Mortgage franchise, Mortgage Choice has reported a surge in home loan approvals in a strong start to the financial year.
Home loan approvals for the first quarter of the 2014/15 financial year were 12.5% higher than the same corresponding period the year before, according to the franchise’s data.
Mortgage Choice chief executive officer Michael Russell said the results are ahead of plan, especially as they were coming off from a high base last year.
“In the first quarter of the 2013/14 financial year, our home loan approvals were 18.6% higher than they were the year before. So, for our home loan approvals to be a further 12.5% higher this year is truly impressive and testament to the maturity of our business and consistently high customer satisfaction rates,” he said.
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.”