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Applications lodged for Connective Home Loans (CHL) have grown 50 per cent on the previous financial year, reaching $9.2 billion, with total settlements up 84 per cent from the previous 12 months, hitting $5.8 billion.
Demand has increased for CHL over the last year from various types of borrowers, including those who are looking for straightforward home loans, borrowers in need of specialist finance such as SMSF, and commercial lending.
All six CHL brands have become popular with borrowers who wanted to arrange finances quickly, ranking them in the top 10 lenders in terms of median time to unconditional approval, according to the lender.
Head of CHL Michael Goerner said the “ongoing success of the portfolio” was due to a combination of “innovative products, robust processes and a steadfast focus on service excellence”.
“Having a dedicated team that provides comprehensive support to brokers at every stage of the process is a game changer,” Mr Goerner said.
“We’re finding because the broker remains in full control of the client relationship, they can develop strong connections with clients – supporting them for the life of the loan and beyond.
“Borrowers want to know they can access mortgages that are competitive on price, and they want great service and support – and that’s what Connective Home Loans delivers.”
Earlier this month, Connective reported that brokers aggregating under Connective settled 40 per cent more in FY22 than the previous year, settling a record $95.5 billion in loans.
This figure came from a combination of residential, asset finance and commercial business loans.
According to the group, the 40 per cent increase on the previous year comes after strong demand for home loans (driven by a low-interest rate environment), and an increase in businesses wanting finance to invest in growth strategies.
Residential settlements increased to a new record of $83.5 billion in the financial year, up 36 per cent yoy. Commercial finance settles also rose, up 90 per cent, while asset finance grew 39 per cent.
Connective chief executive Glenn Lees commented at the time: “We’re delighted to see another hugely successful year for our members across our residential, commercial and asset finance lines of business – building on the momentum we achieved in 2021.
“Investing in people, technology and product development has enabled us to support our members to achieve these fantastic results.”