Refund, NMB moves bolster Homeloans results

by AB25 Feb 2013

Mortgage lender Homeloans Ltd has today announced a sound interim financial result - and board members are partly crediting the group's acquisition of defunct Refund Home Loans Pty Ltd.

Homeloans’ chairman, Tim Holmes, says the lender’s first half result was bolstered by the one-off profit from the sale to Aussie Home Loans of its 26.5% stake in aggregator National Mortgage Brokers, which realised $1 million profit after tax.

Furthermore, he says that after allowing for this one-off injection of funds, Homeloans’ normalised result was up on the six months to 31 December 2012 and that the group ‘benefited’ from the addition of brokers to its network, as a result of the acquisition of certain assets of Refund Home Loans Pty Ltd in June, 2012.

“We have completed the integration of the Refund Home Loan brokers, and sales through this channel are progressing well.”

Additional highlights for the six months to December 31, 2012, include a net profit after tax after normalising for the NMB sale of $4 million, up 5.8% on the previous corresponding period.

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