Mortgage aggregator Electronic Mortgage Origination Channels of Australasia (eMOCA) has taken a 100 per cent stake in mortgage broking group realestate.com.au Home Loans.
eMOCA previously held 50 per cent in the company it started five years ago with the REA Group.
The buy-out comes as realestate.com.au Home Loans recruits 30 new mortgage brokers.
"Our goal is to build the group from its current network of 90 brokers to 150 brokers by June 2008," realestate.com.au Home Loans general manager David Kirk said.
According to Mortgage Professional Australia magazine's 2006 Superbroker survey, eMOCA has grown by 34 per cent in the past year, with the new expanded group expected to write around $400 million of mortgages per month.
"There has been a lot of criticism of small and one-man broking groups recently with ASIC, Choice and in submissions to the Australian Government's Productivity Commission," Kirk said.
"As a result, home buyers are moving towards large groups that can offer better access to a wide range of loan products and better lending procedures to protect consumers. Likewise, brokers are looking to align themselves with a strong brand that home buyers trust."
Operating throughout Australia and New Zealand eMOCA provides a support network to a number mortgage broking operations including Ray White Financial Services, The Loan Market and realestate.com.au Home Loans.
