Mortgage Choice has released some strong interim financial results for the third quarter of the 2017 financial year, experiencing growth in home loan enquiries, applications and approvals.
The franchise saw an 8% increase in group office home loan enquiries which sets a record for the company, said chief executive officer John Flavell.
“This lift in home loan enquiries has resulted in a 6% increase in home loan applications and a 4% increase in home loan approvals compared to Q3 FY16. Mortgage Choice’s home loan approval result in March was a new record.”
The firm’s financial planning division has also continued to grow with the value of Funds Under Advice and Premiums Inforce shooting up by 59% and 30% respectively in comparison to the third quarter of the last financial year, Flavell said.
“Our network of mortgage brokers understands the value of providing their customers with access to professional financial advice. As a result, a larger proportion of our customers’ wealth needs are now being met.”
Flavell said continued growth in the core broking business and financial planning revenue was due to two key factors: delivering continuous productivity gains as well as network growth.
“To the end of Q3, franchise numbers have grown by 5%, while loan writer and adviser numbers have also continued to increase,” he said.
“These strong outcomes have come off the back of the effective execution of a very solid strategy.”
Related stories:
Finance group ropes net loss of $344m
CBA home lending up 7.8%
Westpac third party channel shrinks by 6%
