The Mortgage & Finance Association of Australia (MFAA) has released the Industry Intelligence Service (IIS) report 14th edition.
The report draws on data supplied by 11 of the industry’s leading aggregator brands and provides broker and industry performance and demographic data for the six-month period of 1 October 2021 to 31 March 2022.
Throughout the period a number of records were broken, most notably the share of mortgages written by brokers which reached a record high of 69.5% in the March 2022 quarter. The value of residential home loans settled also reached a record high of $177.07 billion.
“Through the data in the IIS report we can clearly see that mortgage and finance brokers are trusted by Australian consumers to guide them through what is arguably one of the most significant financial decisions they will make,” said MFAA CEO Anja Pannek.
The number of mortgage brokers also writing commercial loans also continued to reach new highs during the period indicating brokers are diversifying their service offering to their customers.
Despite these positive trends, the gender diversity of the industry continues to stall. The proportion of female brokers was 25.5% during the period, the lowest on record.
“While women are joining the industry, it is not at the same rate as men. To compound this we are seeing women leave the industry at a greater rate than men. These observations highlight that we need to continue our efforts to support women and diversity more broadly to both recruit and, more importantly, retain talent in the industry,” said Ms Pannek.
Nationally, the average total broker remuneration, prior to costs, rose 20.78% year-on-year to $195,534. This figure is made up of an average in up-front commissions of $123,892 and $71,642 in average trail commissions.
The major banks and regional banks owned or aligned the major banks both saw a drop in market share during March quarter, reducing to 42.6%, or 3.2 percentage points, and 10.6%, or 1.2 percentage points, respectively.
“The IIS highlights the continued customer focus of the industry, with brokers at the forefront in finding lending solutions for Australian homebuyers and business owners,” said Ms Pannek.
For more information download the Industry Intelligence Service (IIS) report 14th edition.
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