Crucial data demonstrating the ongoing strength and growth of the mortgage and finance industry has today been released in the latest edition of the Mortgage & Finance Association of Australia’s Industry Intelligence Service report.
The IIS 19th edition report, covering the six-month period between 1 April 2024 and 30 September 2024, draws on data from nine of the industry’s leading aggregators and is commissioned by the MFAA through research group Cotality (CoreLogic) Comparator.
MFAA CEO Anja Pannek said the latest IIS report provided further compelling evidence of how Australians are turning to mortgage and finance brokers for their expertise and guidance.
“Borrowers know brokers have the skills to find the right financial solutions for them and increasingly we can see that extends to commercial loans,” said Ms Pannek.
The broker channel remains the number one choice for borrowers looking for a home loan, with brokers settling 74.6% of all new residential home loans in the six months to September 2024, the highest result observed at that point. The figure has since risen to a record 76.8% as revealed in the March 2025 quarterly market share results.
The value of residential home loans settled by brokers also continues to increase. In the six months to September 2024, mortgage brokers settled $203.80 billion, the highest recorded value for an April to September period and the highest overall value to that point. Year-on-year, this represented a 16.25% increase in residential loans settled.
For the 12 months to September 2024, brokers settled $378.87 billion in home loans, the highest value for a 12-month period to this point, and an 8.06% rise year-on-year.
The IIS 19 report showed that as of September 2024, the total number of brokers had reached 22,265, a 12% year-on-year increase and the highest number observed to date.
Mortgage brokers are also increasingly embracing commercial lending. The number of mortgage brokers also writing commercial loans rose 24.21% year-on-year in the April 2024 to September 2024 period to 7,023 brokers. In the six months to September 2024, 31.54% of mortgage brokers were writing commercial loans, up from 30.66% in the October 2023 to March 2024 period.
“We welcome the fact that more mortgage brokers are diversifying their services by writing commercial loans, as this can only contribute to their business growth. It also enhances competition and choice, providing SME clients with a greater range of options,” Ms Pannek said.
The rise in the number of mortgage brokers writing commercial loans was experienced across all states, with South Australia enjoying the biggest increase of 13.64%.
The value of commercial loans settled by mortgage brokers reached a new high of $22.68 billion in the April to September 2024 period, up 31.20% year-on-year.
The number of female brokers in the industry has also risen year-on-year to 3,746, an increase of 5.61% but fell slightly period-on-period. The proportion of female brokers in the industry increased slightly to 26.8%.
Ms Pannek said the increase in both the number of female brokers and the proportion of females in the industry was promising but further work was needed to see these numbers lift.
The number of home loan applications lodged grew 9.88% period-on-period and 7.7% year-on-year. The average number of applications lodged by active brokers rose from 17.6 to 19.1 period-on-period, but this was down from 20.1 the year before.
Conversion rates declined for the fourth consecutive period to 76.1%, although it was only a 0.2 percentage drop from the previous period.
Other statistics of note in the report include the major banks’ share of broker-originated lending, which fell back under 40%, to 39.9%, in the July 2024 to September 2024 quarter, down from 41.3%.
You can read the full MFAA IIS 19th edition report here.
Additional information
After eight years of producing the IIS report in partnership with Cotality (CoreLogic) business Comparator and as technology evolves, the MFAA is reviewing this critical resource to ensure that it is fit for purpose for industry needs.
To ensure we are providing the most accurate data, we are reviewing some elements of the IIS report, so readers may notice some differences, which featured in the 18th and 19th editions and going forward.
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