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 as well as the Mortgage & Finance Association of Australia; and holds a credit license (number 382869) issued by the Australian Securities & Investments Commission.
Video Mortgage Choice
History
The company was founded in 1992 in Sydney by Rod Higgins and Peter Higgins. 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 . 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; and launched its first white label product bluegum(TM) home loans.
Maps Mortgage Choice
Operations
In Australia, Mortgage Choice is a national mortgage broker with a customer base in excess of 350,000 and a residential home loan panel of over 28 lenders.
The franchisor's head office is in Sydney, with state offices in Brisbane, Melbourne, Adelaide and Perth.
There are approximately 405 Mortgage Choice franchises in operation across Australia in all states and territories.
Financial Information
Financial highlights for the 12 months to 30 June 2014
- Net profit after tax (NPAT) on a cash basis was $18.7 million, an increase of 18.6% on FY13.
- Mortgage Choice's loan book, reached $47.4 billion. This was up 4.6% from $45.3 billion at 30 June 2013.
- $12.2 billion worth of housing loan approvals were written by Mortgage Choice in the year, up from $10.4 billion in FY13.
- Mortgage Choice's settlements hit $10.4 billion, up 18.1% from $8.8 billion in FY13.
- Shareholders rewarded with a fully franked final dividend of 8 cents per share, which takes the total dividends for the year to 15.5 cents per share - up from 13 cents per share in FY13.
IFRS highlights for the 12 months to 30 June 2014
- NPAT was $18.5 million, down 1.4% on $18.7 million in FY13 (excluding gain on sale of LoanKit). This result can be attributed to the fact that Mortgage Choice was required to realign its valuation assumptions to reflect the changing economic factors.
- Earnings per share is now sitting at 16.0 cents, up from 15.2 cents in FY13 (including the sale of LoanKit).
- Total group revenue was $178.5 million, up 14.8% on FY13.
References
External links
- Mortgage Choice website
- Help Me Choose website
Source of the article : Wikipedia
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