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The mortgage brokerage has reported a ‘record year in lending’ for the financial year 2023, surpassing $1.5 billion in loan volumes.
Mortgage brokerage Resolve Finance announced in its FY23 update that the business had hit $1.58 billion in loan volumes, revealing a 13 per cent increase year on year.
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According to the company, a significant portion of this growth was attributed to the expansion of its franchisee network, which reported a 49 per cent increase in numbers over the past year, up from 34 to 50, bringing the total number of brokers across the network to 70.
As a result of the increase in franchisees there was a 32 per cent increase in settlements through the channel, with franchisees accounting for $1.1 billion of the total loan volumes, the brokerage stated.
Additionally, the average annual growth in settlements was 25 per cent over the last five years, attributed to “strong organic growth and market conditions”.
Furthermore, more than two-thirds of Resolve Finance’s brokers are now franchisees, up from just over half 12 months ago.
Managing director of Resolve Finance, Don Crellin, commented on the results: “We are thrilled with the results achieved by our brokers in FY23. This substantial growth is a testament to the hard work and dedication of our entire team.”
Mr Crellin emphasised that the mortgage cliff served as a “substantial tailwind” for the brokerage throughout the last financial year as it was marked by the conclusion of “billions of dollars of fixed-rate mortgages and subsequent refinancing”.
“The growth in our franchisee network and the increase in settlements through this channel have played a pivotal role in our success, and we are grateful to our franchise partners for their exceptional efforts,” Mr Crellin added.
Mr Crellin stated the evolution of the company’s model has allowed it to have the “capacity to grow quickly, and service more clients at a time when many home owners are navigating the current rising rate environment”.
“Borrowers understand the importance of turning to their broker to find a product that’s right for them and our franchise partners are delivering value for their clients,” Mr Crellin concluded.
“To meet the demand, we continue to welcome inquiries from prospective franchise partners as we grow our community of committed brokers to ensure we are sufficiently resourced to service Australian borrowers.”
[RELATED: 70% of non-English speaking refinancers plan to use a broker]
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