Dealer group Matrix Planning Solutions could have access to even cheaper mortgage lending rates on the back of the announcement that the National Broker Group (NBG) would merge with two other mortgage aggregators in the new year.
This week Matrix announced it had secured a mortgage aggregation arrangement with NBG, which had its own announcement in which it said it would merge with The Mortgage Professionals and The Brokerage in early 2010.
Matrix director adviser services and development Allison Dummett said the merger was likely to provide significant benefits in terms of scale, negotiation powers and potentially even cheaper rates for Matrix planners on top of an already negotiated fee split with NBG.
"Because in the past our member firms that provide mortgage broking services have done it individually, they haven't got much of a rate discount. However, the partnership with NBG will see our members get both price benefits as well as access to a more uniform service," Dummett told InvestorDaily.
Matrix managing director Rick Di Cristoforo said: "Arrangements like these enhance the service offering to our practices and advisers for the benefit of their clients."
Once merged, NBG, The Mortgage Professionals and The Brokerage will have over 900 brokers operating within the network, with around $16 billion in loans under its control.
The new entity would be rebranded next year and have a focus on growing its businesses through the provision of a variety of support services.
