RESI Mortgage Corporation has joined the trend for non-bank lenders and mortgage brokers to establish shop-front offices in Western Australia.
Resi is planning to open up to six new franchise offices in WA in the next 12 months, adding to its existing franchise office in Joondalup.
The privately owned housing lender has also recently relocated its State head office to larger premises in Hay Street, West Perth.
Firms including Mortgage Choice, Wizard, RAMS, and The Loans Café have all either established or expanded their branch network in WA over the past two years.
The shop-front offices help the non-bank lenders and mortgage brokers compete against the banks, which have recognised the commercial value of their branch networks after copping flak for many years over branch closures.
Wizard has led the non-bank sector nationally with its policy of opening highly visible shop-front offices, and this State is no exception.
State manager John Duncalf said Wizard would establish its 11th WA branch when it opened for business in Albany next month.
He said Wizard planned to open offices in Geraldton, Port Hedland and Karratha in the next two months, would “definitely” be in Kalgoorlie, and aimed to open in Broome.
Mr Duncalf said he was also talking to candidates for three more metropolitan offices.
“We have intentions of being up to 25 [offices] by the end of the year,” he said.
Broking firm Mortgage Choice has nine franchise offices across Perth, and State manager Murray Sebbes said he expected to double that number in 2005.
RAMS established four franchise offices in Perth last year and The Loans Café opened a second branch in Fremantle.
RESI said the WA housing loan market had been stronger than in other States, with loan approvals in WA up 27 per cent over the past six months. It added that its Joondalup franchise was consistently one of its best performing offices across Australia.