Leading mortgage franchise Mortgage Choice
has reported a strong start to the 2016 financial year, recording solid growth in its first quarter results.
At Mortgage Choice’s Annual General Meeting today, the company’s chief executive officer John Flavell discussed the company’s strong first quarter results.
“We have enjoyed a very solid start to the new financial year,” Mortgage Choice CEO John Flavell said at the franchise’s Annual General Meeting yesterday.
“Home loan settlements are up 8% year on year, while cash group revenue is up 10% over the same period of time.”
In addition, Flavell said financial planning revenue is up 75% year on year and head office generated home loan leads are up 46% on this time last year.
“And while these results are impressive on their own, what makes them even more impressive is the fact that the 2015 financial year was a great year for Mortgage Choice,” Flavell said.
“Throughout the 2015 financial year, Mortgage Choice managed to record its strongest ever settlement result – up 10.6% on the previous year.
“In total, $11.5 billion worth of home loans were settled throughout the course of the year, equating to approximately $1 billion a month.”
Mortgage Choice also recently announced a major milestone, when its loan book officially hits $50 billion for the first time in its 23 years.
“I am confident that we will not only be able to achieve another strong financial result this year, but achieve another loan book milestone in the not-too-distant future,” Flavell said.
“As mentioned, we have already grown our home loan approval and settlement numbers over the first quarter of FY16 in comparison to the previous corresponding period. In fact, July was our second biggest month on record for home loan settlements, which bodes well for the 2016 financial year.”