‘You can’t smell a mortgage’: Domain boss turns focus to home loans, pressures governments for stamp duty reform | zoesam93
Domain boss Jason Pellegrino is urging state governments to review taxes that make it difficult to enter the housing market as he flagged ambitions to invest heavily in the company’s home loans division.
Domain chief executive Jason Pellegrino says there’s an opportunity for stamp duty reform to boost property sales.“We have to help with demand and help people into the market with government support and the like, but we also have to remove friction costs. The current structure of that cost puts an upfront penalty and impedes the transaction in that market.”
The comments came after the release of the real-estate listing portal’s fiscal year 2022 results. Revenue rose 23.2 per cent to $356.7 million and net profit after tax increased slightly to $35.1 million. Earnings [before interest, tax, depreciation and amortisation] grew 21.4 per cent to $122.1 million, and the company will pay a full-year dividend of 4cents next month.
“You can’t smell a mortgage, you can’t touch a mortgage, you can’t feel a mortgage, you don’t know the colour of a mortgage. Why does the product not just exist purely online? Why do you actually have to have a physical distribution channel? The reality is, that is the future of that industry. It is the single easiest product to completely transact end to end online. That’s the future of that industry and we’re focused on the future.
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