Mortgage Choice decides to close Help Me Choose‏

Mortgage Choice Limited has shut down its Help Me Choose business unit five years after its purchase of one of Australia’s leading websites for home loan leads sold to mortgage brokers.

The comparison website was bought to generates tens of thousands of home loan leads annually from potential home loan customers.

The then Mortgage Choice CEO Michael Russell said the purchase marked an exciting strategic investment for the company "given that over 70% of our home loan leads are currently sourced online.”

HelpMeChoose.com.au featured when Mortgage Choice presented its FY15 financial results in August .

The new chief executive officer John Flavell made it clear that Help Me Choose’s financial result needed addressing.

“The less than favourable financial result of the Help Me Choose business prompted a comprehensive review of the operation and a decision has been made to close it down in its current form,” John Flavell said yesterday. 

“Continuing to invest in a business that is unlikely to be profitable in the foreseeable future does not make sense.”