has set a new settlement record after processing in excess $1.15 billion throughout the month of December.
According to the chief executive of Mortgage Choice, John Flavell
, this is the first time the company’s history that mortgage settlements had eclipsed $1.1 billion.
“It is my absolute pleasure to announce that last month’s mortgage settlements result smashed our previous record of $1.087 billion, which was recorded in December 2014,” Flavell said.
Whilst Flavell admits brokers were the major beneficiaries of a heated housing market in 2015, he says he remains confident about settlement volumes going into 2016.
“There is no denying the property market has been relatively hot for the last two years and, according to recent data released by the Australian Bureau of Statistics, there is still a lot of heat in the market.
“The latest Housing Finance Data from the ABS found more than 56,000 home loans were written throughout November last year, which is incredibly high by historical standards.
“Rates are still sitting at historical lows, making the cost of borrowing more affordable than it has been in a very long time. As such, we should continue to see a strong supply of potential buyers looking for property.”
However, Flavell said now is a good time for brokers to be looking outside the box.
“Our brokers continue to take advantage of the spike in home loan demand and are using this time as an opportunity to grow their business and their bottom lines,” he said.
“In addition, our brokers are increasingly helping customers with their broader financial needs, which is having a positive impact on the company.”