Mortgage brokers have recorded their highest market share result in over a year by facilitating 57.0% of all new residential home loans in the April – June 2020 quarter.
According to the latest data released by research group comparator, a CoreLogic business, and commissioned by the MFAA, mortgage brokers settled $52.8 billion of new home loans during the June 2020 quarter, which is the largest observed result by value for any quarter since the MFAA first reported this data.
MFAA CEO Mike Felton said the result reflected the outstanding work being done by brokers to assist customers around the country during this challenging time with many borrowers experiencing hardship and others seeking to take advantage of record low interest rates.
“Unlike previous years, June 2019 to June 2020 has shown a significant increase of $10.51 billion or 24.85% in the value of new lending when compared year-on-year to the $42.29 billion settled in June 2019.
“Period-on-period, the June 2020 quarter also recorded a 4.9 percentage point increase from the March 2020 quarter which is an outstanding result considering that the June quarter is traditionally the low point in the cycle for broker market share.
“As COVID-19 has impacted many Australians, mortgage brokers have been working diligently with their clients to ensure they are in the best possible position to ride out the storm and improve on their current debt situation.
“More broadly, this is further proof of the importance of mortgage brokers to the wider economy and community. With natural disasters, a global pandemic and now a significant economic downturn, 2020 has been a year full of challenges. That’s why it is so pleasing to see brokers continue to have a positive impact on the economy and their clients in such difficult times.”
Comparator compiles quarterly broker statistics for the MFAA by calculating the value of loans settled by 18 of the leading brokers and aggregators as a percentage of ABS Housing Finance commitments. The MFAA releases these statistics each quarter. This data can only be used publicly by referencing the MFAA as the owner of the data and its use in communications.
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