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Aussie Home Loans, the brokerage arm of the new CFS Group, has launched a new recruitment drive off the back of a strong financial year.
The brokerage, which announced that it settled $18.1 billion in home loans in the last financial year (up from $18 billion in FY2016–17), has revealed its plans to launch 10 more shopfronts in the early months of the current financial year, after opening a total of 14 last year.
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The brand’s loan book is now reportedly approaching $65 billion.
Aussie chief executive James Symond claimed that the 2017–18 financial year was the “strongest” in the brokerage’s 26-year history and that it is now planning to add to its 220-odd branch network across Australia.
“It’s amazing when you think that just over a decade ago we didn’t have a single store — and now it’s thriving and showing no signs of slowing down,” Mr Symond said.
Aussie, which the Commonwealth Bank of Australia recently announced it would spin off into a new wealth group, said that it has been working behind the scenes to improve its broker proposition and is planning on investing almost $20 million to transform its technology, systems, processes and support structures.
“Fourteen new Aussie stores opened their doors in FY18, and that’s exciting. Our record growth combined with the MFAA’s recent market share data showing borrowers continue to vote with their feet and use mortgage brokers as their preferred way to find a home loan highlights the future potential in this great industry,” Mr Symond said.
“We are keen to find new franchisees looking to start, or grow, a small business with the backing of an industry-leading brand. We have some very strong franchise territories available across the country, and [we] are always looking for new mobile brokers to join the team.”
A year of change at Aussie
The broking group, which now has a 1,000-strong broker community, has been under a period of change in the past year.
In August 2017, it was revealed that CBA had acquired the brokerage in full after giving chairman and founder of Aussie Home Loans, John Symond, 2.1 million of Commonwealth Bank shares — worth nearly $164 million — for his remaining 20 per cent stake in the company.
At the tail end of last month, Commonwealth Bank revealed that it would demerge its wealth management and mortgage broking businesses into a separate entity, called the CFS Group, that will “pursue its own growth strategies”.
The CFS Group is expected to list on the Australian Securities Exchange and will comprise Colonial First State, Colonial First State Global Asset Management, Count Financial, Financial Wisdom, Aussie Home Loans, and Commonwealth Bank’s minority shareholdings in Mortgage Choice and CountPlus.
The major bank’s, CEO Matt Comyn, described the bundled spin-off as a “clean and timely exit”.
He added: “I think each of them [is a] good business in [its] own right. We think the best chance for these businesses to perform at their potential is outside the Commonwealth Bank Group. And CBA shareholders will receive a proportionate interest in the demerged entity, relative to their CBA shareholding. And that enables them to either participate in the growth of the CFS Group over time, or if should they prefer, they can also exit and sell on market.”
[Related: ‘Clean and timely exit’: CBA to cut ties with Aussie]
