Aggregator lodges $114.8 billion in home loan applications in FY24
Despite ongoing economic challenges, including rising interest rates and high inflation, mortgage aggregator Connective has reported record growth across all lending categories — residential, commercial, and asset finance — for the financial year ending June 30, 2024.
The aggregator lodged $114.8 billion in home loan applications for FY24, marking a 5.5% increase compared to the previous year. Residential settlements reached $82.1 billion, a 5.8% rise year-on-year. Across all lending categories, Connective brokers settled $98.5 billion in loans, representing a 6.9% increase from FY23.
Connective chief executive Glenn Lees (pictured above) attributed the success to brokers’ ability to maintain strong client relationships and provide tailored solutions in a difficult market environment.
“Brokers have demonstrated resilience and expertise in navigating one of the most challenging economic environments in recent history,” Lees said. “We’re proud to be supporting our brokers in providing tailored solutions for borrowers and achieving consecutive years of success.”
Connective’s residential lending sector ended the year on a high note, with $21.6 billion in settlements in the final quarter alone. This growth was attributed to an increasing number of brokers joining Connective and strong performance from existing members.
“At a time of increased competition, interest rate hikes and a high inflationary environment, more borrowers are recognising the importance of expert guidance to make informed decisions that are aligned with their financial goals,” Lees said. “The results brokers have achieved demonstrate the value they offer to clients every day.”
Commercial lending also saw strong growth, with settlements rising 15.5% year-on-year to $12.4 billion. Lees pointed to high-quality brokers partnering with Connective and favourable market conditions as key factors driving this growth.
Connective continues to hold the largest market share in the commercial broking industry, accounting for more than 30% of broker numbers and settlement volumes.
“Our track record proves that we’ve attracted top commercial brokers and empowered our existing brokers to expand their offerings,” Lees said.
The asset finance segment also performed well, with settlements reaching $3.9 billion, up 5.5% from the previous year. The addition of new lenders to Connective’s panel, including Azora, Grenke, AlexBank, Moneytech, and Moneyme Autopay, contributed to this growth.
“Our success is driven by a combination of exceptional talent and our commitment to providing industry-leading support and technology for brokers,” Lees said. “We remain dedicated to equipping brokers with the tools to exceed borrower expectations.”
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