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United Home Loans Acquisition Grows Business

13 July 2006

United Home Loans Acquisition Grows Business

United Home Loans Limited has announced a significant acquisition which will see the company grow its mortgage book by 17 percent to $300 million.

United Home Loans has purchased a $44 million mortgage book from Equitable Residential Mortgages, which is part of the Equitable Group that specialises in providing first mortgage commercial property and project finance.

United Home Loans is part of the Hanover financial services group. Hanover chairman, Greg Muir, says the purchase adds useful scale to United Home Loans’ business and further diversifies the business with the addition of the Origin (subsidiary of ANZ National Bank) funding line.

“The fact that United Home Loans is increasing its mortgage book is evidence of the strength of this business in the financial services market. The new portfolio is a prime book of quality mortgage clients which will further reinforce United Home Loans’ position.”

United Home Loans General Manager Robert Redford says the acquisition will enable United Home Loans to continue to lead the market with additional tailored products that will meet changing customer needs.

ENDS


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