Top 5 Brokerage… again!
- Published: by MoneyQuest HQ
- Category: Industry news
MoneyQuest has been named as one of the top mortgage brokerages in Australia after securing 5th place in The Adviser Magazine’s Top 25 Brokerages 2023 ranking. MoneyQuest also achieved a top 5 placing in last year’s report.
Now in its 14th consecutive year, the Top 25 Brokerages ranking shines a light on high-performing brokerages that have consistently achieved high scores and set the benchmark for excellence for the rest of the industry.
The ranking took into consideration key business metrics and overall productivity. The final rankings were determined by scores in six key metrics across the 2021–22 financial year (FY22):
- Number of loans settled in FY22
- Value of loans settled in FY22
- Overall loan book size
- Average annual loan book growth (overall loan book size divided by years in business)
- Total number of brokers
- Broker efficiency (volume of loans divided by number of active brokers)
These six scores were then added to give a final overall score. The lower the score, the better the ranking.
Commenting on the results of the Top 25 Brokerages ranking this year, Momentum Media’s editor of mortgages, Annie Kane, said:
“The ranking shows that the top 25 brokerages in Australia smashed records yet again this year. A record volume of loans was written by the top 25 broking businesses in the financial year 2022; more than $96 billion of loans were written by these 25 broking businesses in FY22, across a whopping 193,254 loans.
“The new records are not only a sign of the strength of the broker market (which continued to gain market share in the residential mortgage market, ending FY22 at around 68 per cent) but are also testament to the work that has gone into improving efficiencies and processes across the board.
“If you consider that there were a total of 3,438 brokers working at these top 25 brokerages in FY22, that averages out at more than one loan a week — another record for this ranking.
“Congratulations go to all of the hardworking brokers and support staff who have been helping deliver excellence for their brokerages, and ultimately for Australian borrowers,” Ms. Kane said.
MoneyQuest managing director, Michael Russell, was delighted with the results, and attributed MoneyQuest’s success to its people (brokers and head office staff) and the training and education provided to MoneyQuest members.
“While user-friendly, efficient, and innovative technology is certainly a key driver of business growth and performance, we believe that the passionate people we have recruited and employed and the ongoing training and education we provide to our members is what sets our group apart.”
Mr. Russell noted that the brokerage’s biggest achievement in 2022 was the roll out of a revitalised and educational social media strategy.
“We are extremely proud of the video-based social media content our brokers and head office team produced throughout 2022 and how it worked to increase brand awareness and consumer knowledge.
“The aim of much of this content was to educate borrowers about how valuable, supportive, and helpful mortgage brokers can be, especially in a rising interest rate environment.
“Many of the videos also focused on enhancing the financial literacy of the community in an entertaining and easy-to-understand way,” Mr. Russell said.
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