May 19, 2011
Mortgage Choice, Australia's largest independently-owned mortgage broker, has demonstrated its capacity to buck broader industry trends by reaching its highest value of home loan approvals since October 2009. The milestone was announced at this week's executive meeting.
CEO Michael Russell said while housing credit growth has clearly slowed in recent times, professional mortgage brokers should not be overwhelmed.
"Home loan volumes are down industry wide but what we are seeing is more consumers looking to reputable brokers to help them navigate an increasingly competitive mortgage market. This spells opportunity," he said.
"Mortgage Choice is making ground. I am delighted our March unconditional approvals reached $943 million and represented our best month since October 2009, which saw high demand due to the FHOG boost. We are also thrilled to see our home loan market share hit a two-year high.
"The present bank wars have heightened lender re-engagement; they are competing hard for our business.
"This combined with our brokers actioning their 'client for life' philosophy and our excellent brand awareness campaigns have led to these results. Mortgage Choice brokers are being rewarded for their outstanding initiatives, which is wonderful to observe.
"My message to all brokers is to get stuck in and grow your market share. Ignore what's happening in the broader market and concentrate on the opportunities available with consumers who understand the value of a mortgage broker's service proposition and who genuinely need our help to get a better deal.
"Our focus is clear and although we acknowledge loan approvals and market share are a month to month proposition, we are determined to build on this latest terrific result."
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