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Major aggregator doubles lending business

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James Mitchell 2 minute read

A leading mortgage aggregator says its brokers captured almost half of the $3 billion in commercial loans originated by the third-party channel in the first quarter of 2016.

FAST today announced that it has reached $60 billion in the value of its loan book, with strong growth in residential and business lending.

In the past two years alone, the NAB-owned aggregator says its business lending origination has doubled, rising from $3 billion in FY14 to $6 billion this year.

“In addition, recent Comparator data shows FAST brokers captured an impressive 45 per cent of the $3 billion of commercial lending loans originated by brokers in the first quarter of 2016,” FAST said in a statement.

“Growth in residential lending has remained strong with settlements topping $1 billion a month for the 15th month in a row.”

FAST CEO Brendan Wright said the growth was testament to the aggregator’s network of more than 1,200 “business-minded” brokers.

“Commercial and business lending expertise is part of our DNA. This phenomenal growth speaks to the strength of our brokers, as well as FAST’s network of partnership managers, dedicated to supporting our brokers with business lending opportunities,” he said.

According to Mr Wright, FAST brokers are now settling an average of $500 million in commercial and business loans every month with 60 per cent now offering an additional service outside of residential finance.

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He noted that close to 40 per cent of broker clients are small business owners.

“Clients are turning to brokers with a much broader set of needs and more complex queries. This is something we expect to see more of as the market continues to evolve and mature. There is enormous opportunity for brokers to guide clients through more sophisticated residential finance options as well as broader business and commercial finance solutions,” Mr Wright said.

“Our focus has always been on providing the best possible products and support to help our brokers grow their businesses across multiple revenue streams. FAST is committed to empowering our brokers to excel in a dynamic and changing industry both now and into the future.”

[Related: Virgin Money broadens distribution foortprint]

Major aggregator doubles lending business
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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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