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Choice Aggregation Services brokers settled a record amount of loans in July, buoyed by high demand for refinancing and first home buyer activity, the group has revealed.
Choice Aggregation Services has reported that its brokers settled $1.93 billion of loans in July, which it said was a record monthly result.
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The settlement volumes were up 36 per cent compared with July 2019 and, on an annual basis, were up 17 per cent, the aggregator said.
The group noted that volumes were up across all states, taking the group’s loan book to more than $77.8 billion.
As well as reporting record settlements, the group also set a record in application volumes in the first month of the new financial year, hitting $3.1 billion.
The figures were buoyed by strong refinancing activity as well as growth in first home buyers (FHB) and construction loans.
Choice CEO Stephen Moore commended brokers for their resilience and their focus on client outcomes amid difficult economic conditions instigated by the coronavirus pandemic.
“Despite market uncertainty and significant challenges, Choice brokers are continuing to see real business growth,” he said.
“These figures are testament to what is possible when you stay focused on your business and have the right support around you.”
Commenting on what would drive business success into the future, Mr Moore said “digital tools and data management” would play key roles, noting that the aggregator’s new CRM platform “supports brokers to deliver a seamless online application, from uploading and storing customer documents through to an inbuilt chat functionality”.
“This is the kind of technology that is really setting our members up to provide a leading level of customer service,” he said.
Mr Moore said it was critical the industry continued to work together to solve new problems and continue raising the industry’s strong stance as a trusted source of support.
“Our industry has demonstrated a strong track record of resilience, and history has shown that the best results are achieved when we work together to tackle change and challenge.
“There is plenty of opportunity for growth, particularly for brokers who are strategic in their approach to business and willing to adapt and embrace change.”
Mr Moore said open and candid communication was more important than ever, and the aggregator remained focused on creating opportunities to connect members with each other as well as broader industry stakeholders.
[Related: In Focus: Endurance and resilience during COVID-19]
