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Vow Financial has revealed it is exploring joint ventures as the aggregator looks to grow “much bigger”.
The Sydney-based group said it currently has an $18.5 billion mortgage book and partnerships with more than 700 mortgage and finance brokers.
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Chief executive Tim Brown said Vow wants to be “much bigger than we are today”, but was wary of sacrificing quality for quantity
“There is no doubt we would like to grow more in the southern states and we are exploring a number of opportunities both in joint ventures and new alliances in some of these states,” he told The Adviser.
“Organic growth seems much more cost-effective as a current strategy but if the right acquisition came along we would certainly consider it.
“We are well on track to exceed $2 billion in lodgements per month by the end of 2014 and expect our broker numbers to grow at their current rate of 10 per cent year-on-year.”
Mr Brown said Vow recorded strong growth between December 2011 and December 2013, with settlements rising 51.8 per cent and average settlement per brokerage jumping from $1.4 million to $2.7 million.
Vow celebrated its fourth anniversary earlier this month. Mr Brown said the company had started with a loan book of about $15 billion, following the merger of National Brokers Group, The Mortgage Professionals and The Brokerage.
One of the aggregator’s key achievements in that time was the launch of a vehicle and equipment business, he said. Vow Leasing currently has three offices and will expand into Victoria and Western Australia during this financial year.
