Aussie buys NMb

Aussie announced it would purchase National Mortgage Brokers, which was established in 2001 and boasts nearly 200 mortgage brokers throughout Australia.

nMB currently settles approximately $200 million in mortgages each month with a loan book of more than $8.2 billion.

Aussie currently has a loan book of over $42 billion with more than 250,000 mortgage customers being serviced 24 hours a day, seven days a week through Aussie’s lending force of approximately 700 accredited mortgage brokers and 150 stores.

Following the acquisition of nMB, the Aussie group will have a loan book of over $50 billion, and based on March 2012’s results, approximately $1.2 billion in new mortgages each month and on target for 1,000 accredited mortgage brokers within the group this calendar year.

Aussie executive chairman John Symond said the company is on the expansion trail and see National Mortgage Brokers as a strategic acquisition in building its distribution capability.

“Our move into wholesale broking will complement our branded business, which we will continue to expand. With nMB, we will accelerate the rapid growth of a high quality business-to-business channel. This will be an extension to our existing business-to-consumer model under the Aussie brand and does not affect our existing operations,” Mr Symond said.

nMB will continue to operate as a separate entity under its own brand and will continue to be managed by its strong executive team, led by Mr Gerald Foley