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Mortgage Choice registers record six month profit

Staff Reporter 1 minute read

Mortgage broker Mortgage Choice today delivered a $10.6 million record net profit for the six months to December 2007.

Mortgage Choice generated $5.9 billion in housing loan approvals during the six month period. The broker’s loan book now stands at $31.6 billion, up 14 per cent from the same period in 2006.

“The result is particularly pleasing considered against a backdrop of the US sub-prime situation, a federal election in November and two cash rate rises in August and November 2007, as well as further rises by lenders,” said managing director of Mortgage Choice Paul Lahiff.

“Our results underline the real value of our specialist approach and national business model. The business is structured so we can scale up operations in response to demand with little additional expense,” he said.

Mortgage Choice maintains its outlook for full year profit growth of five to ten per cent, but concedes that the next six months will be challenging. Tight cost control will remain a high priority for the broker.

Published: 21-02-08

Mortgage Choice registers record six month profit
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