24 January 2012
Yellow Brick Road Holdings Limited (ASX Code: YBR) (“Yellow Brick Road”) has announced the signing of the company’s 100th branch agreement, with Geelong, VIC coming on board as the latest addition to the network. The company signed over 50 branch agreements in 2011 and plans to add another 25 branches to the network by the end of the 2011/2012 financial year.
Yellow Brick Road is experiencing significant growth in an industry where analysts are predicting as many as 7,000 job cuts over the next two years. The company and its Executive Chairman Mark Bouris have been instrumental in calling for more competition in the Australian mortgage market. Recently, Bouris has been outspoken in the opportunity for Japanese and other international banks to make a play that could see them seize $100 billion of the home loan market from the big four.
“The major banks have had it too good for too long and it’s about time the oligopoly got a shake-up,” says Bouris. “Japanese banks have the ability to pick up 10 per cent of the market with the likes of Yellow Brick Road as a primary distribution network. More competition in the market means better options for consumers, which is why Yellow Brick Road will continue to look at opportunities that give mortgage holders the best deal possible.”
As the major banks are making decisions to shed jobs and cut costs, Yellow Brick Road is seeing a swell in demand from mortgage brokers and financial planners interested in servicing suburban neighbourhoods. The company believes uncertainty in the market and diminishing consumer confidence is exactly why people need quality financial advice now more than ever, especially in outlying communities where access to personalised service is not readily available.
“The Reserve Bank has recognised that consumers are struggling to make ends meet with the rising cost of living and increasing house prices,” says Bouris. “The recent rate cuts are good in theory, but they’re useless if the major banks don’t pass the savings on to their borrowers. Yellow Brick Road is committed to offering consumers an alternative to what’s currently in the market and we’ll look at every opportunity both in Australia and overseas to get our customers the outcome they deserve.”
Yellow Brick Road’s network extends across all five states with thriving branches in communities as diverse as Mt. Isa, QLD, Frankston, VIC and Perth CBD. With the major banks announcing redundancies and cutting suburban branch hours, Yellow Brick Road is capitalising on the opportunity to democratise top end of town financial services and deliver quality advice to all Australians.
Copyright © 2012 Yellow Brick Road
