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The aggregation group has reported that its brokers settled a record $7.4 billion in June 2021, while lodgements were up 35 per cent year-on-year.
Connective has revealed that its brokers across Australia lodged $93.96 billion in residential home loan applications in the 2020-21 financial year, a 35 per cent rise year-on-year.
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Total settlements for the same period were up 31 per cent on the previous financial year to $67.3 billion.
Connective reported that the April to June quarter was the strongest, with $27.0 billion in applications and almost $20.1 billion in settlements. This marked a 43.0 per cent jump compared to the same quarter in the 2019-20 financial year.
June 2021 was a strong month in the 2021 calendar year, with a record $7.4 billion in total settlements.
The aggregation group attributed the settlements’ growth to a combination of a surge in mortgage demand driven by historically low interest rates, government stimulus measures such as the first home buyer (FHB) and construction grants, and the continued growth in property prices.
It also said that strong and sustained growth in clients choosing brokers was a contributing factor.
Connective chief executive Glenn Lees added that its new broker platform, Mercury Nexus has also contributed to brokers’ growth, with brokers using features such as the client centre and compliance centre reporting increased customer satisfaction, efficiency, and assurance that they have been meeting their compliance obligations.
Mr Lees also said that the Connective team has expanded by 15 per cent so far this year to meet client demands and market opportunity.
“We’ve recruited more experts in our compliance support team to assist members with meeting their best interests duty and increased regulation, as well as expanding our on-the-ground broker support managers to make sure our members are better placed to receive the support they need, when they need it,” Mr Lees said.
“This unmatched growth demonstrates the growing strength and opportunity for the broking industry, where genuine and trusted relationships with brokers have been increasingly valued by clients.
“We expect broker channel volumes to continue to rise, making it more important than ever for brokers to have access to resources they need to service clients and grow their business – whether that’s the best data, the best marketing and CRM tools, or the best support team.”
[Related: Connective achieves record settlements]
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