ASX-listed mortgage brokerage, N1 Loans, has expanded its lead generation partnership with a national mortgage group as it focuses on interstate expansion.
N1 Loans previously held an agreement with 1300HomeLoan which saw the mortgage group provide leads to the brokerage in New South Wales only. The partnership provided approximately 10 to 15 leads per month, representing approximately $9 million in loans with a conversion rate of 20% to 30%.
However, under the expanded agreement, 1300HomeLoan will provide N1 Loans with additional leads in Queensland and Victoria.
The chief executive of N1 Loans, Ren Wong says this expanded partnership forms a part of N1’s strategy to expand into and grow market share in those two states.
“We are pleased to announce the growth of our partnership with 1300HomeLoan. It is anticipated that the addition of source leads from Queensland and Victoria will assist N1’s expansion into Brisbane and Melbourne, a part of the company’s geographic diversification strategy.”
Wong says the expanded partnership will also provide further revenue opportunities to cross sell other services and products, such as car loans and insurance.