Diversity in Mortgage Choice
(21 November 2008 – Australia) Independent mortgage broker, Mortgage Choice, is set to diversify its operations amid troubling times in the Australian property market.
Mortgage Choice is set to diversify into personal loans, equipment leasing and insurance.
The broker has come to an agreement with St George Bank and GE Money to offer personal loans through the two and is in the process of finalising a panel of equipment finance and insurance providers.
Mortgage Choice managing director Paul Lahiff said that the diversification into the new areas of business has been seen by the company as a good add on to their core business.
He said it will be particularly important in the latter part of 2008 and in 2009 to assist franchisees grow their business.
Lahiff spoke of a slowing business in the home loans arena at the company's annual general meeting.
He said that due to slowing home loan approvals and settlements, he expected profit to fall by as much as 45 percent next year.
This year, net profit after tax declined from A$19.6 million in 2007 to A$19.3 million.
This business is not an overly complex one; there are a number of things that can be done in terms of responding to interesting and challenging times, Lahiff said.
The broker has come to an agreement with St George Bank and GE Money to offer personal loans through the two and is in the process of finalising a panel of equipment finance and insurance providers.
Mortgage Choice managing director Paul Lahiff said that the diversification into the new areas of business has been seen by the company as a good add on to their core business.
He said it will be particularly important in the latter part of 2008 and in 2009 to assist franchisees grow their business.
Lahiff spoke of a slowing business in the home loans arena at the company's annual general meeting.
He said that due to slowing home loan approvals and settlements, he expected profit to fall by as much as 45 percent next year.
This year, net profit after tax declined from A$19.6 million in 2007 to A$19.3 million.
This business is not an overly complex one; there are a number of things that can be done in terms of responding to interesting and challenging times, Lahiff said.
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