January 28, 2015
Mortgage Choice has managed to achieve a new financial milestone, settling $1.087 billion in mortgages in December.
Mortgage Choice chief executive officer Michael Russell said the achievement highlighted the ongoing strength of the company.
“Over the last 12 months, Mortgage Choice has significantly grown its loan writer numbers. At the beginning of 2014, we set ourselves the ambitious target of growing our loan writer numbers by 50. Not only did we manage to do just that, but those loan writers are now starting to hit their strides, which is helping our mortgage settlements to grow month after month,” Mr Russell said.
“Moving forward, I am confident that our settlement volumes will keep on growing as our loan writers continue to find their feet.”
Mr Russell said the settlement milestone could also be attributed to the ongoing tenacity of the company's existing network of loan writers.
“For the last 18 to 24 months, our loan writers have been run off their feet catering to the growing demand for home loans,” he said.
“There is no denying the property market has been relatively hot for the last two years and, according to recent data released by the Australian Bureau of Statistics, there is still a lot of heat in the market.
“The latest Housing Finance Data from the ABS found more than 50,000 home loans were written in October, which is incredibly high by historical standards.
“Our brokers continue to take advantage of the spike in home loan demand and are using this time as an opportunity to grow their business and their bottom lines.
“In addition, our brokers are increasingly helping customers with their broader financial needs, which is having a positive impact on the company.”
With speculation mounting that the Reserve Bank of Australia could be set to cut the official cash rate in the not-too-distant future, Mr Russell said the property market should continue to stay relatively hot as more people look to take advantage of the low rate environment.
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