Franchise broker Citiwide Homeloans has revealed plans to expand interstate and increase its franchise numbers by more than 50% over the coming year.
While the franchise has experienced year on year growth since its inception in 1988, Citiwide CEO Patrick Marion says that the low interest rate environment, elevated housing market and the recent budget announcement means that they are predicting 2015-2016 to be the company’s biggest growth year yet.
“The popularity of using brokers to source a home loan is increasing with the broker share of the mortgage market sitting at around 51% of all residential lending now,” he said.
“In the 12 month period to March 2015 brokers accounted for $31.2 billion or 71% of the total $44.2 billion in lending, according to the Australian Bureau of Statistics. Couple this with record low interest rates driving investors into the marketplace, and it is clear that now is the time for Citiwide to focus on expanding.”
As a part of this growth, the franchise brokerage expects to increase its franchise numbers by more than 50% over the next twelve months, expanding to 18 brokers.
“We’re seeing a year-on-year increase in client numbers across our eleven current franchises, and despite 21% growth within the company this year, demand for our services is still far outweighing supply,” Marion said.
While immediate plans are to continue to grow throughout Victoria and Queensland, Marion says that eventual plans involve expansion throughout the country.
“Citiwide are always on the lookout for potential franchisees to help us grow the brand. We know that there is a high demand for quality mortgage brokers Australia wide, and we intend to fulfil this need over the coming years.”