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Over 150 brokers joined the Loan Market franchise last financial year, which the group attributed to the BID legislation.
Loan Market has announced that it welcomed a record 82 new franchisees to the group last financial year, along with 77 new loan writers to existing businesses across Australia.
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The major brokerage said the addition of 159 brokers between 1 July 2019 and 30 June 2020 represents the largest intake to its network in its history.
Over the last financial year, 103 joined the network as either Loan Market brokers or loan writers, while 56 specialists joined under the aggregator’s Bring Your Own Brand (BYOB) offering.
Loan Market launched the BYOB initiative in June last year in a bid to allow established brokerages to join the aggregator’s network without abandoning their brand or investments in marketing.
Under the scheme, BYOB members do not have full access to in-house referrals from its real estate sister company, Ray White. However, they will receive digital support and business mentoring from the brokerage brand.
BYOB members will, however, receive digital support and business mentoring from the brokerage brand and eligibility for Loan Market’s Rewards and Recognition program in the same way that existing Loan Market businesses do.
According to Loan Market’s director of national growth, Stephen Doyle, regulatory reforms and market changes over recent years have encouraged brokers to reassess their support.
“With the imminent best interest duty (BID), bushfires, and COVID-19 shutdowns, the broking industry has been exposed to significant disruption in recent times,” Mr Doyle said.
“A lot of brokers have been worried about how they’ll absorb the added compliance demands while remaining efficient and maintaining outstanding customer outcomes.”
Some businesses that joined Loan Market over the period include:
- Lana Moy and Greg Wunder, who joined the NSW network as franchise owners in Sydney’s northern beaches;
- Absolut Financial, Melbourne-based brokerage, which joined Loan Market under the Bring Your Own Brand model;
- Nitish Kumar, an ACT Loan Market business owner;
- Go Mortgages, a Queensland-based brokerage, which joined Loan Market under the Bring Your Own Brand model; and
- Rebecca Hudson, an NSW Loan Market business owner.
The latest recruitment influx has come after Loan Market revealed in January that it had welcomed six new businesses under its franchise brand.
[Related: Aussie bolsters its broker network]
