MAB launches Australian arm

MAB has entered into this new joint venture with Mortgageport Management PTY Ltd, a mortgage manager and mortgage broker based in Sydney.

MAB Broker Services will trade under the Mortgage Advice Bureau brand and will offer independent mortgage advice, with protection at the core of its proposition, consistent with MAB's UK business model.  The joint venture will leverage many of the proven systems and processes adopted by MAB in the UK, with centralised lead generation, and telephone and regionally based advisers combining to deliver a comprehensive service to the Australian public.

Peter Brodnicki, Chief Executive, commented: "As in the UK, our model in Australia is all about the customer experience and providing consumers with the choice of how they receive information and advice, and how they transact. Average property prices and mortgage sizes are higher in Australia than in the UK, with procuration fees also higher.

We see many opportunities for the new business, which will benefit from our wealth of experience in the UK.  The intermediary sector in Australia is yet to be the subject of regulatory change to the extent seen in the UK.  We anticipate that this is likely to happen at some point in the future, and we will be well positioned to take advantage of the opportunities that we would expect to arise.

Against this backdrop, and with a partner of the quality and ambition of Mortgageport, our partnership with Purplebricks, and Steve Weston's continued involvement, we believe that the timing to test our expertise overseas in an attractive market couldn't be better."