Mortgage Choice tops $1 billion monthly loan approvals again

The Mortgage Choice network has taken its national franchise numbers to 405.

And in June Mortgage Choice approved more than $1 billion in mortgages – the eighth month in the past financial year.

Mortgage Choice chief executive officer Michael Russell said it was "a real milestone" for the network.

“This is the first time since January 2009 that Mortgage Choice has had more than 400 franchises,” Russell said.

In February 2013 it was at 386 franchises and 380 in August 2012.

He summed up the current scenario as having a strong property market, interest rates hovering around record lows, lenders competing aggressively for business and the Mortgage Choice network "expanding at a cracking pace."

"Given the ferocity of these prevailing tailwinds, we are hopeful of recording our biggest settlement numbers yet this year,” Russell said.

Russell also noted that broker usage was now over 50%.

Russell said the company had  significantly grown its network of loan writers following its recent Plus One initiative which offered Mortgage Choice franchisees a monetary incentive to bring a new loans consultant into their business. 

"We set ourselves a target of recruiting 50 additional loan writers for our franchisees by the end of September and we are currently on track to exceed that goal."

Mortgage Choice has been offering home loans since it was established in 1992, in the wake of the deregulation of the Australian banking industry in 1985.