After closing out 2020 with robust figures across the board, Aussie CEO James Symond has expressed confidence the group’s growth will hold into the new year.
“We are very confident that Aussie’s loan volumes will continue to grow to over $18bn for the 2021 financial year – amid the buoyant real estate market, record lending conditions, and despite the ongoing economic and social pressures being placed on us all by the COVID-19 pandemic,” he said.
Over the last calendar year, the broker group’s settled loan volume rose by 11% to $17.7bn, driven largely by demand from refinancers, movers and first home buyers.
Given that Aussie recorded a 28% lift in loans for first home buyers over the 12-month period, Symond expressed specific confidence the borrower subset will stay active in the new year as people continue to take advantage of historically low interest rates and the government measures available to support them.
“The year was dominated by very heavy competition amongst lenders, especially in their fixed rate products, and this should continue as both fixed and variable interest rates continue to be sharpened,” Symond said.
“We are seeing confidence of consumers return. I believe the comeback for the Australian property market will continue for some time, especially with the continuation of government schemes to help first home buyers enter the property market.”
To the CEO, it’s indisputable mortgage brokers have continued to prove themselves a crucial part of the housing ecosystem.
“Mortgage brokers, who provide more than 50% of home loans in Australia, are proving their worth at this time as they help borrowers navigate their way through the abundance of products and government schemes currently available, as well as the often daunting task of securing a mortgage,” he said.
“Many of our brokers are currently working around the clock to help customers with their loan applications in the new year and we are expanding the number of brokers and stores to meet the demand for assistance.’