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Loan Market New Zealand, a subsidiary of the Loan Market Group, has acquired PLAN New Zealand as part of its strategy to provide a broader financial services platform to mortgage brokers and their clients across the country.
PLAN New Zealand and Loan Market’s business will continue to operate as independent entities in the market place.
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Loan Market Executive Chairman Sam White said the acquisition gives Loan Market the scale and reach to invest further into its New Zealand operations.
“I am delighted that we are able to bring together two of the most highly regarded mortgage broking groups in NZ under one company.
The acquisition is also aimed to facilitate the building of a broader financial services platform, inclusive of an insurance broking business, for the benefit of Loan Market/PLAN mortgage brokers and their clients.
Mr White said there is no plan to integrate PLAN New Zealand mortgage brokers into the Loan Market brand. Further, there will be no changes to the management structure of either Loan Market New Zealand or PLAN New Zealand.
Mr White anticipates that both PLAN and Loan Market mortgage brokers will reap the rewards of shared knowledge and processes to better facilitate existing and pending legislation that aims to regulate the mortgage broking industry.
Loan Market currently has approximately 50 mortgage brokers and staff in New Zealand and over 400 mortgage brokers across Australia.
