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Commission-free real estate group enters mortgage market

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James Mitchell 2 minute read

An ASX-listed real estate company will soon offer home loans after partnering with one of Australia’s largest mortgage aggregators.

Commission-free online real estate company buyMyplace announced this month that it will significantly expand its offering to include finance, insurance and utility connection services after signing two strategic partnership agreements with AFG and Movinghub.

The real estate group will become a licensed credit representative of AFG, offering a wide range of financial services products to its customers, including mortgages, personal loans and insurance. buyMyplace will earn upfront and trailing commissions from AFG.

Meanwhile, the Movinghub agreement provides buyMyplace connection and switching services for utilities such as electricity, gas, fixed line and mobile telecommunications, internet services and payTV. buyMyplace will earn a share of revenue from Movinghub.

“We are really excited by our agreement with two companies known to be at the forefront of their industries. This is an important expansion of our product offering to customers,” buyMyplace CEO Paul Heath said.

“While we already offer a broad range of property sale-specific services such as professional photography, negotiation services, auctioneers and conveyancing, the strategic partnerships with AFG and Movinghub help our customers with their journey to relocate to their new home, giving them access to a broad set of services which will include competitive prices, and a simple one-stop shop experience online, after they have reaped the rewards of their commission free property sale,” he said.

The online real estate group, which is viewed as a disruptor among real estate agents, outlined its intentions to move into mortgages in its recent investor presentations. Mr Heath said he is pleased to be able to announce these agreements have been established in three to four months following the company’s IPO.

“AFG is one of the largest mortgage broking groups in Australia, and one of the country’s leaders when it comes to financial solutions,” he said.

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The partnership will give buyMyplace customers access to more than 1,450 financial services products from more than 50 of Australia’s leading lenders, providing the group with significant advantages in terms of scale and efficiencies.

AFG’s Mark Hewitt said the aggregator is excited to partner with buyMyplace, and to offer a strong integrated online product offering.

“We have access to hundreds of loans from a wide variety of lenders which will be a distinct advantage for buyMyplace customers, who are by nature comparative and price savvy, when looking for products associated with their house move,” he said.

[Related: AFG grows loan book despite 'turbulent' EOFY run]

Commission-free real estate group enters mortgage market
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James Mitchell

James Mitchell

James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.

He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.

He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.

James holds a BA (Hons) in English Literature and an MA in Journalism.

 

 

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