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Vivienne Kelly
Mortgage brokers continue to do well despite the flat property market.
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According to Mortgage Choice’s latest interim financial report, the brokerage managed to grow its share of the mortgage market over the six months to December 2011.
The group grew its share of new home loans written to 4.5 per cent – the highest level since 2007.
The results suggest that despite a flat lending market, borrowers are finding the broker proposition more attractive.
“Mortgage brokers are taking the position of trusted professionals,” Mortgage Choice chief executive officer Michael Russell said.
“Borrowers are seeing the strength of the mortgage broker proposition.”
This fact was reinforced by the growth of LoanKit’s broker numbers.
According to the latest financial results, LoanKit increased its number of brokers by 20 per cent in the six months to December 2011.
In further good news for Mortgage Choice, Mr Russell said the brokerage was now “just months” away from officially launching its financial planning business.
“During the course of the next financial year, we will implement the final phase of our diversification strategy, being the launch of our financial planning business,” he said.
“This decision is being driven by the demand from our customers and franchise owners to offer a broader range of financial solutions.
“The new business will be fully operational in the new financial year.”
