Total value of residential loans FY2016/17: $147,244,514
Total number of residential loans FY2016/17: 324
Aussie’s number one broker has had a steady and determined rise to the top. In 2015 Glenn English was ranked 28th in MPA’s Top 100; he added almost $30m to his total to reach the 14th spot in 2016. He needed just $100,000 more to reach this year's Top 10, but in a year in which investors and thus brokers have been hit hard by regulation, that has been enough.
Despite the impact of lending policy changes and banks leaving the market, investors have been good to Aussie Carnegie, English explains. “Many of our existing customers returned to Aussie Carnegie to take advantage of investment opportunities. We also grew our team to help manage the increased volume of work from returning customers, new enquiries and referrals.”
The brokerage was ranked one of MPA’s Top 10 Franchise Brokerages this year, with English writing the bulk of the business. As well as hiring additional staff members, English has looked to upskill his existing team; as a result “we increased efficiencies in our systems and processes by team members taking on new responsibilities as part of their daily tasks”.
After a big year of recruitment English is now focused on embedding his new staff into the business. “We will now build on that success and those processes for the coming year,” he explains. English is supported by an office manager who takes care of general administration and payroll so he can concentrate on bringing in business.
For a business focused on investors, regulation remains a concern. The introduction of a limit on interest-only lending and ASIC’s toughening up of interest-only lending standards only occurred towards the end of the year measured for this Top 100 (the 2016/17 financial year), and so its impact will be felt most sharply by 2018’s Top 100.
English, however, can see the opportunities that market change could bring: “With many banks reacting to regulatory restrictions on interest-only loans by increasing rates, it seems the number of investors in the market might decrease, providing the opportunity for more first home buyers and owner-occupiers to enter.”