29 May 2004

Mortgage House Continues Branch Expansion

Mortgage House has opened four new retail branches, increasing branch numbers by more than 15 per cent and taking the total to 28 nationwide.

The new branches, two in Victoria and two in Queensland, boost Mortgage House’s presence in both states in keeping with its strategy to broaden its branch network along the eastern seaboard.

Mortgage House is one of Australia’s fastest growing lenders with over $2.5 billion in funds under management.

According to Mortgage House managing director, Mr Ken Sayer, the new branch openings continue an expansion program initiated in 2003.

“From our base in NSW we have sought to set-up ‘beach heads’ in Victoria and Queensland and our initial success in both states has underwritten the opening of these latest branches,” Mr Sayer said.

“Over the next two years we intend to open more branches in Victoria and Queensland to move them onto a par with our network in NSW, where we currently have 20 branches.

“Our experience in developing the Mortgage House branch network is that people want to deal with us face-to-face when discussing their mortgage requirements.

“Each one of our branch managers aims to help people use mortgages responsibly so that they can reach their goals in a manageable way and in this way, we build lasting customer relationships,” Mr Sayer said.

Of the two new branches in Victoria, Sunshine will be a corporate branch, owned by Mortgage House, and Elsternwick will be owned and operated by private owner Mrs. Sally Sheales for the Mortgage House network.

In Queensland, Burleigh will be privately owned by Mr. Glenn Wright, whereas Ashgrove will be a corporate branch and State Office.

Over the past decade, Australia’s home loan market has moved from being totally dominated by the banks to non-bank lenders now having a market share of approximately 40 per cent.

Mortgage House’s business strategy is to be a banking alternative, providing a variety of financial services aimed at wealth creation. In addition to home loans, Mortgage House provides realty services, assisting investors to locate residential property for long term wealth building.

Mortgage House was established in 1998 by founder and managing director, Mr Ken Sayer.

Macquarie Bank Limited group owns 10 per cent of Mortgage House’s holding company, Global Mortgage Equity Corporation Pty Ltd, and is also a significant funder for Mortgage House loans.

Issued for mortgage house by westbrook communications, 9231 0922

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