Recludo buys stake in My Expert to grow mortgage network

Recludo has agreed to buy a 51% stake in My Expert, adding another mortgage and advice business to its expanding network.

Founded by Brett Wadelton in 1999, My Expert has grown into a diversified financial services business spanning mortgage broking, financial advice, personal insurance, business and commercial lending, asset finance and SMSF lending.

The Victorian-based firm employs 18 staff across Melbourne, Geelong, Manila and India. It serves clients through an advice-led model, which made it an attractive fit for Recludo's broader strategy of backing founder-led brokerages while expanding its reach in financial services.

Under the agreement, Recludo will provide strategic and operational support while Wadelton remains involved in the business. Its model is to keep founders in leadership roles while adding central support in areas such as compliance, marketing, recruitment, automation, benchmarking and access to capital.

The transaction takes Recludo's combined residential loan book to more than $3 billion. It is the group's eighth partnership since launch as it builds a national footprint through acquisitions and minority or majority stakes in established mortgage and mortgage services firms.

Sector shift

The deal comes as mortgage broking continues to win a larger share of Australia's home lending market. Brokers now originate more than three-quarters of all new residential loans nationally, yet the sector remains fragmented, with many independent firms facing rising compliance demands and the cost of investing in systems and governance.

This has created an opening for consolidators seeking to build larger groups of broker businesses that can share central functions while preserving local brands and founder management. The latest deal reflects that trend, as owners seek scale, succession options and support for expansion.

My Expert has sought to differentiate itself with a broader service mix beyond mortgages. The business recently launched its Elite Broker Academy, developed with broker training organisation Mr Mentor and led by broker and educator Tiffany Angus, to train future mortgage and asset finance brokers.

Wadelton, who has spent more than 26 years in the mortgage industry, is an MFAA-approved mentor and has received industry awards during his career. He said the partnership would allow the firm to invest more in staff and expand its reach while keeping its identity.

"With Recludo's support, we can invest further in our team, expand our offering and help more Australians make confident financial decisions throughout life. Partnering with Recludo allows us to accelerate our growth while staying true to who we are. Our Elite Broker Academy, I'm sure, will play a key role to support not only our own but other broking businesses in the Recludo stable, with an industry-best mentoring program producing elite residential and asset brokers," said Brett Wadelton, founder and CEO of My Expert.

He added that alignment on culture and long-term direction was central to the agreement.

"We were looking for a partner who respected our advice-led culture and shared our long-term vision," Wadelton said.

For Recludo, the appeal lay in the breadth of My Expert's client model, built around broking and adjacent advice services. The group sees scope to support further expansion as demand grows for more integrated financial services offerings.

"What attracted us to My Expert was the depth of the client relationship model they've built. This is not just a mortgage brokerage but an integrated advice business with genuine cross-service capability. Brett has built a highly respected business over nearly three decades and we see significant opportunity to support the next stage of growth.

"The Elite Broker Academy also aligns strongly with our long-term vision around talent development and supporting the future growth of the broker industry," said Tim Brown, chief executive officer of Recludo.

Brown also linked the acquisition to broader changes in the mortgage and financial services market, where independent operators increasingly need outside backing to move into a larger phase of growth.

"We're building a platform designed to help high-quality founder-led businesses grow beyond the limitations that often come with operating independently. The momentum we're seeing across the sector reflects a much broader shift towards consolidation, scale and integrated financial services models. My Expert is another strong example of that evolution," Brown said.