AFM merges with non-bank

by Adam Smith16 Mar 2015
A major mortgage manager has announced a merger with a non-bank lender.

Australian First Mortgage will merge with National Mortgage Company, a move which will grow NMC's loan book by more than $4bn and is projected to generate $1bn a year in new business and $30m per annum in revenue.

AFM managing director Tanya White called the merger a "hand-in-glove" fit.

"The merger compliments both of our existing operations and will provide our brokers and their customers with higher levels of service and support. It will combine NMC's back office capabilities with AFM's broker distribution platform and robust branding to build scale and growth," White said.

AFM said the company had been "actively considering" opportunities for a merger with the approaching retirement of founding director Iain Forbes. Remaining directors Tanya and David White will remain in the business, with the company saying they would take "active long-term roles". The AFM brand will also remain intact.

COMMENTS

  • by Peter Gwynne 16/03/2015 10:00:15 AM

    Good news. It will make them and very strong lender with good offering to brokers

  • by Matt Mitchener 16/03/2015 10:09:54 AM

    Good news and congrats to Iain, David & Tanya!

  • by Brett Halliwell 16/03/2015 3:35:23 PM

    Advantedge is a proud partner of both NMC and AFM. We look forward to working with the new merged business, which we believe will offer enourmous benefits to brokers and their customers. Congratulations to everyone at AFM and NMC.