Finsure hits $2bn in monthly settlements

by Madison Utley17 Feb 2021

An aggregator is celebrating the settlement growth and robust broker recruitment it charted over the end of last year. 

Finsure closed out December 2020 with settlements for the month up 37% from 2019, meaning the group reached $2bn in one month for the first time.

Additionally, the aggregator reported that 94 brokers were recruited during the quarterly period, bringing Finsure’s network to 1,910 strong at the close of 2020 – a 15% increase year on year.

In results announced by ASX-listed parent, BNK Banking Corporation, Finsure’s total loan book sat at $50.2bn at the turn of the year.

“We are pleased by the momentum in the Finsure business,” said Finsure CEO John Kolenda.

“Loan lodgements during the quarter surpassed $12.89bn, up 46% year on year and 15% quarter on quarter – a good forward-looking indicator for the business."

Kolenda added that he expects continued "buoyant demand" for residential mortgage finance given the record low interest rates still on offer. 

For its part, BNK, which recommenced on balance sheet lending during the reporting period, recorded its third highest quarterly settlements on record of $36m.

As a result of the settlement growth, on-balance sheet loans grew to $306.2m, up 14.4% year on year and 8.9% quarter on quarter.

Better Choice, another brand in the family, settled $100.6m of loans over 2Q21, up 9.2% quarter on quarter and ended the period with a $2.25bn, down 1.5% for the period.