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Brokerage reports three-year high in leads

mortgage choice  mortgage choice
Malavika Santhebennur 8 minute read

Mortgage Choice has recorded its highest month of leads in three years, leading to a jump in application numbers in May.

The major brokerage has reported its highest month of leads since 2017, along with strong growth in new customer enquiries on the back of a customer campaign.

This has led to an increase in the number of applications in May 2020, compared to May 2019.

According to Mortgage Choice CEO Susan Mitchell, the customer communications team rolled out a strategic communications plan targeting the brokerage’s database when the COVID-19 pandemic began to unfold, which resulted in an increase of 79 per cent in leads in May, compared to the same month last year.

“We understand that in times of crisis, consumers look to experts they know and trust, and we believe that this surge in demand for our services can be attributed to the quality of clear, consistent and timely communication from our brokers to the clients,” Ms Mitchell said.

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“A focused, coordinated content approach across all our channels drove an increase of new and existing lead opportunities to the broker network.”

Mortgage Choice said it distributed over 1.5 million emails to existing customers and leads. The emails had a 28.2 per cent open rate and a 5.56 per cent click through rate.

“The content shared via email, social media and our dedicated COVID-19 financial support webpage, equipped customers with factual information from their broker, while also reassuring them that they were just a phone call away,” Ms Mitchell said.

“We also distributed weekly credit video updates to our broker network each Monday covering the fast-paced changes in policy, pricing and processes we saw from lenders in response to the impacts of COVID-19.”

The brokerage has also recorded an increase in the number of refinancing submissions of 50 per cent and an increase in the total number of mortgage applications of 17 per cent in the three months to May 2020 compared to the same period last year.

“This increase in demand has been driven in large part by customers who were looking to secure a better interest rate, to lock in a record low fixed-interest rate and borrowers looking to upgrade to a new family home,” Ms Mitchell said.

The rise in activity has been facilitated by the brokerage’s customer communication program, MC Connect.

[Related: Offshore processing linked to loan approval lags]

Brokerage reports three-year high in leads
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Malavika Santhebennur

Malavika Santhebennur

Malavika Santhebennur is the features editor on the mortgages titles at Momentum Media.

Before joining the team in 2019, Malavika held roles with Money Management and Benchmark Media. She has been writing about financial services for the past six years.

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