Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Media group eyes $2bn in broker commissions

domain group  domain group
James Mitchell 4 minute read

Just days after REA Group announced its third-party plans, rival Domain Group has today revealed that it will break into mortgage broking.

The Fairfax-owned property classified group will launch ‘Domain Loan Finder’ in partnership with mortgage platform Lendi.

The new home loan business will launch early next month and give consumers the ability to connect with more than 30 leading lenders, including major banks, coupled with access to a national community of home loan specialists.

“This is a very important strategic announcement for Domain, and means we are the first major real estate listings portal to move beyond helping our audience find a home to helping them secure a home,” Domain chief executive Antony Catalano said.

Advertisement
Advertisement

“Domain will be Australia’s first end-to-end property search and finance platform.”

The Domain chief noted that the mortgage broking market generates “about $2 billion a year in commissions”.

Earlier this week, REA Group acquired an 80 per cent stake in national brokerage Smartline and deepened its relationship with NAB to provide a national broker offering.

Domain, which is arguably REA Group’s biggest rival, has teamed with Lendi, a group with ties to Click Loans and Sydney-based brokerage Australian Credit and Finance, which aggregates through Connective.

“We’re excited to be working with Domain to bring the Lendi experience to a wider audience,” Lendi managing director David Hyman said.

PROMOTED CONTENT


“Tapping into Domain’s strong market position, we’re looking forward to bringing an integrated home loan experience to the property buying process.”

Domain Loan Finder will operate as a joint venture with Lendi’s parent entity, Auscred Pty Ltd, with Domain holding a 60 per cent stake. Domain said the amount invested in the JV “is not material and remains confidential”.

Lendi started in 2013 as an online and phone-based broking business and is backed by major institutional investors and venture capital.

[Related: REA broker play signals new era]

Media group eyes $2bn in broker commissions
domain group
TheAdviser logo

If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Tickets are on sale now. Work smarter, not harder, this year.

domain group
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.

 

 

more from the adviser
Susan mitchell MC Mortgage Choice-Smartline leadership changes announced

The REA Group has confirmed changes to the Mortgage Choice-Sm...

woman broker documents ta Governments extend COVID support to NSW, Vic

The state and federal governments have offered support packages t...

Suncorp new broker portal ta Suncorp launches new broker portal

The non-major bank has released a new broker platform as it conti...