Who is the latest member of the billionaires club?

by Julia Corderoy29 Jan 2015
Major mortgage franchise, Mortgage Choice is the latest to join the billionaires club, settling over $1 billion of mortgages in December.

Mortgage Choice’s outgoing chief executive Michael Russell says the company settled $1.087 billion in December thanks to a major recruitment drive.

“Over the last 12 months, Mortgage Choice has significantly grown its loan writer numbers. At the beginning of 2014, we set ourselves the ambitious target of growing our loan writer numbers by 50. Not only did we manage to do just that, but those loan writers are now starting to hit their strides, which is helping our mortgage settlements to grow month after month,” he said.

Russell said the settlement milestone is also a tribute to the ongoing tenacity of the franchise’s existing brokers.

“For the last 18 to 24 months, our loan writers have been run off their feet catering to the growing demand for home loans.

“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 bottom lines.”

With speculation mounting that the Reserve Bank of Australia may have scope to cut rates early this year, Russell says this is a trend he expects to continue as more people look to take advantage of the low rates.