Loan Market Group buys PLAN Australia, Choice and FAST.
Award-winning aggregator and 100% family-owned business Loan Market Group has today announced the purchase of aggregation groups PLAN Australia, Choice and FAST from NAB, in an exciting investment back into the mortgage broker channel.
Under the purchase, the four businesses - Loan Market, PLAN Australia, Choice and FAST - will run independently of one another. They will continue to have their own respective aggregation agreements, leadership and corporate sales and marketing teams.
Executive Chairman of the Loan Market Group, Sam White said the purchase signalled a significant milestone in the Group’s history.
“We passionately believe in the mortgage broker sector; the competition brokers generate in the Australian finance sector and the value they provide customers. It’s no surprise that brokers settled 6 out of 10 home loans in Australia this year,” he said.
“We are thrilled to be welcoming PLAN Australia, Choice and FAST brokers and their teams into our Group and look forward to working with them and supporting the next evolution of those businesses.”
Mr White said the purchase would allow the Group to invest significantly in technology and innovations, offer business owners more flexibility in business modelling and the ability to share scalability benefits.
“The acquisition means we can offer more options to our members. It will empower our business owners to decide which value proposition and support structure they need to thrive,” he said.
“The scale of the purchase will also allow us to further invest in technology, innovation and compliance-driven tech to benefit more brokers and, importantly, their clients.
“This year, we’ve seen the importance of technology and digitalisation like never before, particularly the need to move fast. The Loan Market Group wants to continue to be a leading voice for brokers and remain at the forefront of innovation in time-saving technology, support an unmatched customer experience. This acquisition allows us to do just that,” Mr White said.
Speaking on the exciting acquisition, the PLAN Australia, Choice and FAST CEO’s said the following:
Anja Pannek, CEO, PLAN Australia
“I’m thrilled with the opportunity this presents for our valued PLAN Australia members and the team. This will enable PLAN Australia to continue to deliver our leading premium aggregation offering and in doing so, partner and support our members in this dynamic industry, with the additional insights of the Loan Market Group.”
Stephen Moore, CEO, Choice Aggregation Services
“The White Family Group is a real Australian success story. It is a family-owned and run business with a fantastic culture we expect will resonate well with Choice members, and that aligns with our focus on providing exceptional service and support.”
Brendan Wright, CEO, FAST Group
“This opportunity will allow us to continue to support FAST brokers with a clearly differentiated value proposition for finance broking businesses in a rapidly evolving financial services landscape, backed up by the expertise and experience of the Loan Market Group.”
This strategy of offering brokers choice between a retail and wholesale offering is not new to the Group. In 2012, Loan Market Group purchased New Zealand wholesale mortgage aggregation business Allied Kiwi and New Zealand Financial Services Group (NZFSG) was born. Over the past eight years, NZFSG has reached a significant market share by offering a full-service suite.
This announcement comes just weeks after Loan Market was voted #1 satisfaction overall for the third year in a row, in the industry-wide survey, Broker Group of Choice, by Momentum Intelligence (October 2020), voted #1 in the Brokers on Aggregators survey by MPA Magazine (May 2020), winning Aggregator of the Year at the Australian Mortgage Awards 2020 for the third year in a row and Technology Platform of the Year at the Australian Broker Awards 2020.
Under the agreement for the purchase, Loan Market Group will acquire the three aggregation businesses, the corporate credit licence holder and compliance services provider BLSSA, associated broker aggregation technology including Podium and Commissions systems and related sales and operations services. Completion is subject to satisfying customary obligations and is expected to occur in early calendar year 2021.