Major banks among the winners as mortgage brokers celebrate industry growth
The mortgage broking industry has been toasted at the 10th Australian Mortgage Awards marking a year during which brokers strengthened their market participation but gave up more power to the major banks.
According to the most recent JP Morgan/Fujitsu Mortgage Industry Report mortgage brokers are now writing about 43% of new home loans in Australia, just below the pre-GFC peak of 45%, but power has shifted further towards lenders.
The awards follow a challenging 12 months for the industry, with housing credit growth slowing and brokers now operating under a stricter ASIC compliance and licencing regime.
The announcement of winners also coincided with the collapse of one the biggest mortgage broking franchises, Refund Home Loans.
The major banks scooped up three awards on the night, with Westpac judged to have the best internet presence, NAB Broker winning the best industry advertising campaign and the Commonwealth Bank’s Natasha Kelso named the best bank business development manager.
Multiple award winners included Oxygen Home Loans, the mortgage broking arm of John McGrath’s real estate business, which scooped independent brokerage of the year (six or more staff) and Australian brokerage of the year.
The mortgage broking awards follow McGrath’s Neutral Bay/Mosman/Northbridge office winning the Franchise Council of Australia’s national Community Service Award following its involvement with 14 community groups during the last 12 months.
Melbourne-based The Australian Lending and Investment Centre picked up three gongs on the night including new brokerage of the year and Australian broker of the year for its loan writer, Mark Davis.
One of the industry’s most successful mortgage brokers, Wendy Higgins, operator of Mortgage Choice’s Glenelg franchise in the western suburbs of Adelaide, took home the Golden Morgie for lifetime achievement.
South Australian franchise Club Financial Services picked up two awards, as did mortgage aggregator Connective, both to its BDM Fiona Brown.
While it did not take home any of the prizes, Century 21 Home Loans received four nominations including ‘Best Customer Service from an Individual Office’ (Century 21 Home Loans/Solution Funding, Dural), Commercial Broker of the (Scott Colless, Broker of the Year (Franchise) - Geoffrey Slater, and Franchise Brokerage of the Year - Century 21 Home Loans Mayland.