Research / Media release

Mortgage broker market share breaks records again

More Australian homebuyers are accessing the assistance and expertise of mortgage brokers than ever before with the latest industry data showing mortgage broker market share has reached another all-time high.

In the March quarter of 2022, mortgage brokers facilitated 69.5% of all new residential home loans, according to the latest data released by research group Comparator, a CoreLogic business, and commissioned by the MFAA.

This is the largest market share observed to date across all quarters and is a 12 percentage point year-on-year increase on the 57.5% reached in the March 2021 quarter, and a 17.4 percentage point increase on the 52.1% recorded in the same quarter in 2020.

During the March 2022 quarter, mortgage brokers settled loans to a total value of $88.10 billion. This is the highest value of new settlements observed for a March quarter and represents a 41.54% year-on-year increase on the $62.25 billion settled in the same quarter in 2021.

MFAA Chief Executive Officer Mike Felton said the results are indicative of a strong, successful and rapidly growing industry that has successfully implemented meaningful reforms over a number of years and has the trust and loyalty of consumers.

“Not only does the consumer benefit from the significant choice, experience, and convenience offered by a mortgage broker, but on home loans taken out since 1 January 2021 they have been protected by an unrivalled best interests duty, further differentiating the channel and providing yet another compelling reason to use the services of a mortgage broker.

“In a rising interest rate and cost environment, mortgage brokers are exceptionally well placed to assist customers in finding a fairer deal that is in their best interests,” said Mr Felton.

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.

You may also like

10.04.2024 Media release, Research

The home loan discharge process must be improved – MFAA

The mortgage and finance broking industry’s peak association has made six recommendations to improve the home loan discharge process in a new whitepap...

06.02.2024 Research, Media release

New research spotlights mortgage brokers impact in simplifying lenders mortgage insurance for home seekers

Insights from a new research survey confirm that mortgage brokers are critical to building aspiring home buyers’ understanding of how lenders mortgage...

28.11.2023 Media release, Research

Mortgage broker market share rebounds

In the September 2023 quarter, mortgage brokers captured a market share of 71.5% in new residential home loans, marking a notable 4.3% increase from t...