Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Diversification delivers strong result for Mortgage Choice

Staff Reporter 4 minute read

Belinda Luc

Mortgage Choice Limited has announced a cash profit after tax of $14.8 million for the year ended 30 June 2010, up from $13 million in the 2009 financial year.

Chief executive officer Michael Russell accredited the franchise’s 14 per cent cash profit increase to its new aggregation arm Loankit and non-core diversification strategy under its ‘DREAM’ model, the company’s business diversification model.

“The rise in our cash profit reinforces the determination of our mortgage brokers and our staff to execute our FY10 DREAM strategy and make it a success,” Mr Russell said yesterday.

Advertisement
Advertisement

“Mortgage Choice’s ability to take advantage of alternative revenue streams while nurturing the core proposition is worthy of great applause.”

According to Mr Russell, the franchise doubled its life insurance referrals over the financial year, with $3.8 billion in life insurance policies under management and 14 claims lodged, settled and paid to date.

“Australians are grossly underinsured when it comes to life insurance, and as brokers, there is a duty to be able to provide customers with insurance and other non-core products.”

“Doubling our numver of life insurance referrals has certainly been a pleasing result and we are hoping to smash this record next financial year.”

As at 30 June, Mortgage Choice’s total loan book was $40 billion.

PROMOTED CONTENT


Diversification delivers strong result for Mortgage Choice
default
TheAdviser logo

If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Early bird tickets are on sale now. Work smarter, not harder, this year.

default

 

more from the adviser
uptick graph Non-majors and non-banks continue to dominate: Broker Pulse

A greater proportion of brokers are sending their clients to non-...

construction equipment ta Demand for excavators up 191% YOY: CBA

The major bank’s data has revealed a jump in asset finance grow...

mortgage money house Hot Property: The biggest property headlines from the week 7-11 June

The weekly round-up of the biggest news stories from across Momen...