The Queensland-based brokerage, headed up by Ian Cain and Tracy Kearey, has become the latest broking business to join Mortgage Advice Bureau Australia.
Brisbane-based residential mortgage brokerage Home Loan Connexion has joined major brokerage group Mortgage Advice Bureau Australia (MAB).
As such, Home Loan Connexion – which reportedly wrote more than $220 million in 2020 – will now trade as MAB Connexion.
All self-employed brokers that were working under Home Loan Connexion will remain self-employed as the business transitions to the MAB model, which has salaried brokers.
All new brokers joining MAB Connexion will be salaried and service specific segments and lead sources.
Commenting on the decision, Home Loan Connexion managing director Tracy Kearey said the “time was right” to partner with MAB.
Ms Kearey said: “We had reached a stage in our business where we needed that additional support. MAB has the technology that we would never be able to develop ourselves, coupled with the professional support to help us with our staff and business model.
“We had the brokers, but we didn’t have the technology.”
According to Ms Kearey, she first learned about MAB’s business after both MAB and Home Loan Connexion were pitching to become a referral partner of construction company Metricon.
MAB Connexion now services Metricon using the MABrefer platform.
She concluded: “What I like about MAB is that the transition can be a gradual process. You don’t suddenly rebrand and change the entire business model overnight. It can be stepped out and planned, with milestones and progressive approach to growing and changing the business.
“Brokers looking to grow and scale their business should realise that they can keep doing what they are doing but start to add processes in over time. It doesn’t have to be overwhelming. But the key is to partner people you trust, who are doing it successfully and are culturally a great fit.”
MAB MD Darren Cantor said he was “delighted to welcome Tracy and the HLC team to MAB”, adding: “Over many years, Tracy has a built a strong reputation in the industry for her customer focus and leadership...
“Tracy shares our ambitions for growth, and we look forward to working closely with her over the coming years.”
Mr Cantor added: “This is another major step forward for MAB as we expand our network with the highest-quality brokers to service our growing referral partners."
The first broker to join the “exclusive brokerage for elite operators” was Victorian-based broker Josh Bartlett, who joined the group from Loan Market in 2020.
Mortgage Advice Bureau, one of the UK’s largest mortgage broking brands and the only one listed on the London Stock Exchange (LSE), launched in Australia several years ago, initially through a joint venture with Australian broker Mortgageport.
The mortgage network announced that it had entered into a joint venture with Australian Finance Group (AFG) in October 2020.
[Related: AFG partners with MAB in joint venture]
Annie Kane is the editor of The Adviser and Mortgage Business.
As well as writing about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape – Annie is also the host of the Elite Broker and In Focus podcasts and The Adviser Live webcasts.
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