The Money Store joins Australia’s first publicly listed mortgage finance company
Mortgage specialist company The Money Store has been acquired today by Terrain Australia Limited, Australia’s first publicly listed mortgage finance company, enabling The Money Store to grow its business through franchises around New South Wales.

The acquisition will see founder Tony Harris remain at the helm of The Money Store, and takes the Terrain group - comprising Terrain Home Loans, Northern City Finance and The Money Store - into the top five in Australia for residential mortgages, writing in excess of $1.5 billion in mortgages per annum and $500 million in asset finance and leasing.

According to Tony Harris, who will take on the title of NSW General Manager, the acquisition is a sign of the growing maturity of the mortgage broking industry, and will give clients the added security from the full disclosure that comes with a public company, which is not currently present in the mortgage industry.

“We are excited by the opportunity this gives our clients and our business, and are proud to become part of a group which will allow us to more effectively champion the cause of our clients for better service and feed-back from lenders, most of whom have welcomed this acquisition,” said Mr Harris.

“This move really is a change for the better and one which will be replicated across the industry, leading to higher credibility and better standards, and giving clients the confidence of dealing with a public listed company.

“The culture and ethics of The Money Store, which has been built on service, systems, training and education over the last six years, are mirrored by Terrain, which as a group hopes to write over $2 billion in business in 2004.

“The Money Store will grow through franchised offices in NSW, with Terrain Home Loans covering Victoria and Northern City Finance operating in Queensland,” said Mr Harris.

Terrain Australia Limited’s three core businesses - finance broking, mortgage broking, and insurance broking.

***
Released for The Money Store by Dennis Rutzou Public Relations.
For further information please call Kristen Mackie
or David Lizzio on (02) 9413 4244.