• Contact
  • Feedback
Banking Day
Stay Ahead. Stay Informed.
Concise. Candid. Provocative.
Get the daily banking news that matters
Banking Day – Your trusted source for independent financial insights.
Subscribe Now
  • News
  • Topics
    • All Topics
    • Briefs
    • Major Banks
    • Authorised deposit-taking institutions
    • Insurance, funds and super
    • Payments, mobile & wallets
    • Consumer lending
    • Mortgages
    • Business lending
    • Finance regulation
    • Debt capital markets
    • Ratings agencies
    • Equity capital markets
    • Professional services
    • Work & career
    • Foreign news
    • Other topics
  • Free Trial
  • Subscribe
  • Resources
    • Industry events
  • About us
    • About Banking Day
    • Advertise
    • Feedback
    • Contact Banking Day
  • Search
  • Login
  • My account
    • Account settings
    • User Admin
    • Logout

Login or request a free trial

Mortgage Choice reports a better half

19 February 2016 4:29PM
After a disappointing result in 2014/15, when its earnings fell, it lost market share and it announced the closure of its loss-making comparison site business, Mortgage Choice has got off to a better start this financial year.The broker franchise group has reported a net profit of A$10.7 million for the six months to December - up 7.8 per cent on the previous corresponding period.On a cash basis, profit rose 12.4 per cent to $10.1 million.Mortgage Choice chief executive John Flavell, who joined the company last April, has delivered on a promise to get expenses under control.While total commission and revenue rose seven per cent to $34.4 million, expense growth was limited to one per cent.A highlight was the 63 per cent growth in financial planning revenue to $800,000. Financial planning contributed 4.1 per cent of gross revenue during the half, compared with 2.8 per cent in the previous corresponding period.Other good news for the business was a small increase in the average up-front commission rate to 0.644 per cent.The loan book grew 4.7 per cent year-on-year. Market share picked up from 3.5 per cent to 3.6 per cent. Flavell said the company was focused on increasing its market share.Another of Flavell's preoccupations is to increase the flow of referrals from the core broking business to the financial planning business.He said there was some improvement during the half but there was plenty of work to do in that area.

I'm a returning subscriber

*
Password reset *
Login

Request a free trial

  • Emailing you the news at 7am.
  • Covering core lending and funding issues, strategy, payments, regulation, risk management, IT, marketing and more.
  • Original news and summaries of major stories from other media – ditch your newspaper subscriptions.
  • Focused on banking and finance, saving you the time spent wading through newspapers and other services.
  • With reporting from former editors and senior writers from the AFR and The Australian.
  • Configured for your phone, laptop and PC.
Free trial Banking Day

Consumer lending

  • Latitude, Harvey Norman liable for interest free GO card con

Copyright © WorkDay Media 2003-2025.

Banking Day is a WorkDay Media publication

WorkDay Media Unit Trust

  • Privacy policy
  • Terms of access and use