Firstfolio in talks to buy Domain

Just one day after declaring its intentions to purchase eChoice, Firstfolio today announced it is in advanced talks to acquire mortgage manager Domain Financial Services.

According to Firstfolio, the acquisition of Sydney based Domain and its $1 billion loan portfolio would boost its mortgage managed book to $2.5 billion and its overall loan book to over $11.5 billion.

Firstfolio chief executive, Mark Forsyth, said the acquisition would strengthen Firstfolio’s presence within the greater Sydney region, add significant scale to its loan book, and introduce new borrowers and intermediaries to the group’s 800-member intermediary network.

Domain CEO Mark Moenting, who will join Firstfolio as head of wholesale services, said Domain’s broker network and customer base would be potentially better served by being part of a larger entity.

“Becoming part of the Firstfolio network is the next step in our evolution.”