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Brokers have been told to expect new third-party banks, looser lending standards and more industry consolidation next year.
ME Bank's national manager of brokers, Stewart Saunders, said the next 12 months would be marked by strong lender competition in a backdrop of record-low credit growth.
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"Banks will continue to fight for a smaller slice of the pie, and are likely to continue looking for ways to attract customers. This may further be compounded by new market entrants coming onto the scene," Mr Saunders told The Adviser.
"Digital disruption will likely influence the banking and mortgage broking industry in 2015.
"Longer term, the potential for digital disruption is putting the onus firmly on banks and brokers to enhance both their offering and service proposition."
Intelligent Finance managing director Justin Doobov said the market would keep growing next year as demand for properties continued to exceed supply.
"We will see a lot more competition between lenders not just with interest rates, but also with the loosening of lending policies to attract clients," Mr Doobov added.
Aussie Home Loans executive director James Symond said the pressures of competition and compliance would drive more consolidation among small to mid-sized brokerages.
"Tied to this are the lenders, and with mortgage brokers now writing around 50 per cent of the home loan distribution flows, I think 2015 will bring even more fierce competition within this group, with more lenders wanting to play and enter into the broking space, including some interesting new entrants not necessarily directly within the industry currently," he said.
MFAA chief executive Siobhan Hayden said improved technology would show brokers how their businesses are performing in 2015 and where they need to make adjustments.
Ms Hayden told The Adviser that the other challenge for brokers would be to generate more revenue from their businesses without increasing their fixed costs.
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