A major aggregator has seen record settlements, saying it grew its books more than two-and-a-half times faster than the rest of the market.
Vow Financial has announced that May was the aggregator's biggest settlement month on record. Settlements for the aggregator were up 40.6% compared to the same time last year, and Vow marketing and product manager Matt Mitchener said the company grew its monthly settlement volumes 44.1% from the 2013 financial year to the 2014 financial year.
"This is in contrast to the entire lending market which has grown 16.9% over the same period.Therefore, Vow grew at 2.61 times faster than the rest of the market," Mitchener said.
Vow Financial CEO Tim Brown said the company is also seeing strong growth in its broker numbers. He told Australian Broker majority of the brokers the company was were new-to-industry.
“Part of our recruitment strategy is to invest in training and development. Out of 15 to 16 people we’re recruiting every month, 10 of them are new to the industry and the remaining five or six are existing brokers coming across from another aggregator,” Brown said.