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Better Choice mortgage settlements up 50% in FY19

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Reporter 4 minute read

Better Choice Home Loans, part of the BNK Group, has reported that home loan settlements in the 2019 financial year has grown by nearly 50 per cent, attributed to “strong funding partnerships”.

The lender’s mortgage settlements in FY19 increased by 49.9 per cent year-on-year to $578 million. 

Better Choice executive director Allan Savins said the 2019 financial year has been “tremendous” for the lender. 

He attributed the growth in mortgage settlements to “strong funding partnerships across the prime, near prime and specialist sectors”, as well as Better Choice’s relationship with BNK Banking Corp, the entity formed following the merger of finance aggregator Finsure and Western Australian bank Goldfields Money. 

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“[BNK has] been able to provide funding for underserviced niches such as expat loans and broker trail book loans, as well as providing extremely competitive rates for other sectors such as investor loans,” Mr Savins said. 

Better Choice in February announced that it is offering expats that receive up to 90 per cent of their PAYG summary from foreign income with access to loans of up to $1.5 million. The lender has also developed a loan product for small to medium-sized enterprises (SMEs) to borrow against their trail book.

The executive director also said Better Choice has been ramping up recruitment efforts to support its nationwide expansion plans. 

“We are looking forward to another strong performance over FY20,” Mr Savins said.

“As well as growing our business, we have been improving our responsiveness and turnaround times while offering an increasingly diverse range of solutions to our introducers.”

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[Related: Better Choice announces new products]

Better Choice mortgage settlements up 50% in FY19
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