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The number of loans that brokers write each month hit a new high in November 2020, according to a new broker survey.
Momentum Intelligence’s latest Broker Pulse survey of Australian mortgage and finance brokers has found that brokers wrote the largest number of loans in November 2020 than they have in over a year.
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The Broker Pulse survey results for November 2020 (conducted between 1-7 December 2020) collated the responses of 215 active broker participants, and found that the volume of loans submitted by brokers in November had reached new heights.
The survey found that brokers had, on average, submitted 11.1 loans over the month of November 2020, beating the previous high of 9.7 loans in October 2020.
Over the three months from September to November 2020, Broker Pulse brokers were submitting an average of 9.6 loans to lenders, up from the average of 8.7 loans a month in the same period in 2019.
The lodgements were largely driven by a rise in residential mortgages.
As well as writing the largest number of loans in the month since the Broker Pulse started in September 2019, Momentum Intelligence also found that brokers were using more lenders than ever.
In November 2020, broker respondents lodged applications to an average of 5.1 lenders, up from the previous high of 4.8 in October 2019.
The two most popular lenders used by brokers in November were ANZ and Macquarie Bank, with more than two-fifths of brokers stating they had used these lenders over the month.
The findings echo trends recently identified by the NSW Land Registry Services (NSW LRS), which revealed this week that ANZ led in residential net refinancing during COVID-19, with more than 12,000 mortgages up on NSW residential titles from the next major bank (CBA) and growing ANZ’s portfolio of mortgaged properties in NSW by more than 3 per cent.
Similar to the Broker Pulse findings, NSW LRS data also shows that Macquarie is now second only to ANZ for residential refinancing and second behind CBA for newly originated mortgages.
The Broker Pulse findings also build on the trends identified by AFG, which showed that its brokers wrote a record amount of loans in October 2020, and the most recent Industry Intelligence Service report from the Mortgage & Finance Association of Australia (MFAA), which found that the average number of applications lodged by brokers over the six-month period October 2019-March 2020 was 18.3, the highest figure in three years.
Brokers interested in joining Momentum Intelligence’s Broker Pulse panel can apply to Momentum Intelligence here. Participants of the survey will receive full access to the report and exclusive insights into the research.
[Related: AFG saw record lodgements volumes in October]
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