Mortgage Choice

Mortgage Choice
Mortgage Choice Limited
Type Public limited company
Traded as ASXMOC
Founded 1992
Founder(s) Rodney Higgins & Peter Higgins
Headquarters Sydney, Australia
Area served Australia
Key people Peter Ritchie AO (Chairman)
Michael Russell (CEO)
Services Mortgage broking
Website www.mortgagechoice.com.au

Mortgage Choice Limited (ASXMOC), commonly known as Mortgage Choice, is a publicly listed Australian mortgage broking firm.

Mortgage Choice is a current member of the Franchise Council of Australia[1] as well as the Mortgage & Finance Association of Australia

[2] and holds a credit license (number 382869) issued by the Australian Securities & Investments Commission.[3]

Contents

History

The company was founded in 1992 in Sydney by Rod Higgins and Peter Higgins.[4] After two years in operation, the company became a franchisor in 1994 by selling its first franchise license in Wollongong. That grew to a national footprint in 1996.

In 1998 Mortgage Choice launched a website and ran its first TV advertisement one year later.

In 2004, the company officially listed on the Australian Stock Exchange.

In 2008, it launched a diversified product offering, commencing with mortgage protection insurance; in 2011 that offering runs across commercial and personal loans, asset finance and risk and general insurances.

In 2009, Mortgage Choice acquired mortgage aggregator LoanKit[5] . This re-launched in 2010 as the company’s aggregation arm.

In 2010, Mortgage Choice acquired Australian home loan and insurance comparison website HelpMeChoose.com.au;[6] and launched its first white label product bluegum™ home loans.[7]

Executive Team

  • Peter Ritchie AO – Independent Non-Executive Chairman
  • Peter Higgins – Non-Executive Director
  • Rodney Higgins – Non-Executive Director
  • Deborah Ralston – Independent Non-Executive Director
  • Steve Jermyn – Independent Non-Executive Director
  • Sean Clancy – Independent Non-Executive Director
  • Michael Russell – Chief Executive Officer
  • Susan Mitchell – Chief Financial Officer
  • Neill Rose-Innes – General Manager, Operations
  • Andrew Russell – General Manager, Product and Distribution
  • Justin Hanka – Chief Executive Officer, HelpMeChoose.com.au
  • Simon Dehne – Chief Executive Officer, LoanKit

Operations

In Australia, Mortgage Choice is the largest independently-owned mortgage broker with a customer base in excess of 300,000 and a home loan lender panel of 25.[8]

The franchisor’s head office is in Sydney, with state offices in Brisbane, Melbourne, Adelaide and Perth.

There are approximately 360 Mortgage Choice franchises in operation across Australia in all states and territories.

Financial Information

Financial results for six months to 31 December 2010 showed net cash profit after tax (NPAT) on a cash basis was $8.8 million, an increase of 13% on the previous corresponding period (pcp). The Board declared an interim franked dividend of 6.0 cents per share, compared to 5.5 cents in the pcp. Total commission revenue on a cash basis was $67.8 million, down 2% on the prior corresponding period ($69.5 million). Net assets were $78.6 million, compared to $77.3 million at 30 June 2010.

On an IFRS basis, earnings per share stood at 7.3 cents compared to 8.2 cents in the pcp; NPAT was $8.8 million, down 10% due to an adjustment in the prior period; total commission revenue was $66.1 million, down 8% due to this adjustment; and management expects 2H11 statutory IFRS results to be consistent with those in 1H11.

Total group loan book (ie. residential and commercial loans written by Mortgage Choice and its aggregation arm, LoanKit) stood at $41.2 billion. This was up 7% on the $38.5 billion balance at 31 December 2009.[9]

Primary Competition

  • AFG
  • Aussie Home Loans
  • Loan Market
  • Resi
  • Smartline
  • Yellow Brick Road

Industry memberships

References

External links


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