RealTime IT News

Bourse Data Takes Stake in Australian Mortgage Market

Financial information site Bourse Data is stepping into the world of lender services, after claiming a stake of mortgage broker Mortgage Choice.

Bourse will acquire 10 percent of Mortgage Choice in return for shares in Bourse to a value of AUS$10 million (US$6.3 million).

"The deal enhances Bourse Data's ongoing commitment to expand and develop its online offering," said Bourse chairman Gil Hoskins. Bourse is intending to offer online financial advice and home loan services through the partnership.

This deal follows the AUS$248 million (US$163.7 million) Bourse will receive through its partial acquisition by financial institution St George announced Tuesday (see story).

Mortgage Choice, which provides assistance for borrowers in selecting lenders and loan products and managing home finance, will use the alliance to develop its share in the global residential mortgage market.

The broker is already planning to finance further growth by raising AUS$10 million (US$6.3 million) through the private placement of shares.

The company currently has a home loan revenue of more than AUS$4 billion (US$2.52 billion) and has over 250 franchises in Australia, New Zealand and the United Kingdom.