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The leading brokerages in Australia have been revealed in The Adviser’s Top 25 Brokerages 2023 ranking, partnered by NAB.
The Top 25 Brokerages ranking, partnered by NAB, has been revealed in the February 2023 edition of The Adviser magazine — Australia’s top publication for mortgage and finance brokers.
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Now in its 14th consecutive year, the Top 25 Brokerages ranking shines a light on high-performing brokerages that have consistently delighted customers, grown their mortgage books, and improved efficiencies.
The final ranking is determined by scores in six key metrics across the 2021–22 financial year (FY22):
- Number of loans settled in FY22
- Value of loans settled in FY22
- Overall loan book size
- Average annual loan book growth (overall loan book size divided by years in business)
- Total number of brokers
- Broker efficiency (volume of loans divided by the number of active brokers)
These six scores are then added to give a final overall score. The lower the score, the better the ranking.
This year, several new records were set in the ranking. The top 25 brokerages in Australia wrote the largest volume of loans ever recorded in the ranking’s 14-year history, at just over $96 billion, and the largest number of loans (193,254).
This can be partly attributed to the fact that property prices in Australia grew exponentially in FY22 and more borrowers than ever are turning to the broker channel for credit advice.
Commenting on the results of the Top 25 Brokerages ranking this year, Momentum Media’s editor of mortgages, Annie Kane, said: “We’re thrilled to reveal the Top 25 Brokerages ranking, in partnership with NAB.
“The new records are not only a sign of the strength of the broker market (which continued to gain market share in the residential mortgage market, ending FY22 at around 68 per cent) but are also testament to the work that has gone into improving efficiencies and processes across the board.
“If you consider that there were a total of 3,438 brokers working at these top 25 brokerages in FY22, that averages out at more than one loan a week — another record for this ranking.
“Congratulations go to all of the hardworking brokers and support staff who have been helping deliver excellence for their brokerages, and ultimately for Australian borrowers.”
Phil Waugh, executive, broker distribution at NAB, said the major bank was delighted to partner with The Adviser for the Top 25 Brokerages ranking, adding: “In today’s dynamic environment, the role of brokers has never been more relevant.
“High-performing brokerages build strong relationships and deliver exceptional service, while cutting complexity and helping customers to navigate market changes.
“As the bank behind the broker, NAB is proud to champion The Adviser’s Top 25 Brokerages, which have made outstanding contributions to facilitating the dreams of Australians — whether they are buying a home or running a business.
“NAB remains firmly committed to the broker channel and continues to invest in providing simple and digital lending experiences, backed with consistent and predictable service.
“On behalf of NAB, I would like to congratulate the brokerages recognised this year for leading the way in supporting customers and raising the bar for the industry.”
Who is the top brokerage in Australia?
Mortgage Choice took out the top spot in the Top 25 Brokerages ranking 2023.
The brokerage, owned by REA Group, saw strong growth on last year’s figures for both the number and value of loans settled. It also saw strong broker number growth, after subsuming Smartline brokers under the Mortgage Choice brand.
Speaking to The Adviser about topping the ranking this year, Anthony Waldron, the REA Group’s chief executive of financial services and Mortgage Choice, commented: “We are absolutely honoured to be named Australia’s number one brokerage in this year’s Top 25 Brokerages report.
“This accolade is a testament to the incredible service and support Mortgage Choice’s network of more than 1,000 brokers provide to their clients, and to the assistance our brokers receive from our dedicated team of support staff.
“Last year was a disruptive one for the industry, yet despite this, we grew our business through the integration of two national aggregators, now operating under the one Mortgage Choice brand.
“We also took our brand to new heights with the launch of our ‘You’re never a loan’ ad campaign. And, as part of REA Group, we continued to help more Australians find the right property and the right loan through deeper connections with the realestate.com.au website.
“With integration largely complete, we’re excited about the potential for more innovation and growth in 2023.”
You can view the full Top 25 Brokerages 2023 ranking here and hear more about the secrets to success from the top five brokerages in Australia here.
[Related: Top 25 Brokerages 2023: How Australia’s leading brokerages are setting new records]
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