12.8 million shares is valued at $12.2 million at today's 95 cent close. Mr Salmon's 12.5 million share interest is worth about $11.9 million. 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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