Mortgage Choice
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|
| Type | Public limited company |
|---|---|
| Traded as | ASX: MOC |
| Founded | 1992 |
| Founder(s) | Rodney Higgins & Peter Higgins |
| Headquarters | Sydney, Australia |
| Area served | Australia |
| Key people | Peter Ritchie AO (Chairman) Michael Russell (CEO) |
| Services | Mortgage broking |
| Website | www.mortgagechoice.com.au |
Mortgage Choice Limited (ASX: MOC), commonly known as Mortgage Choice, is a publicly listed Australian mortgage broking firm.
Mortgage Choice is a current member of the Franchise Council of Australia[1] as well as the Mortgage & Finance Association of Australia
- [2] and holds a credit license (number 382869) issued by the Australian Securities & Investments Commission.[3]
Contents |
[edit] History
The company was founded in 1992 in Sydney by Rod Higgins and Peter Higgins.[4] After two years in operation, the company became a franchisor in 1994 by selling its first franchise license in Wollongong. That grew to a national footprint in 1996.
In 1998 Mortgage Choice launched a website and ran its first TV advertisement one year later.
In 2004, the company officially listed on the Australian Stock Exchange.
In 2008, it launched a diversified product offering, commencing with mortgage protection insurance; in 2011 that offering runs across commercial and personal loans, asset finance and risk and general insurances.
In 2009, Mortgage Choice acquired mortgage aggregator LoanKit[5] . This re-launched in 2010 as the company’s aggregation arm.
In 2010, Mortgage Choice acquired Australian home loan and insurance comparison website HelpMeChoose.com.au;[6] and launched its first white label product bluegum™ home loans.[7]
[edit] Executive Team
- Peter Ritchie AO – Independent Non-Executive Chairman
- Peter Higgins – Non-Executive Director
- Rodney Higgins – Non-Executive Director
- Deborah Ralston – Independent Non-Executive Director
- Steve Jermyn – Independent Non-Executive Director
- Sean Clancy – Independent Non-Executive Director
- Michael Russell – Chief Executive Officer
- Susan Mitchell – Chief Financial Officer
- Neill Rose-Innes – General Manager, Operations
- Andrew Russell – General Manager, Product and Distribution
- Simon Dehne – Chief Executive Officer, LoanKit
[edit] Operations
In Australia, Mortgage Choice is the largest independently-operated mortgage broker with a customer base in excess of 350,000 and a home loan lender panel of 25.[8]
The franchisor’s head office is in Sydney, with state offices in Brisbane, Melbourne, Adelaide and Perth.
There are approximately 360 Mortgage Choice franchises in operation across Australia in all states and territories.
[edit] Financial Information
Key financial milestones for the 12 months to 30 June 2011 are[9]:
- Net profit after tax (NPAT) on a cash basis was $15.9 million, an increase of 7.4% on $14.8 million for FY10.
- The group’s total loan book, ie. residential and commercial loans written by brokers in its franchise network and broker members of its aggregation arm, reached $42.4 billion. This was up 6.0% on $40.0 billion at 30 June 2010.
- $9.9 billion in housing loan approvals was generated for the group as Mortgage Choice continued to achieve industry-high productivity levels per broker. This result was down on $10.1 billion in FY10 as a consequence of a general market slowdown.
- A final fully franked dividend of 7 cents per share was declared by the Board, taking total dividends out of FY11 profits to 13 cents per share. This was an 8.3% increase on 12 cents per share in FY10.
- Total commission revenue on a cash basis was $132.9 million, down 1.6%.
- Net assets were $90.3 million, up from $77.3 million on 30 June 2010.
On an IFRS basis:
- NPAT was $27.5 million, including an after tax adjustment of $12.3 million to the valuation of the trail book. This is up 17% on $23.5 million in FY10, which included an after tax adjustment of $9 million.
- Earnings per share stood at 22.9 cents compared to 19.7 cents in FY10.
[edit] Primary Competition
- AFG
- Aussie Home Loans
- Loan Market
- Resi
- Smartline
- Yellow Brick Road
[edit] Industry memberships
- MFAA (http://www.mfaa.com.au/)
- FCA (http://www.franchise.org.au/)
- COSL (http://www.cosl.com.au/)
[edit] References
- ^ "Current FCA Members". Franchise Council Australia. http://www.franchise.org.au/current-fca-members.html#m. Retrieved 2011-07-04.
- ^ "Find An MFAA Member". MFAA. http://www.mfaa.com.au/searchformember.asp?menuid=304. Retrieved 2011-07-04.
- ^ "Credit Licensee Mortgage Choice". ASIC. http://www.search.asic.gov.au/cgi-bin/gcr010c?origin=hnl&licence_no=382869&role_type=HN&cond_sdate=&cond_stime=&rep_no=%20&a7=&a8=&a9=&a10=&a11=&a12=&a13=&start_date=. Retrieved 2011-07-04.
- ^ "Mortgage Choice About Us". Mortgage Choice. http://www.mortgagechoice.com.au/about-us/about-the-company.aspx. Retrieved 2011-07-04.
- ^ "Mortgage Choice acquires Loankit". Business Spectator. http://www.businessspectator.com.au/bs.nsf/Article/Mortgage-Choice-acquires-Loankit-XEHSG?OpenDocument. Retrieved 2011-07-04.
- ^ "Mortgage Choice acquires HelpChooseMe". Smart Company. http://www.smartcompany.com.au/internet/20101018-mortgage-choice-buys-helpmechoose-com-au.html. Retrieved 2011-07-04.
- ^ "Mortgage Choice launches bluegum home loans". Predictive Text. http://www.brokernews.com.au/forum/mortgage-choice-reveals-white-label-details/60664. Retrieved 2011-07-04.
- ^ "About Mortgage Choice". Mortgage Choice. http://www.mortgagechoice.com.au/about-us/about-the-company.aspx. Retrieved 2011-07-04.
- ^ "Mortgage Choice Financial Performance". Mortgage Choice. http://www.mortgagechoice.com.au/about-us/financial-performance.aspx. Retrieved 2012-02-06.
