Home loan consumers and brokers are searching further and wider for better prices as market competition and noise are making searching for a better deal a viable use of time and resources.
Homeloans CEO Scott McWilliam this week announced a yearly profit of $18.7 million and spoke to The Adviser about their success.
“We’re still a very small part of the market when you compare what we’re writing compared to some of the big banks, the majors and also the regionals,” he said.
“So, our ability to grow is obviously a lot easier than it is when you’re a big bank.”
“The non-bank sector still remains a small part of the overall sector, but obviously there is strong momentum at the moment because customers and brokers are obviously seeing value in the alternative sin the market today.”
The bigger range of rates and prices on the market in the current environment is pushing customers to look harder for better deals and consider using institutions they wouldn’t have in the past.
“There’s a lot of movement and noise in the market, whether it be turnaround times, pricing and interest rate movements over the last 12 months.”
“With that type of noise, customers and brokers want to know what else is available,” Mr McWilliam told The Adviser, adding that his company Homeloans was set for more growth next year.
“Assuming current economic conditions prevail for the remainder of the financial year, the FY2018 year result is expected to be stronger than the FY17 result.”