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Mortgage Choice director retires

by Reporter5 minute read
Stephen Jermyn

The broking franchise has announced the retirement of a long-serving board director.

Mortgage Choice has issued a notice confirming that board director of 15 years, Stephen Jermyn, has retired from his position, effective immediately.

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The major brokerage noted that Mr Jermyn was not expected to serve a full term when he was re-elected to the board at Mortgage Choice’s annual general meeting in October 2018.

The retired director was also chair of the audit committee until the AGM in October last year.

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Mortgage Choice said Mr Jermyn, who joined the broking franchise in 2004, has provided “invaluable guidance” throughout his tenure and significantly contributing to its success.

Vicki Allen, chair of Mortgage Choice, expressed gratitude towards the outgoing director, saying: “On behalf of my fellow board members, I would like to thank Steve for his commitment to the success of Mortgage Choice over the last 15 years.

“We wish him well for the future.”

Earlier this month, Mortgage Choice reported a sharp uptick in borrower enquiries — including from first home buyers, investors and refinancers — after the Reserve Bank cut the official cash rate to the historic low of 1.25 per cent. 

“A number of brokers received calls from their existing customers, who had heard news from the media and their family and friends about low interest rates, with many new enquiries originating from referrals,” Mortgage Choice CEO Susan Mitchell told The Adviser.

“Brokers have said a number of customers had called asking if they can get a rate below 4 per cent, particularly investors who had been holding back on their property buying plans. Interestingly, some brokers have reported an increase in enquiries from customers wanting to exit a fixed term and while it isn’t always economically feasible, there are lenders offering competitive deals.”

Ms Mitchell continued: “Brokers have also reported an increase in enquiries from first home buyers who feel more confident about taking their first steps towards home ownership. Some have attributed this sentiment to a change in the political climate, others put it down to the news around lower interest rates and falling property values.”

[Related: Borrowers flocking to brokers following mortgage rate slashes]

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