Loan Market Group, Australasia’s largest independent mortgage broker, has acquired PLAN New Zealand as part of its strategy to provide a broader financial services platform to mortgage brokers and their clients across the country.

PLAN New Zealand and Loan Market’s business will continue to operate as independent entities in the market place.

Loan Market Group Executive Chairman Sam White said the acquisition gives Loan Market the scale and reach to invest further into its New Zealand operations.

“I am delighted that we are able to bring together two of the most highly regarded mortgage broking groups in New Zealand under one company,” he said.

“This acquisition is good news for all brokers in both PLAN New Zealand and Loan Market, in that it gives certainty of ownership in the groups they belong to.
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Interest rates should now stay on hold for some time after the latest increase by the Reserve Bank of Australia (RBA) on Tuesday, a mortgage broker says.

The RBA raised the cash rate by 25 basis point to 3.5 per cent following Tuesday’s board meeting, following a similar increase last month.

Loan Market Group executive chairman Sam White said the RBA has responded to Australia’s strong economic performance.

“By getting in early they are solving any possible inflation pressures,” Mr White said in a statement.

“It means we’re going to have fewer rate rises in the future and this rise hopefully should be the last for some time to come.”
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