An aggregator group has reported achieving a record monthly result in loans settled over one month, as well as volumes trending 17% higher than the year prior.
Choice Aggregation Services brokers settled more than $1.93bn in loans in July, an increase of 36% from the corresponding month in 2019. Volumes were up across all states, taking the group’s loan book to more than $77.8bn.
Further, the group expects “more growth to come” as new application volumes have held strong, hitting a record $3.1bn in July.
“Despite market uncertainty and significant challenges, Choice brokers are continuing to see real business growth,” said Choice CEO Stephen Moore.
“These figures are testament to what is possible when you stay focused on your business and have the right support around you.”
In line with the trend evidenced across the industry, refinancing activity significantly contributed to Choice’s strong results as customers looked to take advantage of the record low interest rates on offer.
More recently, the aggregator has reported the growth is spread more evenly across lending segments, particularly in the owner occupied lending, first home buyers and construction categories.
Last week, Connective also announced a surge in settlements which saw them reach a record high; in June, the group experienced a more than 54% increase from the same period last year.
“Brokers have been playing a pivotal role in supporting clients through COVID-19 and helping them navigate through all this uncertainty. It is encouraging to see our data reflect the volume of work being put in by our brokers,” said Connective executive director Mark Haron.
“The hard work has paid off, but now it’s time to ensure your business is well placed to navigate the next challenge. Mortgage brokers need to prepare for the upcoming deadline for deferred mortgage repayments to resume and the Best Interest Duty reforms next year.”
