Mortgage franchise’s loan book grows to record $76bn

by AB20 Feb 2017
About $22bn-worth of loans were settled by Aussie Home Loans in 2016, the mortgage franchise has announced. The figure helped lift the group’s loan book to more than $76bn during the period, and marked record results for the firm.

“There is ongoing momentum in the home loan market as interest rates continue to be at historic lows,” said Aussie CEO James Symond.

Broker-originated home loans hit a new record in 2016. The total home loan lending figure for that year reached $188.5bn – the highest value since data has been collected, data from research group Comparator has shown.

“Our retail channel continues to be a standout performer, while our mobile mortgage brokers continue to kick goals in city and regional areas, with a total of 56,000 loans being settled during 2016,” Symond said.

2016 results include over $3.5bn worth of loans by Aussie’s wholesale mortgage aggregator nMB.

Symond recently dismissed concerns of systemic misrepresentation in the mortgage broking industry, and said brokers’ power in the $1.5trn mortgage market could rise towards 70% of volumes in “the next three to five years” from about 52%,according to The Australian.

The firm celebrates its 25th anniversary this week.

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