Bernie Lewis Home Loans in receivership, search for white knight begins

Receivers have seized control of one of SA’s best known mortgage broking and lending firms as they search for a white knight to rescue the 40-year old brand.

Bernie Lewis established the mortgage broking firm in 1987.

Receivers have seized control of one of Adelaide’s best known mortgage broking and lending firms, beginning a search for a white knight to rescue the almost 40-year-old brand.

Bernie Lewis Home Loans continues to trade through its more than 20 affiliated brokers, but its future hangs in the balance after BankSA called in receivers last week to take control of the company’s assets.

The company was established in 1987 by Bernie Lewis, a pioneer in the mortgage broking industry and a leading corporate figure and philanthropist in South Australia before his death in a light plane crash in New Zealand in 2005.

His son Mark continued the business before it was taken over by Scott Matthews at the beginning of 2022.

Bernie Lewis pictured in 2001.

Receiver Mark Knight from McGrathNicol said there would be no impact on customers as the search for a white knight to take over the Bernie Lewis business commenced.

“The appointment of receivers and managers to Bernie Lewis Home Loans has no impact on customers, historic and current - there is no impact on their current mortgages or lending applications,” he said.

“It’s very much business as usual ... and we do not at this stage see any impediments to a going concern trading and sale process.

“One thing I would say is that the underlying business appears profitable. We all know it’s a well-known, well supported South Australian brand. It’s been around for almost 40 years.”

Scott Matthews took over the Bernie Lewis business in 2022. Picture: Tim Joy

Mr Knight said the company had four employees, and more than 20 mortgage brokers operating under the Bernie Lewis brand. He said local and interstate groups would be sounded out over their potential interest in taking over the brand and broker network.

“We’ll go through the sale process where our aim is very much for a going concern broker network transition. It’s a really tight knit and experienced broker network, and many of them have been with Bernie Lewis for a long time.”

Bernie Lewis started the Adelaide Permanent Building Society in 1971, and played a pivotal role in that company’s merger with the Hindmarsh Building Society, which then joined with the Co-operative Building Society and eventually led to the Adelaide Bank.

He was a former chairman and board member of SA Great, Queen Elizabeth Hospital and Adelaide 36ers, and a former Adelaide City councillor in the late 1980s and early 1990s.

Mr Lewis, 66, and wife Christine, 60, were on a holiday when their chartered twin-engine Piper Seneca crashed into Mt Tauhara on NZ’s North Island on February 2, 2005. Pilot Steven Brown, 36, also died.

Originally published as Bernie Lewis Home Loans in receivership, search for white knight begins