May 19, 2017
Following record interim financial results, Mortgage Choice has continued its positive momentum throughout Q3.
In the six months to 31 December 2016, Net Profit After Tax, home loan settlements, loan book and financial planning revenue all grew to record levels.
Throughout Q3 the momentum has continued, with strong growth in mortgage broking and very impressive growth in financial planning.
“Over the third quarter we saw an 8% lift in group office home loan enquiries, setting a new record for the company,” Mortgage Choice chief executive officer John Flavell said.
“This lift in home loan enquiries has resulted in a 6% increase in home loan applications and a 4% increase in home loan approvals, compared to Q3 FY16. Mortgage Choice's home loan approval result in March was a new record.
“Throughout Q3 FY17, the financial planning division has gone from strength to strength, with the value of Funds Under Advice and Premiums Inforce surging 59% and 30% respectively in comparison to Q3 FY16.
“Our network of mortgage brokers understands the value of providing their customers with access to professional financial advice. As a result, a larger proportion of our customers' wealth needs are now being met.”
Mr Flavell attributed the continued growth in financial planning revenue and the ongoing strength of the underlying core broking business to two main factors.
“As a group we have delivered continuous productivity gains as well as network growth,” he said.
“To the end of Q3, franchise numbers have grown by 5%, while loan writer and adviser numbers have also continued to increase.
“These strong outcomes have come off the back of the effective execution of a very solid strategy.”