Terrain enters mortgage broking

Financial services provider Terrain Australia is set to provide more competition in the mortgage loans broking market, and has announced plans to open 10 Melbourne shopfronts by the middle of 2003. It has already set up home loan centres in three Melbourne locations. It is also about to acquire a broker which currently has 20 outlets in Queensland and Sydney, and anticipates it will enter the Perth and Adelaide markets by the end of this year.

Terrain will offer its own loan products as well as act as a broker for many other larger loan providers, such as Wizard. We will target the same market as Wizard Home Loans, Terrain's managing director Mark Burgio said. While Terrain will mainly target discount loans under $250,000, customers who dislike dealing with banks and want loans of up to $500,000 may also be tempted by our rates, he added.