Figures outpace other big names, says broker network
Specialist Finance Group enjoyed annual growth in settlement values of close to 80% over the 2022 financial year, which it says outpaces other aggregators in the Australian market.
Using Comparator data released by the MFAA, Specialist Finance Group (SFG) has charted the annual improvement in settlement values over the 2021 and 2022 financial years, comparing its individual performance against others.
SFG general manager Blake Buchanan (pictured above) told MPA the value of loans settled by Specialist Finance Group members over the 2022 financial year (July 1, 2021, to June 30, 2022) was approaching $20bn.
Over FY22, the total value of settlements for SFG individually grew by 79%, compared to 43% across Australian aggregators including SFG, he said. FY21 Comparator data showed growth in the 70% range for SFG, compared to growth in the 20% range for the aggregator market.
SFG’s growth in settlement values over FY22 was across all categories, including residential, commercial, asset, personal finance and insurances, Buchanan said.
Discussing the factors driving growth in settled loans at SFG, Buchanan said its operations were based on three fundamental ingredients – systems, support and value proposition.
Getting those fundamentals right was vitally important and resulted in SFG holding a very good reputation in the market, he said.
“We’re regarded as a professional outfit with genuine care for our members that has incredible systems and support,” Buchanan said.
Broker numbers were up by 32% year-on-year, with total members currently sitting at 1,200, he said. Close to 300 new members were appointed over the last 12 months (the equivalent of more than one new member joining SFG each business day).
Buchanan said the number of transactions reached 33,000, an increase of around 75% year-on-year..
Acknowledging the presence of about 12 bona fide aggregators in the Australian market, each with their own business model, Buchanan said that aggregation was SFG’s “‘true north” – it had high service standards, and believed in staying true to the value of impartiality.
“We don’t get confused by trying to be a lender, which for us is a conflict because it puts us in competition with our business partners that are lenders on our panel,” Buchanan said.
As a family-owned business for 31 years, Buchanan said SFG placed high value on caring for its members, and on systems and support. The majority of brokers were recruited based on above-average performance, through people well-known in the industry.
“That’s how we’ve grown: because we care, we’re good at what we do, and we know what we can do,” Buchanan said.
With the year now drawing to a close, Buchanan said he wanted to express a “heartfelt thank you” to SFG members, who he acknowledged had worked tirelessly through an ever-changing market since 2015.
Brokers were there to help people, and with rising interest rates and cost-of-living pressures, 2023 was likely to be a challenging year for many, he said.
“Stay the course, take time out for yourselves and take care of yourselves first, so you can take care of others,” Buchanan said.
Earlier this year, Specialist Finance Group joined forces with WLTH, collecting tonnes of rubbish from the northernmost part of the country. In November, Specialist Finance Group joined the discussion to end cashbacks, Buchanan having highlighted that there had been limited discussion about the undesirable outcomes of cashbacks for brokers and consumers.
