Mortgage Choice

Mortgage Choice Limited, commonly known as Mortgage Choice, is an Australian mortgage broking firm.

Mortgage Choice Limited
ASX: REA
Founded1992
FounderRodney Higgins & Peter Higgins
FateAcquired by REA Group
Headquarters
Sydney
,
Australia
Area served
Australia
Key people
Vicki Allan (Chairman)
Anthony Waldron (CEO)
ServicesMortgage broking
Websitewww.mortgagechoice.com.au

Mortgage Choice is a current member of the Franchise Council of Australia[1] as well as the Mortgage & Finance Association of Australia;[2] and holds a credit licence (number 382869) issued by ASIC.[3]

Mortgage Choice was listed on the Australian Securities Exchange until it was acquired by REA Group in 2021.[4]

History

The company was founded in 1992 in Sydney by Rod Higgins and Peter Higgins.[5] After two years in operation, the company became a franchisor in 1994 by selling its first franchise license in Wollongong. That grew to a national footprint in 1996.

In 1998 Mortgage Choice launched a website and ran its first TV advertisement one year later.

In 2004, the company officially listed on the Australian Stock Exchange.

In 2008, it launched a diversified product offering, commencing with mortgage protection insurance; in 2011 that offering runs across commercial and personal loans, asset finance and risk and general insurances.

In 2009, Mortgage Choice acquired mortgage aggregator LoanKit[6] . This re-launched in 2010 as the company's aggregation arm.

In 2010, Mortgage Choice acquired Australian home loan and insurance comparison website HelpMeChoose.com.au;[7] and launched its first white label product bluegum™ home loans.[8]

In 2012, Mortgage Choice launched Mortgage Choice Financial Planning.[9]

In 2016, Mortgage Choice expanded its product offering by launching a branded asset finance offering.[10]

In 2018, Mortgage Choice announced the introduction of a new franchisee remuneration model that would give franchisees a bigger share of trail commissions, via a system in which franchisees can receive commissions based on either their new lending, or existing loans.[11]

In 2021, Mortgage Choice was acquired by REA Group, amalgamating the lesser-known REA Group-owned Smartline broker franchise into the Mortgage Choice brand. The acquisition increased Mortgage Choice's presence to 940+ brokers & 720+ franchises across Australia, as well as increasing the total lending partners to 40+.[12]

Operations

In Australia, Mortgage Choice is a national financial services company with a customer base in excess of 350,000 and a residential home loan panel of over 40 lenders.[13]

The head office is in Sydney, with state offices in Brisbane, Melbourne, Adelaide and Perth.

References
  1. "Current FCA Members". Franchise Council Australia. Retrieved 4 July 2011.
  2. "Find An MFAA Member". MFAA. Retrieved 4 July 2011.
  3. "ASIC Connect".
  4. "REA Group-Mortgage Choice acquisition gets approved". The Adviser. 27 May 2021.
  5. "Mortgage Choice About Us". Mortgage Choice. Retrieved 4 July 2011.
  6. "Mortgage Choice acquires Loankit". Business Spectator. Retrieved 4 July 2011.
  7. "Mortgage Choice acquires HelpChooseMe". Smart Company. Retrieved 4 July 2011.
  8. "Mortgage Choice launches bluegum home loans". Predictive Text. Retrieved 4 July 2011.
  9. "Mortgage Choice ready with financial planning offer". Franchise Business. Retrieved 8 April 2018.
  10. AB. "Franchise launches branded asset finance arm". Australian Broker. Retrieved 8 April 2018.
  11. Ferguson, Clancy Yeates, Adele (12 July 2018). "Mortgage Choice profit to take a hit as it overhauls franchisee pay model". The Sydney Morning Herald. Retrieved 28 August 2018.{{cite web}}: CS1 maint: multiple names: authors list (link)
  12. Mortgage Choice. "REA Group completes acquisition of Mortgage Choice Limited". Mortgage Choice. Retrieved 8 June 2021.
  13. "About Mortgage Choice". Mortgage Choice. Retrieved 8 April 2018.
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