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Fun Fact Friday

Did you know that the mortgage broking industry contributes $2.9bn to the economy??

I am not sure how much exactly we contribute to our local economy but some information you might like to know about our own business (Advanced Finance Solutions):-

- We employ 4 full time and 2 part time team members plus 1 contracted commission-based mortgage broker

- We pay for employees training and courses plus uniforms (not all employers do)

- Staff get bonuses when we reach budgets plus this year we are heading to Vanuatu to visit a school that we support over there plus take bras to the ladies who can’t afford them in the local village

- We donated $4230 in $$ donations to a variety of Australian charities in the most recent financial year on top of attending many charity events plus endless raffle prizes for local charities.

Recently a Deloitte into our industry report was done over a 6-month period and was released this week. The report was commissioned by the Mortgage Broking Industry Group to review the value of mortgage broking “for the purpose of informing policymakers and the broader community about the role mortgage brokers play in the mortgage market and the economic contribution of the mortgage broking industry in Australia”.

Australian mortgage brokers made a greater contribution to the economy than that of the dairy industry!!

To quote the report: “The mortgage broking industry directly generated $1.83 billion in wages [both commissions paid to brokers and support staff wages] and profits (gross operating surplus or GOS) and directly employed 20,297 FTE workers. What surprised us was how much more important the mortgage broker’s role was”

Apparently the size and contribution of the mortgage broking industry surprised the analysts. "The surprises that we found were how big the industry was in terms of how many loans it was arranging. That data is internally available to the industry but is not widely publicized.

“While not only providing home buyers with access to more residential lending options, mortgage brokers have contributed to a fall in net interest margins of more than 3 percentage points over the past 30 years.”

So, PLEASE support us when you have a need for finance. We would love you to come through us instead of going direct to the banks/lenders. Help us to keep supporting our local and Australian economy. Ph 49190478 to make your appointment.