Connective is celebrating a 35% year on year growth, with over $90 billion in mortgage applications in the last financial year.
Settlements were at $67.3bn, a rise of 31% on the year before, and the year ended at a spring, with almost a third of applications coming in the final quarter.
It reflects the huge growth that has taken place in the property market in the last 12 months, as well as the vital role that mortgage brokers have played in it: brokers are now up above 60% market share, driving growth at aggregators such as Connective.
“Nobody could have predicted this growth last March when the pandemic hit and everything as we know it changed,” said Mark Haron from Connective.
“We’ve seen an increase in customers choosing to use brokers. This coupled with historically low-interest rates, government policies such as the first home buyer and construction grants, as well as continued growth in property prices have really catapulted the mortgage broking industry in Australia.”
“Because of all these changes, now we’re seeing that brokers are well placed to support their clients, they’re building relationships and are trusted advisers in an environment that can be uncertain. So it’s not surprising that brokers have been able to achieve these strong results and increased growth.”
“Hybrid working environments have driven our brokers to adopt technology that enables more efficient growth. We’ve seen an uptake of brokers using our Mercury Nexus platform, which has helped with consistently reporting on customer satisfaction, efficiency and comfort that they’re meeting compliance obligations.”
“We’ve also expanded the size of our Connective team by 15% this year to ensure we’re providing our members with the support they need.”
“At Connective we’re so proud of how our brokers have persevered through all of the challenging circumstances the past year has brought. At the start of the pandemic, we saw the number of consumers choosing brokers over banks sky rocket, and brokers have been working incredibly hard to provide support and strengthen relationships.”
“It’s forced many to quickly adapt and change the way their business operates. While challenging, we’ve seen first-hand how this has increased efficiencies within their businesses, which has resulted in amazing growth.”
