The Mortgage and Finance Association of Australia (MFAA) has released the latest Industry Intelligence Service Report (IIS) 11th edition providing insight into a period of uncertainty within the Australian economy.
The IIS Report 11th edition, which draws on data supplied by 12 of the industry’s leading aggregator brands, provides broker and industry performance and demographic data for the six-month period of 1 April 2020 to 30 September 2020.
This period was also marked by Australia’s first recession in almost three decades. However, MFAA CEO Mike Felton said, as evidenced in the report, brokers were able to overcome their own challenges and vulnerabilities, maintain focus on their customers’ needs, and achieve some of their most positive results to date.
“Mortgage brokers facilitated 57.0% of all new residential mortgages in the June 2020 quarter and recorded their highest ever market share of 60.1% in the September 2020 quarter.
“This result was indicative of a strong performance across the board from the nation’s mortgage brokers throughout the six-month period, as the average number of applications lodged per active broker jumped from 19.6 to 21.4, while the national average value of home loans settled per broker rose above $6.5 million for the first time in five years.
“The broker channel settled $107.51 billion in residential home loans for the six-month period, the highest six-month value recorded since the MFAA commenced reporting in 2015, up 24.5% year-on-year,” Mr Felton said.
“While average trail commission increased mildly compared to the previous year, up-front commissions grew by a significant 25.29%, reaching $84,758 for the period. This helped to achieve a healthy national average combined remuneration per broker of $151,772.
“Overall, April to September 2020 was a challenging and yet rewarding time for the mortgage broking industry, as brokers provided tireless support and assistance to their customers helping them navigate the challenges posed by the COVID-19 pandemic and the recession.”
For further information, please contact: Nick Moncrieff-Hill, Corporate Communications Manager on 0436 618 302 or email@example.com.