Non-major lender Liberty Financial has bought National Mortgage Brokers from the Commonwealth Bank-owned Aussie Home Loans.
The deal will give Liberty Financial access to 400 brokers and a loan book worth almost $14 billion.
National Mortgage Brokers (nMB) is an established mortgage aggregator that was bought by Aussie Home loans in 2012.
“While nMB has been a very positive contributor to the success of the Aussie Group, the future of Aussie’s long-term strategy is to concentrate solely on our own branded distribution footprint,” Aussie CEO James Symonds said in a statement.
“Liberty is a long-term partner of both Aussie and nMB and I am confident that it is the right business and leadership team to facilitate nMB’s next phase of growth,” he said.
Aussie, however will keep its strategic partnership with nMB.
According to Liberty CEO James Boyle, the purchase of nMB will expand Liberty’s distribution capabilities and create “unique opportunities for both organisations”.
“There is a strong alignment of vision and values, with both nMB and Liberty focusing on their distinctive value propositions which share a commitment to providing the highest quality of professional mortgage broker services to consumers,” Boyle said.