A spike in the number of people going through brokers for home loans in the first three months of the year bodes well for an industry beset by challenging conditions, Mortgage Choice chief executive Susan Mitchell says.
“Broker usage reached an all time high of 59.7 per cent for the March 2019 quarter,” Ms Mitchell told the company’s annual general meeting on Wednesday, adding that the company expected that growth to continue.
The number of mortgage applications had increased in the new financial year, she said, making it likely they would exceed FY19 volumes, which were dragged down by tighter lending standards and sliding property prices.
Although the company said there were “increasing positive indicators” the outlook for the Australian economy was uncertain.
“Looking forward, we see headwinds to economic growth due to slow employment and wage growth against a backdrop of global economic uncertainty,” Ms Mitchell said.
Mortgage Choice shares were unchanged at $1.36 at 1050 AEDT on Wednesday.