Aussie Home Loans has acquired aggregator National Mortgage Brokers in a move it says is indicative of continuing consolidation in the industry.
The franchise brokerage has announced it will acquire NMB, keeping the aggregator under its own brand and management. Executive chairman John Symond has told Australian Broker the move gives Aussie a foothold in another channel of distribution.
"At the moment around 70% of all mortgage broking is done by aggregators, whilst franchises like Mortgage Choice, Aussie and a few smaller players comprise the other 30%. The vast majority of is done by aggregators, so that's an area we need to be part of in order to complement our other distribution channels," he said.
Symond also commented that the company would continue to acquire aggregators, which he said it would roll into NMB.
"Our strategy is to grow the NMB business by acquiring other aggregators and putting them into the NMB business. We'll grow NMB in conjunction with growing our other separate distribution channels such as our retail stores and our mobile broker team," he said.
With a wholesale aggregator under its belt, as well as its franchise business, Symond commented that Aussie could provide broader career opportunities for brokers.
"We can offer career paths in whatever direction brokers would like to go. They may want to jump from one distribution model to another, and Aussie is able to provide that," he said.
Symond vowed that it would be business as usual for NMB brokers, with the aggregator continuing to operate as a separate entity under its own brand, with its management team in place.
"We'll leave NMB exactly the way it is, but if we can add to the panel or assist in any way, we will. It's all upside for NMB," he said.