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The organisation has confirmed that mortgage brokers wrote the majority of new residential home loans between July and September.
The Mortgage and Finance Association of Australia (MFAA) and research group Comparator have revealed that mortgage brokers wrote 71.5 per cent (seven out of 10) of all new residential home loans during the September 2023 quarter, marking the second-highest mortgage broker market share figure the industry has recorded to date.
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Additionally, this was an increase of 4.3 percentage points on the previous quarter and was only 0.2 percentage points lower than the record high of 71.7 per cent recording during the same quarter last year.
Comparator compiles quarterly broker statistics for the MFAA by calculating the value of loans settled by 15 of the leading brokers and aggregators as a percentage of Australian Bureau of Statistics (ABS) housing finance commitments.
MFAA chief executive Anja Pannek commented that the strength of mortgage broker market share is “a reflection of the outstanding solutions and outcomes brokers are delivering for their clients”.
“The MFAA has been tracking mortgage broker market share since 2012,” Ms Pannek said.
“Over that time, we have seen normal seasonal and market driven fluctuations in market share, we have also seen mortgage broker market share consistently trend upwards, and I don’t see this trend reversing any time soon.
“The mortgage lending landscape is complex, in particular given the current interest rate environment.
“The benefits home buyers receive from using a broker extend well beyond finding the lowest rate – it’s the education, guidance, and support a broker provides their clients that make mortgage brokers stand out and why they are the channel of choice for Australian home buyers.”
According to the MFAA, the September quarter 2023 saw mortgage brokers settle $93.83 billion in home loans, representing a 0.62 per cent decline when compared to the same period last year.
Despite this, the September quarter marked the second consecutive period of growth and a $15.24 billion recovery from the March 2023 quarter that saw settlement values drop to $78.59 billion.
Prior to the release of this data, the MFAA confirmed in the 16th edition of its Industry Intelligence Service Report that mortgage brokers settled a record $358.68 billion in home loans in the 12 months leading up to March 2023.
[RELATED: Brokers settled record home loans: MFAA]
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