A digital first mortgage broker service has reported over 400% year on year growth across financial year 2021 and financial year 2022.
Comparison website Compare Club said the need for the service had come at a time of increased market demand, rising property prices, and greater consumer uncertainty over interest rates ahead of future official cash rate announcements from the Reserve Bank.
“Changing economic conditions and growing market uncertainty have sparked a wave of new home loan inquiries,” said Compare Club general manager of home loans Matthew Gatt (pictured).
“Consumers know that now is the time to shop around and look for better deals.”
The mortgage broker services provide a streamlined digital approach which enables it to respond quickly to home loan enquiries.
“Our approach to servicing members’ mortgage needs means we’ve been able to field these inquiries much quicker than traditional brokers and lenders, and our competitive network means we’ve been able to provide greater options than almost any other broker business in Australia,” Gatt said.
Compare Club has generated more than 6,500 new mortgage enquiries monthly and is projected to continue its growth into the next financial year.
The company’s external broker network now sits at 65 after a rapid growth period over the last 12 months which saw the recruitment of over 40 brokers on to its panel, with recruitment continuing.
“We’ve identified inefficiencies in the traditional mortgage broking process, and we’ve addressed them to streamline the entire process,” Gatt said. “We’ve reduced the timeframe from enquiry to approval and eliminated the need for lengthy manual documentation and information collection.”
Compare Club now holds one of the largest lender panels with the addition of five new lender partners in the past 12 months, including non-bank lenders who work with a small percentage of broker panels.
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“Due to our rapid scaling, we’ve expanded our lender panel giving customers a much greater choice and variety, including lower priced mortgages that many other brokers don’t have access to as well as a broader range of lending requirements covered,” Gatt claimed.
He added that with the home loan department continuing to grow, Compare Club is on course to become one of the largest and most comprehensive mortgage comparison and digital brokerage businesses in the country.
