Resolve Finance has experienced a record year in lending, with loan volumes reaching $1.582 billion, representing a 13% year-on-year rise for the company.
This growth was fuelled by the substantial expansion of Resolve Finance’s franchisee network, which saw a 49% increase in numbers over the past year, from 34 to 50, bringing the total number of brokers across the network to 70.
The increased number of franchisees, in turn, contributed to a 32% growth in settlements through this channel and accounted for an impressive $1.1 billion of the total loan volumes, underscoring the significant contribution of franchisees to the company's success.
Don Crellin (pictured above), managing director of Resolve Finance, said several key factors contributed to the strong performance and stressed that the mortgage cliff served as a substantial tailwind for the company throughout the last financial year.
“We are thrilled with the results achieved by our brokers in FY23,” Crellin said. “This substantial growth is a testament to the hard work and dedication of our entire team. The growth in our franchisee network, and the increase in settlements through this channel have played a pivotal role in our success, and we are grateful to our franchise partners for their exceptional efforts.”
More than two thirds of Resolve Finance’s brokers are now franchisees, a big jump compared to just over half of the company’s brokers 12 months ago.
Resolve Finance said it was also challenging the usual profile of mortgage brokers in the Australian market – more than 70% of its brokers are under 50 years old, around a third are female, with many multilingual franchisees joining the business.
Since the franchise model was established in 2017, Resolve has grown its network to 50 partners across Australia.
“The evolution of our model has enabled us to have the capacity to grow quickly, and service more clients at a time when many homeowners are navigating the current rising rate environment,” Crellin said. “Borrowers understand the importance of turning to their broker to find a product that’s right for them and our franchise partners are delivering value for their clients.
“To meet the demand, we continue to welcome enquiries from prospective franchise partners as we grow our community of committed brokers to ensure we are sufficiently resourced to service Australian borrowers.”
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