Mortgage Choice reports a 7.4 per cent profit boost
Mortgage Choice has recorded a $15.9 million net profit after tax, an increase of 7.4 per cent on the previous corresponding period.
The mortgage broker has deemed this result a healthy financial performance, with the group's loan book also rising six per cent to $42.4 billion.
Chief executive officer Michael Russell said the past financial year was one of the most demanding for the company's brokers and staff in its 19 years of operation.
"First homebuyers' home loan appetite showed the largest fall because many were encouraged into the 2009 and 2010 marketplace by the First Home Owner Grant (FHOG) boost."
The number of dwellings financed for first home buyers in the 2011 financial year was down 35 per cent on the last corresponding period.
"Financial year 2011 was especially challenging for mortgage brokers due to the prior financial year's FHOG boost bringing many purchases forward and the drop in Australians' financial confidence," Russell said.
"This damage was caused by a range of living cost hikes, November's out of cycle interest rate rises and speculation about further rises and a so-called housing bubble," he added.
Mortgage Choice received total commission revenue on a cash basis of $132.9 million, down 1.6 per cent.
Recommended for you
In this episode of Relative Return Insider, host Keith Ford and AMP deputy chief economist Diana Mousina break down the spike in inflation numbers and what it means for the possibility of a rate cut as we move into the new year.
In this episode of Relative Return Insider, host Keith Ford and AMP economist My Bui explore Prime Minister Anthony Albanese’s trip to the US and the critical minerals deal stemming from his meeting with President Donald Trump.
In this episode of Relative Return Insider, host Keith Ford and AMP chief economist Shane Oliver unpack the latest unemployment numbers and what they mean for a rate cut, as well as how the latest flare-up in the ongoing US–China trade dispute has highlighted the remaining disparity between gold and bitcoin.
In this episode of Relative Return Insider, host Keith Ford and AMP chief economist Shane Oliver take a look at the unfolding impacts and potential economic ramifications of the US government shutdown and the surge in gold and bitcoin prices.
