Mortgage Choice reports strong results, says loan book crossed $50 billion

Mortgage Choice has reported strong first quarter earnings, with home loan settlements up 8% year on year and cash group revenue growing 10% during the comparable period.

Financial planning revenue rose 75% year on year, while the head office generated home loan leads grew 46%.

“We have enjoyed a very solid start to the new financial year,” chief executive officer John Flavell said at the company's annual general meeting.

“Throughout the 2015 financial year, Mortgage Choice managed to record its strongest ever settlement result – up 10.6% on the previous year," he said. 

“We managed to grow our loan book by 4.6% to $49.5 billion.

"And, in the early part of this financial year, we took our loan book over the $50 billion milestone for the first time ever." 

Home loans worth $11.5 billion were settled throughout the course of the year, equating to nearly $1 billion a month.

Flavell said July was the company's second biggest month on record for home loan settlements, which boded well for the 2016 financial year.