Mortgage Choice, a publicly-listed mortgage-broking firm, has received a proposal for acquisition from REA Group. REA said that the choice would help accelerate REA’s plans for its own mortgage broking business.
REA Group released a statement to the ASX about the proposal to Mortgage Choice. The statement said the move is in-line with REA’s Smartline business, a mortgage broking operation that was announced a year ago. Mortgage Choice would do nothing but aid in REA’s commitment to offering the best mortgage options for its customers.
Smartline CEO Sam Boer added:
“Like Smartline, Mortgage Choice is grounded in strong values, a commitment to innovation, value-added client services, and has a talented and passionate team.
“We are looking forward to working with a like-minded organization and welcoming Mortgage Choice into the REA family.”
REA Group CEO Owen Wilson explained that the proposed agreement was “an exciting development that will bring together our well-established Smartline business and franchisee network with the complementary Mortgage Choice organization and its significant broker footprint”.
“Each month, 12 million Australians turn to realestate.com.au to search, find and finance their next property.
“Together with our Smartline business, having Mortgage Choice join the REA network will enable us to provide our audience with an even greater number of expert brokers to meet their financing needs.”
REA Group must wait for a number of conditions to be met before the proposal is set in stone. One such condition includes Mortgage Choice shareholders’ approval, but the move is expected to be completed within three months.
“Between now and the completion of the acquisition there will be no change to the service, support or products our clients receive from Smartline.
“Once the transaction completes we look forward to working with Mortgage Choice to add further value to our clients, franchisees and business partners.”