Loan Market eclipses $3bn in new monthly lodgment record
Award-winning aggregator Loan Market has set a new monthly record for lodgments with $3.1 billion worth of applications made during March.
The figure is 76% higher than the same month in 2020, and eclipses the aggregator’s previous monthly record for lodgments, set only in November last year.
The network’s brokers submitted an average of $4.8m in loans each over the month.
The record lodgment figure coincides with a surge in activity at Loan Market’s affiliate and Australia’s largest real estate network, Ray White, which also posted a monthly record of $8.53bn in sales over March.
Loan Market Executive Director Andrea McNaughton said brokers were responding to the surge in market activity – fuelled by record low interest rates and Australia’s fast-paced recovery from COVID-19 – and taking advantage of the customer-premise the Best Interests Duty (BID) offered.
“Market activity is rising, but so is broker market share of loans,” said McNaughton.
“At a time when customers really need a team of experts behind them on their home and investment journeys, Loan Market has been unambiguous in our message to customers under BID.
“Our brokers have been outlining to motivated borrowers that, under the new legislation, brokers must act in the best interests of their clients, whereas banks can simply choose to or not.
“We’re wearing this upfront commitment as a badge of honour.”
McNaughton said Loan Market’s exclusive referral partnership with Ray White was increasing the business which was coming through the doors of the network’s brokers.
Additionally over March, Loan Market’s suite of digital marketing solutions generated 1,622 leads for brokers. March also represented a 10% increase in the number of brokers receiving leads, compared to February, with the majority of leads coming through the website.
“Loan Market’s pre-approval volumes are at a 12-month high and 30% higher than what they were at February, so there’s a strong pipeline of customers coming through,” she said.
“Our brokers are set to win more business during the traditionally quieter mid-year period as we anticipate more sellers will come to the market to capture the current price growth and satisfy the demand from buyers.”