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Brokers wrote more than 74 per cent of all mortgages in the September quarter, according to new figures.
New data from the Mortgage & Finance Association of Australia (MFAA) has revealed that a record 74.6 per cent of all new home loans were written by mortgage brokers in the three months to September 2024.
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The previous record was 74.1 per cent, achieved in the March 2024 quarter.
According to the data (compiled by Comparator by calculating the value of loans settled by the leading brokers and aggregators as a percentage of ABS Housing Finance commitments), mortgage broker market share rose by 3.1 percentage points in the September 2024 quarter compared to the same period in 2023. The market share figure is also up from the 73.7 per cent achieved in the June 2024 quarter.
As well as a new market share record, the value of loans written by brokers also hit a record high of $103.2 billion. This was up $9.4 billion or 10.02 per cent in the value of lending compared with the same period year on year and is the second time in a row that more than $100 billion of mortgages have been originated by the third-party channel over a quarter.
MFAA CEO Anja Pannek said: “This result continues to highlight that mortgage brokers are the preferred choice for borrowers navigating today’s complex lending environment. We know mortgage brokers are providing personalised guidance and support throughout the home loan journey, empowering borrowers to make informed decisions.
“Australians are choosing mortgage brokers because of the trust they’ve built with their clients and the broad support they offer.
“It’s about much more than securing an interest rate. Mortgage brokers are bound by the Best Interests Duty and provide a wealth of value to their clients. They help borrowers understand their financial options, identify opportunities to adjust household budgets, and work tirelessly to find tailored solutions.”
Distribution of mortgages via brokers is also a vital channel for many lenders, Pannek said.
“MFAA’s data demonstrates the indispensable role mortgage brokers play – not just for borrowers, but for lenders as well,” she said.
“This market share result reinforces that brokers are at the heart of Australia’s home lending system, driving access, competition, and personalised solutions in a dynamic and challenging environment.”
[Related: Broker market share hits new record high]
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