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Homeloans Ltd chief executive Scott McWilliam said the acquisition of Barnes Home Loans represents “a perfect fit.”
The acquisition will see Homeloans grow its loan book by $500 million.
"We recognise the strength and reputation of the Barnes Home Loans brand, and it provides us with a significant opportunity to further develop the Homeloans business nationwide,” Mr McWilliam said.
“It both complements our existing operations and aligns with our strategic direction,” he said.
“It’s also an easy transition and will enable additional growth opportunities in key market segments, particularly third-party distribution.
“In addition, it will enable us to deliver enhanced product and service delivery opportunities for customers across both brands.”
Barnes is an Australian-owned business with a strong brand and a well-forged local presence.
Mr McWilliam said its distribution channel is very similar to that of Homeloans, and noted that its cultures and values are well aligned.
Homeloans has been actively assessing inorganic opportunities across a range of complementary financial and property service providers and, as such, identified growth opportunities within Barnes Home Loans.
“Barnes is a profitable business, and we recognised the value in the infrastructure, local presence and its dedicated and talented staff,” Mr McWilliam said.
“Simply put, there’s clear growth synergy, and by providing local sales, BDM and credit support we are confident we can capitalise on the existing business and grow it significantly,” he said.
Homeloans confirmed that it will not be making any changes to the way brokers do business with Barnes but will be enhancing the support levels to continue to provide a high level of customer service and to nurture the business.
By combining the Homeloans and Barnes offices, the group will also have an increased physical presence in Queensland.
“We are committed to investing in the relationship side of Barnes, and we are also focused on providing innovative and competitive solutions to both brokers and customers in the way we always have,” adds Mr McWilliam.
Barnes Home Loans was established in 1993 and has specialised in providing residential and commercial real estate finance Australia-wide.
Co-founder Janelle Rayner will work with Homeloans to assist with integration and help ensure her legacy is maintained and leveraged to grow the business.