2009.02.26 00:30:29
I read today that the Listed broking group Mortgage Choice had a fall in net profit however they are optimistic about the first half of 2009.
Over the six months to 31 December 2008 Mortgage Choice made a net profit after tax of $8.3 million, down 22 per cent on the prior corresponding period the article said.
When interviewed the managing director of Mortgage Choice, Paul Lahiff said the result was solid “when considered against a backdrop of a weakened economy plus decreased consumer confidence in the housing market and job security”.This is great to hear in my opinion considering most directors reporting profit down grade do so with very little positivity, i.e it’s all doom and gloom.
Mr Lahiff also said the group had noticed renewed borrower interest (My Australian office reports the same) which, combined with a strong broker proposition, would place it in good stead for the second half of the financial year.
“The mortgage broking proposition of educating customers about the market and the mortgage process while helping them find clarity over loan choice is especially appealing at a time when confusion and uncertainty is widespread.
“Most importantly, brokers continue to provide a service that one lender simply cannot – a wide range of choice in lenders and loan products via a personalised service at a local level.”
In my opiniion this is great to see, someone promtong the benefits of a mortgage broker, however I must add they are regulated a lot harder than they are here in New Zealand.
Reading articles about what is happeing in Australia is one way of gauging what may happen here in New Zealand and since Hot Property Investments seeks to create great returns for it’s partners getting a head start on the competition is all part of the game.