One of Australia’s largest brokerages has recorded a new mortgage settlement milestone for the month of December.
According to new data from Mortgage Choice, the branded brokerage settled in excess $1.15 billion last month.
Mortgage Choice chief executive officer John Flavell said this was the first time the company’s mortgage settlements had eclipsed $1.1 billion.
“It is my absolute pleasure to announce that last month’s mortgage settlements result smashed our previous record of $1.087 billion, which was recorded in December 2014,” he said.
Mr Flavell said the impressive settlement milestone could be attributed to the ongoing strength of both Mortgage Choice and the property market.
“Over the last 12 months, our loan writers have been run off their feet catering to the growing demand for home loans,” he said.
“There is no denying the property market has been relatively hot for the last two years and, according to recent data released by the Australian Bureau of Statistics, there is still a lot of heat in the market.”
The latest housing finance figures from the ABS found more than 56,000 home loans were written throughout November last year.
“Our brokers continue to take advantage of the spike in home loan demand and are using this time as an opportunity to grow their business and their bottom lines,” Mr Flavell said.
“In addition, our brokers are increasingly helping customers with their broader financial needs, which is having a positive impact on the company.”
With the Reserve Bank staying relatively quiet on the possibility of rate rises over the coming months, Mr Flavell said he expected the property market to remain strong as buyers look to take advantage of the current environment.
“Rates are still sitting at historical lows, making the cost of borrowing more affordable than it has been in a very long time. As such, we should continue to see a strong supply of potential buyers looking for property.”
Meanwhile, Aussie Home Loans and mortgage aggregation group Finsure also announced record settlements. Finsure recorded more than $1 billion in settlements over December, while Aussie saw more than $21 billion in mortgage settlements over the 2015 calendar year.
[Related: Finsure cracks $1bn milestone]
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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