Homeloans acquires Barnes Home Loans

Specialist mortgage lender Homeloans Ltd has acquired a Brisbane mortgage manager, Barnes Mortgage Management. The deal will add about A$500 million to Homeloans' loan book.

Homeloans chief executive Scott McWilliam said he intended to maintain the Barnes Home Loans trading name.

McWilliam said: "There is value in the brand and dual branding will allow us to do different things through the different channels."

He said the two businesses were similar in the way they were funded and the products they offered.

However, Homeloans has a bit more firepower through its funding relationships with Macquarie and Advantedge and would be able to enhance Barnes' product set, as well as provide sales support.

McWilliam said Barnes was profitable.