A non-major lender has reported the second largest home loan growth in the entire Australian mortgage market.
In the year to June 2015, MyState recorded 16.3% growth in its loan book, to $3.6 billion. This is 2.3 times the system growth and the second largest home loan growth in the market, behind only Macquarie
The lender also reached a record $1 billion in settlements over the year, a massive 75% increase on total settlements in the 2014 financial year.
MyState’s CEO and managing director Melos Sulicich said the record growth was driven by continued investment in non-major’s broker channel.
“Importantly, our mortgage broker strategy has succeeded in generating growth in our loan book,” he said.
“The strong growth in our loan book is a testament to the success of new sales initiatives. These included establishment of a dedicated sales and distribution team, hiring experienced business development managers and improving systems to speed up loan approvals. Product and pricing strategies leveraged MyState Bank’s new status as a bank and The Rock
’s existing profile among brokers.
“We have a digital transformation program underway to improve services to customers. This includes the Bank’s first iteration of our mobile app, and rolling out a new loan origination system which provides mortgage brokers with full electronic lodgement capability.”
MyState also reported sound loan book growth with investor loans below APRA ADI average. According to the full year results, investor loans comprised 13% of MyState’s loan book, well below the APRA ADI average of 35%.