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Listed broking franchise group Mortgage Choice reported a fall in net profit yesterday but is optimistic about the first half of 2009.
Over the six months to 31 December 2008 Mortgage Choice posted a net profit after tax of $8.3 million, down 22 per cent on the prior corresponding period.
Managing director of Mortgage Choice Paul Lahiff said the result was solid “when considered against a backdrop of a weakened economy plus decreased consumer confidence in the housing market and job security”.
Mr Lahiff said the group had also noted renewed borrower interest which, combined with a strong broker proposition, would place it in good stead for the second half of the financial year.
“The mortgage broking proposition of educating customers about the market and the mortgage process while helping them find clarity over loan choice is especially appealing at a time when confusion and uncertainty is widespread.
“Most importantly, brokers continue to provide a service that one lender simply cannot – a wide range of choice in lenders and loan products via a personalised service at a local level.”
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