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Australia’s biggest brokerage group will expand its network by 25 per cent to capitalise on a market that it says has never been busier.
Aussie Home Loans announced it would expand from 160 stores to 200 within three years.
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Executive director James Symond said he had never seen such a hot market during his two decades with Aussie due to low interest rates and the growth of the third-party channel.
Each Aussie store currently writes an average of $6 million in loans per month, he told The Adviser.
“If you’re an established mortgage broker today and you’re not writing more business than ever before and not making more money than ever before, you never will,” he said.
Mr Symond said the 40 new stores would be located in all eight states and territories. He added that the regions would also be targeted, with franchises to open up in virgin territory while some larger regional communities would possibly get a second store.
Aussie closely monitors growth corridors with a “sophisticated territory mapping process” and revisits them every 12 months, he said.
Mr Symond also told The Adviser that Aussie had a selective recruitment process and would look to find the new franchisees from within the industry and the general community.
“Aussie has been a very strong recruiter of quality mortgage brokers for probably longer and harder than anyone in the marketplace and I think most competitors would agree with that,” he said.
