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ISCOVER
Jessica Darnbrough
Just 54 of the 350 plus Refund franchisees have decided to switch to mortgage consultants under the Homeloans brand after the non-bank's acquisition of the embattled business.
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At the end of last month, Homeloans announced that it would purchase the Refund loan book, distribution network and “selected items of intellectual property of the company”.
“As part of the sale, current franchisees will also be offered the opportunity to become a Homeloans broker,” a statement from the administrator, SV Partners, read.
Speaking about the acquisition, Homeloans’ general manager funding and investments Scott McWilliam said the transaction has now officially settled and negotiations with all Refund franchisees have been completed.
“This transaction fits perfectly with Homeloans’ strategy to expand through organic growth and acquisitions,” he said.
“We are excited about this outcome, which is a mutually beneficial result both for former Refund franchisees who were seeking to align themselves with a respected brand, and for Homeloans, which is seeking to grow its distribution network. We look forward to working with these new loan writers, who are based around Australia.”
The transaction is effective immediately, with the new loan writers commencing operations under Homeloans’ credit licence.
Homeloans will also provide extensive support, including marketing and social media assistance, in addition to the support of the company’s business development manager (BDM) network and company infrastructure.
“Our strong brand, longevity, effective distribution channels and dedicated people provide us with a strong platform from which to grow the Homeloans business,” Mr McWilliam said.
