October 15, 2014
Mortgage Choice has recorded a strong start to the new financial year, with the company reporting a surge in home loan approvals throughout the first quarter.
According to recent data from Mortgage Choice, home loan approvals for the first quarter of the 2014/15 financial year were 12.5 per cent higher than the same corresponding period the year before.
Mortgage Choice chief executive officer Michael Russell said the results are ahead of plan and made all the more impressive by the fact that they are coming off a very high base.
“In the first quarter of the 2013/14 financial year, our home loan approvals were 18.6 per cent higher than they were the year before. So, for our home loan approvals to be a further 12.5 per cent higher this year is truly impressive and testament to the maturity of our business and consistently high customer satisfaction rates,” he said.
Mr Russell said the notable spike in home loan approvals can be in part attributed to the company's recent increase in loan writer numbers.
“At the end of September last year, we had 510 loan writers operating across the nation. Today, thanks to our very successful Plus One Initiative, we have 556 loan writers on board, and that number is growing,” he said.
“I expect our home loan approval numbers to grow further as our new loan writers find their feet and really start to hit their strides.”
The ‘Plus One' initiative, which was officially launched in January and ran until the end of June, offered franchisees a monetary incentive to bring another loan writer on board.
“Our Plus One initiative was incredibly successful for us as a business and I believe it will help us to garnish greater market share over the coming year,” Mr Russell said.
“While we are only one quarter into the new financial year, we are seeing solid growth in both gross profit and recruitment not only in our core mortgage broking business, but our financial planning business as well. Moving forward, we expect to achieve another year of good growth in cash profits for the group.”
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