(5 April 2023 – Australia) Connective reported gross total settlements expanded to A$93.8 billion across residential, commercial and asset finance with asset finance notably rising 32 percent year-on-year and predicted to exceed A$4.1 billion in the year ahead.
The aggregator reported that asset finance settlements tipped A$3.3 billion in 2022 as the group’s asset finance broker members increased by 18 percent to 1187 members.
Connective reported 20 percent growth in commercial settlements for 2022, totalling A$9.8 billion and A$80.1 billion in total residential settlements. Commercial and asset finance remains a significant opportunity for mortgage brokers to expand their service offering to both their existing and new clients.
“Business investment is projected to continue trending upwards this year, according to ABS data, some welcome news for finance brokers amidst warnings of a possible recession. With interest rate hikes, a potential recession and very real cost-of-living concerns, there are some major headwinds ahead for consumers. On the upside, the outlook for business investment looks promising for 2023 and may be an area to focus on for new growth opportunities” Connective said in a statement.
“We’re really proud to have been able to support our brokers in achieving several remarkable consecutive years of growth. The success is driven by brokers deepening client relationships while being ready and able to support customers” Connective CEO Glenn Lees commented on the results.
“Based on the performance of our members in 2022, we’re confident about the opportunity 2023 presents. Although the market has shifted, brokers continue to play an increasingly vital role in supporting borrowers to navigate a complex market” Mr Lees added.