Mortgage brokers have for the first time recorded market share above 70% – facilitating 71.7% of all new residential home loans between July and September 2022.
This is a record figure looking back at the 40 consecutive quarters the measure has been tracked.
The latest data has been released by research group Comparator, (a CoreLogic business) and commissioned by the MFAA. The broker market share is a 4.8% increase compared to the 66.9% achieved in the same quarter in 2021 and an 11.6% increase on the 60.1% recorded in the September 2020 quarter.
The value of home loans settled by brokers reached $94.4bn and was the highest observed for a September quarter, representing a 1.08% year-on-year increase.
Read next: Broker market share hits all time high
“Buying a home is often one of the most important financial decisions many Australians will make in their life,” said MFAA CEO Anja Pannek (pictured above).
“The fact we now have seven out of 10 borrowers choosing to use the experience and services of a mortgage broker to help them navigate their finance options is a testament to the trust and confidence that Australian home buyers have in mortgage brokers.”
Pannek said this result came alongside the implementation of a number of reforms over the past five years, including the unrivalled Best Interest Duty (BID), that serves to continue to engender trust and confidence in the channel.
Read next: New MFAA CEO seeks greater broker market share
“With a backdrop of a rising interest rate environment and with many borrowers reverting from fixed to variable rates in 2023, mortgage brokers are also well placed to support their clients to understand their options and select the product best suited to them,” she said.
“This may include negotiating a more competitive rate with their client’s current lender or refinancing to a different product that is in their best interests.”
