January 21, 2016
Proving there is still plenty of activity happening in the property market, one of Australia's largest brokerages has recorded a new mortgage settlement milestone.
According to new data from Mortgage Choice, the branded brokerage settled in excess $1.15 billion throughout the month of December.
Mortgage Choice chief executive officer John Flavell said this was the first time the company's mortgage settlements had eclipsed $1.1 billion.
“It is my absolute pleasure to announce that last month's mortgage settlements result smashed our previous record of $1.087 billion, which was recorded in December 2014,” he said.
Mr Flavell said the impressive settlement milestone could be attributed to the ongoing strength of both Mortgage Choice and the property market.
“Over the last 12 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 56,000 home loans were written throughout November last year, 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 the Reserve Bank staying relatively quiet on the possibility of rate rises over the coming months, Mr Flavell said he expected the property market to remain strong as buyers look to take advantage of the current environment.
“Rates are still sitting at historical lows, making the cost of borrowing more affordable than it has been in a very long time. As such, we should continue to see a strong supply of potential buyers looking for property.”