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Mortgage Choice loan book approaches $50 billion

James Mitchell 2 minute read

Listed brokerage Mortgage Choice has seen record settlement volumes in the 12 months to 30 June with settlements totalling $11.5 billion, up 10.6 per cent from the corresponding period last year.

The group’s loan book grew to new heights, hitting $49.5 billion, up 4.6 per cent from 2013-14.

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.

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“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]

 

 

Mortgage Choice loan book approaches $50 billion
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James Mitchell

James Mitchell

James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.

He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.

He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.

James holds a BA (Hons) in English Literature and an MA in Journalism.

 

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