MA Money, a division of MA Financial Group, has celebrated reaching a significant milestone: $1 billion in settlements.
This achievement follows an impressive year for the non-bank lender, marked by a 244% increase in its loan book, with over $870 million added since its launch in November 2022.
Chris Wyke (pictured above), joint CEO of MA Financial, said the company was delighted to announce this important milestone for MA Money, which came after 18 months of preparing the business for growth.
“Reaching $1 billion in settlements is tangible proof that we’re on the right track with our strategies, which prioritise a seamless experience for brokers and flexible solutions for our customers with unique home loan requirements,” Wykes said.
“The impressive growth rate of MA Money positions us favourably to realise our ambition of becoming one of Australia's leading non-bank financial institutions.”
Wyke attributed MA Money's growth to strategic investments in systems and infrastructure, including a digital application system and integrations with e-signing, Digital ID, and CoreLogic.
“These technologies, along with a streamlined assessment process, enable us to process applications quickly, with a 48-hour service level agreement (SLA) to conditional approval,” he said.
“We’ve taken time to build a very experienced and knowledgeable team and improved our loan product offering in the market.”
The past year has been a generally positive one for MA Money.
In November, the lender announced the completion of its first RMBS public term issuance totalling $500 million.
This was preceded by the company lodging record numbers in the wake of its acquisition by MA Financial, achieving more than 500% growth in lodgements over the six months ending June.
Again, Wyke attributed this success to the positive response from brokers to MA Money's expanded product offerings and enhanced technology platform.
“Recently, we also introduced SMSF and Expat loans, prioritised offering competitive rates and demonstrate agility to adjust policies to provide more flexibility when it makes sense to the business and our customers.”
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