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Two sub-aggregators operating under PLAN Australia have announced a formal joint venture agreement that will see them support almost 180 brokers.
Buyers Choice and Loans Actually have announced a formal joint venture partnership that will see the two businesses combine under one Australian Credit Licence (ACL).
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Under the arrangement, Buyers Choice and Loans Actually will continue to operate as standalone entities but will “work closely to realise greater efficiencies”. They will both operate under the Buyers Choice ACL.
Buyers Choice established its own ACL in October 2019 and has approximately 140 credit representatives under its ACL.
Under the joint venture agreement, Loans Actually will transition all 34 brokers within its network to the Buyers Choice ACL.
Commenting on the partnership, Loans Actually director Barry Oxley said: “We have always had a close relationship with Buyers Choice and saw an opportunity to form a partnership to leverage best practice, increase broker productivity, and provide compliance support to our members.”
Buyers Choice founder and chairman Mick McClure said the venture would formalise a long-held relationship which has seen the two brokerages share knowledge and collaborate for many years.
“Loans Actually and Buyers Choice share a very similar culture. We have both been offering sub-aggregation services within the PLAN Australia network for many years and have a high-touch boutique offering that appeals to a growing number of brokers,” Mr McClure said.
The deal was supported by aggregation group PLAN Australia, under whom the two groups aggregate.
Buyers Choice was one of the first broker businesses to join the PLAN Australia network in 2001, while Loans Actually founder Barry Oxley was the first broker to join the aggregation group in 1999.
“We have a great working relationship with PLAN Australia. They have been very supportive of this partnership and understand the economies of scale that Buyers Choice and Loans Actually will achieve by joining forces,” Mr McClure said.
Commenting on the announcement, PLAN Australia CEO Anja Pannek commented: “These are two businesses that have been operating since the formative years of PLAN Australia and are very much part of the family.
“The coming together of Buyers Choice and Loans Actually highlights the opportunities for broking businesses to prosper with the support of the PLAN Australia support team and our network of growth-oriented broker businesses.”
[Related: Buyers Choice adds SMSF lender to panel]
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