A major mortgage manager has announced a merger with a non-bank lender.
Australian First Mortgage will merge with National Mortgage Company, a move which will grow NMC's loan book by more than $4bn and is projected to generate $1bn a year in new business and $30m per annum in revenue.
AFM managing director Tanya White called the merger a "hand-in-glove" fit.
"The merger compliments both of our existing operations and will provide our brokers and their customers with higher levels of service and support. It will combine NMC's back office capabilities with AFM's broker distribution platform and robust branding to build scale and growth," White said.
AFM said the company had been "actively considering" opportunities for a merger with the approaching retirement of founding director Iain Forbes. Remaining directors Tanya and David White will remain in the business, with the company saying they would take "active long-term roles". The AFM brand will also remain intact.
