Mortgage Choice loan book approaches $50 billion

In the 12 months to 30 June Mortgage Choice brokers wrote $13.4 billion worth of housing loan approvals, up from $12.2 billion in 2013-14, helping the group deliver a net profit after tax of $18.9 million, up 1.7 per cent on $18.5 million in 2013-14 (excluding discontinued operations).

Mortgage Choice CEO John Flavell said while the company’s latest annual financial results were strong, more can be done by the group to better capitalise on the opportunities presented by the strong market.

“Over the last 12 months, the Mortgage Choice core business has performed incredibly well, recording its best-ever settlements result,” Mr Flavell said.

“That said, there is still more that we can do to grow the core broking business. Heading into 2015-16, recruitment will become a focus for the business as the more feet we have on the ground, the better placed we will be to help more Australians make informed financial decisions.

“In addition, we will continue to focus on transitioning the business into a fully fledged financial services company in a bid to better cater to our customers’ growing financial needs.”

Mr Flavell said the group has a very positive outlook for the coming financial year as the property market remains strong, with dwelling values on the rise and auction clearance rates continuing to hover at solid levels.

“Further, the value of the home loan market and the number of home loan approvals being written each month continues to rise, which bodes well for Mortgage Choice’s core broking business,” he said.

The group added 41 new brokers in the 12 months to 30 June, taking its total number of loan writers to 575.

Total franchise numbers increased from 433 to 456.

[Related: Flavell flags opportunity for brokers in 'complex' market]