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Brokers aggregating under Connective settled 40 per cent more in the financial year 2022 than the year before, settling a record $95.5 billion in loans.
Mortgage aggregator Connective has revealed that its brokers settled a record $95.5 billion across its residential, asset finance and commercial businesses in the year ended June 2022.
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According to the group, this represents a 40 per cent increase on last year and comes after strong demand for home loans (driven by a low-interest rate environment) and an increase in businesses wanting finance to invest in growth strategies.
Residential settlements increased to a new record of $83.5 billion in the financial year, growing 36 per cent year-on-year. Activity particularly ramped up towards the end of the financial year, when $7.52 billion was settled, up 10 per cent on the prior comparative period.
Commercial finance settlements rose by a whopping 90 per cent, to hit $9.06 billion for the financial year, while asset finance settlements came in at just under $3 billion ($2.9 billion), a rise of 39 per cent year-on-year.
Connective noted that there had been an increase in the number of asset finance members and a higher demand for funds, largely from businesses wanting to secure vehicles and equipment to get back on track after COVID-19.
The company also highlighted that its own workforce had boosted in size, growing by 18.5 per cent over the past 12 months, particularly in its broker support, technology and compliance functions.
Connective chief executive Glenn Lees commented: “We’re delighted to see another hugely successful year for our members across our residential, commercial and asset finance lines of business – building on the momentum we achieved in 2021.
“Investing in people, technology and product development has enabled us to support our members to achieve these fantastic results.
“By supporting members – whether it’s through marketing or compliance support or through insights and education – we’re helping them deliver great client outcomes and grow their business.
“As economic uncertainty grows and the broker market becomes more competitive, we’ll be stepping up our support for members to ensure their ongoing success.”
Earlier this year, the aggregator reported that its white label offering had also seen strong growth.
Connective Home Loans (CHL) – the white label lending arm of aggregation group Connective – revealed it had reached $4.48 billion in total settlements over the 2021 calendar year, up 76 per cent on the previous year.
Almost one-third (roughly 31 per cent) of this figure was reached over the December quarter, with CHL reporting $1.38 billion in settlements over the three-month period.
Further, the month of December saw Connective brokers settle $531 million in CHL loans and apply for $943 million worth of loans.
Connective has said this result represents 11 per cent of its brokers’ business with all of its lenders.
[Related: Connective Home Loans hits $4.48bn in yearly settlements]
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