MAB to establish Australian joint venture

Published on

Mortgage Advice Bureau (MAB) is to expand into the Australian market.

In a statement to the stock exchange, MAB’s chief executive, Peter Brodnicki, said: “In considering opportunities for extending MAB’s distribution outside the UK, we saw many similarities between the UK and Australian mortgage markets.   

“MAB intends to establish a new joint venture in Australia, trading under the Mortgage Advice Bureau brand.  The joint venture will embrace many of the proven systems and processes adopted by MAB in the UK, with centralised lead generation, and telephone and regionally based advisers combining to deliver a comprehensive service to the Australian public. 

“We expect the new joint venture to be trading before the year end.”

MAB posted its interim results, with profit before tax up 34% and MAB’s market share increasing by 20% compared to the same period last year.

Brodnicki said: “After a strong start to the year, adviser productivity eased slightly in the run up to the EU referendum.  From that point, we saw the usual quieter period in the housing market over the peak summer holiday months.  Since the referendum, overall written business volumes have held up well, with industry data indicating that the housing market remains relatively stable.

“House prices continue to grow and a slight softening in the number of house purchases has been partly offset by increased activity in both residential and buy-to-let remortgaging.

“Our focus remains to continue to grow our market share in all market conditions.” 

Latest POLL

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Square 1 Media announces May Mortgage Market Debate

Square 1 Media is to hold its next Mortgage Market Debate on Wednesday, 21 May,...

Coventry BS maintains status as one of the best workplaces

Coventry Building Society has been named one of Great Place to Work's UK’s Best...

Atom bank breaks Near Prime record

Atom bank has reported another record-breaking month for Near Prime activity. Over the course of...

Berkeley Alexander appoints new BDM

General insurance provider Berkeley Alexander has announced the appointment of Grant Robinson as a...

Other news

Lenders must step up on high LTV products

Things are on the up for borrowers with a smaller deposit. The financial information...

Square 1 Media announces May Mortgage Market Debate

Square 1 Media is to hold its next Mortgage Market Debate on Wednesday, 21 May,...

Coventry BS maintains status as one of the best workplaces

Coventry Building Society has been named one of Great Place to Work's UK’s Best...