Independent home loan specialist Mortgage Choice plans to launch its financial planning business in early 2013, as part of the final stage of its diversification strategy.
"This decision is being driven by the demand from our customers and franchise owners to offer a broader range of financial solutions," chief executive Michael Russell said.
"Our due diligence for the financial planning business has been completed, as has our business plan."
Mortgage Choice's extension into financial planning is a reflection of investing for future growth and making the most of existing and new growth opportunities, Russell said.
"We have no doubt the timing is right to deliver accessible financial planning solutions to all Australians," he said.
"Our vision remains clear - to fortify [our] role as a home loan specialist that offers broader financial services to better meet the needs of our customers."
Mortgage Choice announced its interim results yesterday, reaching $43.5 billion in its loan book, up 5.6 per cent from December 2010.
Its net profit after tax on a cash basis fell to $6.5 million, representing an 8 per cent dip on second half of the 2011 financial year results, due to increased operating expenses in the first half of the 2012 financial year and lower than expected revenue from its acquired business, comparison website helpmechoose.com.au.
On an international financial reporting standards (IFRS) basis, total group revenue was $71.8 million, up 4.7 per cent on the previous corresponding period.
