Australia broker market share hits record high of 74.1%

Mortgage Broker

Between January and March 2024, 74.1% of all new home loans were written by mortgage brokers

The popularity of mortgage brokers among borrowers continues to surge with broker market share touching a record high of 74.1%, the latest figures from the MFAA show.

Between January and March 2024, 74.1% of all new home loans were written by mortgage brokers. This beats the previous record of 71.8%, recorded for the October to December 2023 quarter.

With the latest figures revealing highest mortgage broker market share on record, it solidifies brokers as the clear choice for borrowers.

This result highlights the invaluable role mortgage brokers play in the Australian home lending market, according to MFAA CEO Anja Pannek.

Mortgage brokers offer personalised guidance and support throughout the entire home loan process, helping Australians navigate what is an increasingly complex lending landscape, she said.

The value mortgage brokers offer their clients cannot be underestimated. They have brought choice and competition to the market, and act in the best interests of their clients, she added.

In the March 2024 quarter, mortgage broker market share increased 4.5 percentage points compared to the same period in 2023. Compared to the same period in 2020, mortgage broker market share has increased by 22 percentage points.

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 ABS Housing Finance commitments.

Pannek said the surge in mortgage broker market share over the last few years was driven by the trust mortgage brokers have established with Australian homebuyers.

She said: Australians are making the choice to go through a mortgage broker, and it is about more than an interest rate. Australians trust their mortgage broker. Not only are brokers bound by the best interest duty, they provide so much more than a loan.

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of Invest for Property. The information provided on Invest for Property is intended for informational purposes only. Invest for Property is not liable for any financial losses incurred. Conduct your own research by contacting financial experts before making any investment decisions.

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