Non-bank announces major acquisition

by Maya Breen18 Feb 2015
A leading non-bank lender has announced a major acquisition, adding $500 million to its loan book.

Homeloans has announced it will acquire Barnes Home Loans, one of Queensland’s longest established non-bank lenders.

Homeloans CEO Scott McWilliam called the acquisition “a perfect fit.”

"We recognise the strength and reputation of the Barnes Home Loans brand and it provides us with a significant opportunity to further develop the Homeloans business nationwide,” McWilliam said. 

McWilliam said acquiring the well-established, Australian owned business will allow for an easy transition and will allow for additional growth opportunities in key market segments, particularly third party distribution. 

“Simply put, there’s clear growth synergy. Equally, its distribution channel is very similar to our own, not to mention our cultures and values, which are well aligned.”

“And by providing local sales, BDM and credit support we are confident we can capitalise on the existing business and grow it significantly,” McWilliam said. 

He said there will be no change to the way brokers do business with Barnes; instead they will be enhancing the support levels to continue to provide a high level of customer service and combining the offices will increase their physical presence in Queensland. 

Co-founder Janelle Rayner will work with Homeloans to assist with integration and help ensure her legacy is maintained and leveraged to grow the business.

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