Western Australia-based home financing group The Mortgage Gallery has announced it will merge with national mortgage broking network Smartline.
The combined group will comprise more than 240 franchise owners across the nation, settling more than $4 billion in loans each year.
The Mortgage Gallery brand and management team will remain in place under the merger, which will be effective from April next year.
Smartline, which merged in 2009 with WA-based Mortgage Force, was ranked as the MFAA Mortgage Broker of The Year and has been recognised as Australia’s best franchise by website Topfranchise.com.au for the past three years.
Mortgage Gallery director and founder John Bignell said Smartline’s business model would complement his business strategy, while also adding significant value to Mortgage Gallery franchisees and loan-writers.
“Merging with Smartline gives us the scale and resources to continue to grow and build our business, despite tougher market conditions,” Mr Bignell said.
“We are very confident that this merger will be a great long-term result for all of our businesses and people.
“To ensure the group as a whole and the businesses of our franchisees continue to prosper into the future, we felt that the time was right for us to partner with another group, and Smartline is that group.”
Smartline managing director Chris Acret said the merger was a “great fit”.
“We’re excited about this move and confident that it will provide significant benefits for everyone involved,” Mr Acret said in a statement.
