Powered by MOMENTUM MEDIA
the adviser logo
Lender

NAB to rebrand Challenger Mortgage Management

by Staff Reporter5 minute read

Challenger’s mortgage management business will be renamed in the coming weeks after National Australia Bank agreed to purchase the business yesterday.

But NAB Broker’s executive general manager Matt Lawler told Mortgage Business that while Challenger’s mortgage management holdings would undergo a rebranding, its businesses including FAST, PLAN and Choice would continue to operate as separate entities retaining their own identities.

To continue reading the rest of this article, create a free account
Already have an account? Sign in

“We are investing in all parts of the industry, signaling our belief that the mortgage broking profession is an important part of the financial services landscape and an important part of NAB’s future,” Mr Lawler said.

“However, we will make sure that our investment in Challenger does not put brokers in a compromising situation. In fact, we want everything to operate as it is currently.”

Advertisement
Advertisement

NAB also said it would fund mortgage managers and provide wholesale funding to the broker channel.

“Challenger had a lot of plans in place that were previously affected by the funding issues in the market place.

“With this acquisition, we are in effect, freeing the mortgage management business up to achieve the things they otherwise could not,” Mr Lawler said.

In the $385 million acquisition of Challenger’s mortgage management holdings, NAB will also acquire 100 per cent of Australia’s fourth largest aggregator, FAST.

Challenger, who currently has a 19 per cent stake in the aggregator, has triggered its option to buy 100 per cent of the business.

“Before the whole transaction goes through, Challenger will acquire 100 per cent of FAST, which will allow NAB to also acquire 100 per cent of the company,” he said.

NAB to rebrand Challenger Mortgage Management
default
TheAdviser logo
default

JOIN THE DISCUSSION

You need to be a member to post comments. Register for free today

MORE FROM THE ADVISER

sam jolley elders ta iwsfut

Elders welcomes 1st national growth and asset finance manager

Elders Home and Commercial Finance, the independent broking arm aligned with the real estate network of Elders Ltd,...

READ MORE
rael ross butn ta rerexr

Butn achieves record originations in July

Cash flow financier Butn has released a trading update, revealing that its 2023 financial year commenced with a new...

READ MORE
daniel tuttlebee resimac asset fInance ta l27zun

Resimac takes controlling stake in Sonder

Resimac Asset Finance has expanded its acquisition stake in equipment finance business Sonder Equipment Finance...

READ MORE
magazine
Read the latest issue of The Adviser magazine!
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Read more