Aussie reports record lending in March

According to the brokerage, it will reportedly reach $10 billion in loan settlements for the first six months of the 2021 calendar year amid the “strong growth” in lending.

Aussie attributed the growth in lending to owner-occupiers, who made up 35.3 per cent of the volumes. Other notable segments were refinancers (25.6 per cent), first home buyers (22.2 per cent) and investors (a lower 16 per cent), according to the major brokerage.

The company also reported that the number of mortgage brokers had grown by 188 in the financial year to 31 March 2021, which it said was up almost 70 per cent compared with the previous corresponding period.

Meanwhile, Aussie stated that it is on track to open 24 stores over the 2021 calendar year, which would increase the total number of stores to 244.

The CBA-owned broker group, which is set to merge with online brokerage Lendi later this year, has set itself a target of having 300 stores and 1,250 brokers by 2023.

Commenting on the lending trends, Aussie CEO James Symond said: “We are looking to expand our successful retail network to cope with the higher demand for home loans amid the record-low interest rates, with owner-occupiers and refinancers the most prolific in their activity.

“We are seeking new brokers, not necessarily with a finance background, who are customer-driven with face-to-face service either through our network of stores or in the field.”

He concluded: “The low rates, real estate price growth and heavy competition among lenders has created unprecedented demand for expert home loan advice from our brokers, and we expect lending volumes will continue to grow throughout 2021.”

[Related: Home values up 400% in 30 years: study]