Powered by MOMENTUM MEDIA
Broker Daily logo

Brokers drive mutual mortgage growth

Teachers Mutual Bank has seen its home loan portfolio grow 11.44 per cent in the 12 months to June 30.

The lender’s positive mortgage performance has remained consistent, coming off the back of an increase of 8.95 per cent in 2012/2013.

Having made a highly successful entry to the mortgage broker channel in 2013/2014, chief executive Steve James attributes some of the home loan result to broker-generated loans after the bank entered the third-party channel late last year.

“Our entry to the broker home loan channel has gone exceptionally well, and contributed in part to our very sound performance in home loans,” Mr James said.

==
==

“With 50 per cent of Australian home loans facilitated by brokers, we can now serve more members and potential members for their mortgage needs,” he said.

Residential mortgages make up 92 per cent of the bank’s lending portfolio.

Teachers Mutual posted a net profit after tax of $25.8 million, down 8.16 per cent from $28.1 million in 2013.

Factors influencing the fall in profits included the abolition of some transaction fees, a fall in interest rates, and continued capital investment in IT systems and product development, Mr James said.

“The mutual bank continues to invest in new and innovative products, and this year introduced a highly competitive mortgage offset facility, with the rare feature of being available across all home loan products,” he said.

The bank’s asset base grew by 7.48 per cent to $4.4 billion.

 

More on Innovation
22 November 2024
As operational costs increase, those with the capability may be interested in offshoring staff. While this can be a ...
15 November 2024
Broker Daily and principal partner Mortgage Choice are proud to announce 30 winners for the annual Women in Finance ...
13 November 2024
Organisations must go beyond recruiting a diverse workforce and embed a culture of inclusion to reap the benefits, ...