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YBR sees 50% increase in settlements

YBR sees 50% increase in settlements

Yellow Brick Road recorded its highest month of mortgage settlements in December.

The ASX-listed mortgage group achieved its highest month of mortgage settlements in company history in December 2015 with over a 50 per cent increase in settlements compared to December 2014.

The group also saw mortgage settlements increase by almost 30 per cent in the last six months of 2015 against the same period last year.

Yellow Brick Road executive chairman Mark Bouris said that while the industry was talking about a slowdown in the December quarter, YBR has been moving “full steam ahead”.

“We had an abnormally busy period for our brokers in the lead up to Christmas and New Year's,” Mr Bouris said.

“Due to demand, the majority of our network worked the whole way through or were back to work by 4 January.”

YBR alone saw $12 million in lodgements and 23 applications submitted for just the YBR Empower Range over the three working days between Christmas and New Year’s Eve (29 to 31 December).

“This is unheard for the industry where many brokers usually don’t return to work until Australia Day,” Mr Bouris said.

Recent regulatory changes have taken some of the heat off the property market, but Mr Bouris still expects it to continue to grow at a gentler pace.

“The changes have slowed down investors but homeowners are still hot on the trail for a better deal on their mortgage,” he said.

“In a year of historically low rates and lenders fighting harder for owner-occupier business, we’ve had more people than ever jumping in and grabbing a deal with us,” he said.

[Related: YBR posts strong settlements growth]

YBR sees 50% increase in settlements
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