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ISCOVER
Staff Reporter
Several interest rate cuts at the end of last year have helped one aggregator to record solid growth in its mortgage volumes.
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At its half yearly financial results meeting yesterday, Mortgage Choice revealed it had grown the number of mortgages it wrote in the six months to December 31 by 6.4 per cent in comparison to the six months before.
Overall, $46.3 billion of mortgages were written in the six month period – up from $43.5 billion.
Mortgage Choice chief executive Michael Russell said delivering solid, on-target results in the first half of this financial year, the Mortgage Choice Group has performed as expected.
“We continue to stay focused on executing our ACT strategy, building a compelling customer proposition and providing sustainable earnings for our shareholders,” he said.
“Shareholders will be pleased once more with the dividend result, equal to that received in the first half last year – an interim fully franked dividend of 6 cents per share.”
Mortgage Choice reaffirms its August 2012 guidance: cash NPAT for FY13 is expected to be in-line with FY12 and the full year dividend maintained at 13 cents.
“We expect an increase in marketing spend in the second half of this financial year due to the launch of our new consumer campaign.”
In addition to its growth in home loans, Mortgage Choice also recorded a 20 per cent increase in cash profit when compared to the prior corresponding period.
“This result follows an extended period of dampened consumer and business confidence. However, with green shoots emerging in the property and housing finance markets, an uplift in conditions now looks very likely. This should go a long way in improving consumer and business confidence throughout the remainder of this financial year,” Mr Russell said.
