Aggregator reports surge in commercial settlements

Mortgage aggregator Connective has reported an increase of 15.5 per cent (year on year) in commercial settlements by its broker, finishing off the financial year at $12.4 billion in settlements.

Reportedly, the aggregator currently holds the largest market share in the commercial broking, writing, and lending industry, exceeding 30 per cent in both settlement volumes and broker numbers.

According to Connective CEO Glenn Lees, these numbers are continuing to increase.

“Businesses are seeking finance through brokers and we’ve got a strong offering and support for our commercial brokers,” he said.

“Our track record proves that we’ve attracted high performing commercial brokers while empowering our existing brokers to expand their offerings.”

In addition, settlements within the asset finance business reached $3.9 billion for FY24, representing a year-on-year increase of 5.5 per cent. Connective said this is primarily due to new additions to its lender panel such as Azora, Grenke, Alex Bank, Moneytech, and MoneyMe Autopay.

Meanwhile, during the April to June quarter, Connective brokers delivered $21.6 billion in residential lending settlements, reaching $82 billion, up 5.8 per cent year on year.

Lees further said: “Brokers have demonstrated resilience and expertise in navigating one of the most challenging economic environments in recent history.

“We’re proud to be supporting our brokers in providing tailored solutions for borrowers and achieving consecutive years of success.

“Our success is driven by a combination of exceptional talent within our team and the dedication of Connective brokers. We remain committed to brokers – by providing industry-leading support and investing in innovative technology to equip them with the tools to exceed borrower expectations.”

Overall, the aggregator’s brokers lodged $114.8 billion in home loan applications in FY24, up by 5.5 per cent on the previous year.

Across commercial, asset, and residential finance, brokers achieved record loan settlements of $98.5 billion for the financial year, up by 6.9 per cent year on year, according to Connective.

Furthermore, the aggregator’s white label home loan portfolio, Connective Home Loans (CHL), reported a 15 per cent increase in settlements, totalling $4.5 billion.

This was largely driven by a “record number” of Connective brokers (54 per cent) using CHL during the financial year, showing a 4 per cent increase on the prior period.

Head of CHL, Michael Goerner, said: “Brokers recognise that CHL offers the choice of products they need for every type of client.

“It’s our breadth of lending solutions and expert team that are driving our growth. We are providing brokers with the tools they need to efficiently serve clients and identify and access solutions across multiple lenders more quickly.”

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Adrian Suljanovic is a journalist at Broker Daily with more than two years experience reporting on all facets of the third party distribution channel.

Adrian has written for a range of business and finance titles including IFA, Investor Daily and Lawyer’s Weekly before joining the mortgages team in 2022.

He graduated from the University of Wollongong in 2021 gaining a Bachelor of Communication & Media with a major in Digital & Social Media.

E-mail Adrian at: This email address is being protected from spambots. You need JavaScript enabled to view it.