The new entity will operate under the Squirrel brand.
A simultaneous partnership has been announced with the financial strategy and coaching business, enable.me.
Squirrel chief executive David Cunningham said “merging with The Home Loan Shop marks a coming together of two like-minded businesses, with a lot of shared values.”
The Home Loan Shop founder, Greg Scott said; “For both organisations, it just felt like the time was right to do something bigger, better and a little different.”
Scott said the priority would be building on the world-class technologies and systems that already exist across both businesses.
Squirrel founder, John Bolton said “some might question the choice to go through with a merger at a time when the housing market is undeniably slow.”
“The reality is, this is the perfect time with borrowers increasingly gravitating towards personal financial advice.”
Squirrel and The Home Loan Shop will continue to operate as separate entities until mid-2023,
Ultimately, the merger will see Squirrel grow to a team of more than 100, originating upwards of $2.5 billion in mortgages per year, and representing over 6% of the New Zealand mortgage adviser market.