6:35 am, April 8, 2021
4 minutes to read
The major brokerage reportedly hit record lending volumes in March and said it expects loan settlements to hit $ 10 billion for the first six months of 2021.
Aussie said it achieved “record” loan volumes in March 2021 worth about $ 2 billion in settlements and about $ 3 billion in loan application deposits.
According to the brokerage, it would hit $ 10 billion in loan settlements for the first six months of calendar year 2021 amid “strong growth” in loans.
Aussie attributed the growth in homeowner loans, which accounted for 35.3% of volumes. The other notable segments were refinancers (25.6 percent), first-time buyers (22.2 percent) and investors (16 percent down), according to the major brokerage.
The company also reported that the number of mortgage brokers increased by 188 in the fiscal year through March 31, 2021, which it said was up almost 70% from the previous corresponding period. .
Meanwhile, Aussie said he’s about to open 24 stores over the calendar year 2021, which would bring the total number of stores to 244.
The CBA group of brokers, which is to merge with Lendi online brokerage later this year, set a goal of having 300 stores and 1,250 brokers by 2023.
Commenting on lending trends, Australian CEO James Symond said: “We are looking to expand our successful retail network to meet the increased demand for home loans in an environment of historically low interest rates, homeowners – occupants and refinancers being the most prolific in their activity.
“We are looking for new brokers, not necessarily with a background in finance, who are customer-focused with face-to-face service, either through our store network or in the field.”
He concluded: “Low rates, growing house prices and stiff competition among lenders have created an unprecedented demand for expert mortgage advice from our brokers, and we expect loan volumes will continue to grow throughout 2021. “
[Related: Home values up 400% in 30 years: study]