HelpMeChoose.com.au, the online home loan comparison service founded by Adir Shiffman, has been sold to Mortgage Choice.
The purchase, for an undisclosed amount, is the latest acquisition by independent mortgage broker Mortgage Choice in the past year, following its takeover of LoanKit.
The HelpMeChoose.com.au brand, which includes life and health insurance comparisons as well as home loans, will remain, with Shiffman moving from CEO to non-executive, though still remaining “heavily involved” in the company.
Mortgage Choice says that the acquisition of HelpMeChoose.com.au will generate more home loan leads for the company.
Michael Russell, CEO of Mortgage Choice, says: “The purchase marks an exciting strategic investment for the company given that over 70% of our home loan leads are currently sourced online.”
“This proportion will only rise further as the internet continues to strengthen as the preferred information source for potential and existing home loan customers.”
Shiffman says the deal will help his company expand rapidly.
“HelpMeChoose.com.au is a rapidly growing company and we wanted to accelerate this growth in the right way. We spoke to a few people but these guys (Mortgage Choice) were stand-outs. Michael’s understanding of online lead generation is streets ahead of anyone else’s.
“I’ll still be heavily involved. When you’re the founder of a business it’s very difficult to step away from it.”
Shiffman insists that the acquisition will not impact upon the impartiality of HelpMeChoose.com.au.
“There will be no change in the loans that appear – we have to maintain the public’s trust,” he says. “Mortgage Choice realise that to change that will be a one-way ticket to oblivion. All we can do is operate honestly and transparently and the public will see that.”
Shiffman adds that he expects to see rationalisation in the online comparison market, claiming that sites now need value-add services such as ‘ask an expert’ rather than simple comparative tables of rates.
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