Mortgage Choice targets SMSF, developers

by 16 Nov 2011

Mortgage Choice will push self-managed super funds and bring property developers onto its panel to assist investors.

The announcement was made at the company's annual general meeting where it reported strong profits amid a slowdown in lending. Mortgage Choice chair Peter Ritchie told investors the company would continue to diversify revenue streams in 2012, including delving into self-managed super fund loans, and bringing "well-known property developers" onto its panel to assist property investors.

Mortgage Choice reported a 7.4% uplift in cash profits to $15.9m, and grew its loan book to $42.4bn over the financial year. Ritchie said the result put the broker's loan book sixth in terms of size, behind the major banks and Bankwest. Loan approvals were down 2%, which Ritchie compared to an 8% overall drop-off in lending, according to ABS figures.

The results announcement came as Mortgage Choice spokesperson Kristy Sheppard announced her departure from the company.