Between July and September 2022, mortgage brokers facilitated 71.7% of all new residential home loans, according to the latest data released by research group Comparator, a CoreLogic business, and commissioned by the MFAA.
This is the first time mortgage broker market share has exceeded 70% in the forty consecutive quarters the measure has been tracked.
The result is a 4.8 percentage point increase compared to the 66.9% achieved in the same quarter in 2021 and an 11.6 percentage point increase on the 60.1% recorded in the September 2020 quarter.
At $94.4 billion, the value of home loans settled by mortgage brokers was the highest observed for a September quarter and represents a 1.08% year-on-year increase.
“Buying a home is often one of the most important financial decisions many Australians will make in their life. The fact we now have seven out of 10 borrowers choosing to use the experience and services of a mortgage broker to help them navigate their finance options is a testament to the trust and confidence that Australian home buyers have in mortgage brokers,” said MFAA CEO Anja Pannek.
“This result is also against the implementation of a number of reforms over the past five years, including the unrivalled Best Interest Duty (BID), that serves to continue to engender trust and confidence in the channel.
“With a backdrop of a rising interest rate environment, and with many borrowers reverting from fixed to variable rates in 2023, mortgage brokers are also well placed to support their clients to understand their options and select the product best suited to them. This may include negotiating a more competitive rate with their client’s current lender or refinancing to a different product that is in their best interests.”
Comparator compiles quarterly broker statistics for the MFAA by calculating the value of loans settled by 18 of the leading brokers and aggregators as a percentage of ABS Housing Finance commitments. The MFAA releases these statistics each quarter. This data can only be used publicly by referencing the MFAA as the owner of the data and its use in communications.
MFAA article Reference https://www.mfaa.com.au/news/mortgage-brokers-break-another-market-share-record
The Mortgage & Finance Association of Australia (MFAA) is very supportive of encouraging women to become mortgage brokers.
The purpose of the Opportunities for Women 2022 report is to generate broader industry discussion focused on the need, and the actions required, to improve the industry’s acquisition and retention of women and other diverse professionals.
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