Lender achieves 50% settlement growth in FY19

by Madison Utley29 Aug 2019

A mortgage lender achieved loan settlements of $578m during the 2018-19 financial year, up 49.9% from the previous corresponding period.

Better Choice Home Loans executive director, Allan Savins, said the lender has been experiencing high demand from brokers looking for solutions for their clients within a faster timeframe than made possible through the banks.

According to Savins, this contributed to the Better Choice loan book also growing above system in FY19.

“The growth in our loan book and the near 50% increase in settlements has been underpinned by our strong funding partnerships across the prime, near prime and specialist sectors, and more recently assisted by the relationship with BNK Banking Corporation,” Savins explained.

“BNK has been able to provide funding for underserviced niches such as expat loans and broker trail book loans, as well as providing extremely competitive rates for other sectors such as investor loans.”

Over the month of August, Better Choice offered a loan deal for investors and its three-month deal for Australian expatriate borrowers is currently ongoing.

The lender also recruited talent to fill important roles within the company over the past year to help further its nationwide expansion.

“This has been a tremendous 12 months for Better Choice,” Savins said.

“As well as growing our business, we have been improving our responsiveness and turnaround times while offering an increasingly diverse range of solutions to our introducers.”

“We are looking forward to another strong performance over FY20,” he added.