Between January and March 2023, mortgage brokers wrote 69.6% of all new residential home loans, according to the latest data released by research group Comparator, a CoreLogic business, and commissioned by the MFAA.
Compared to the same quarter in 2022 this result represents a 0.1 percentage point increase, and a 12.1 percentage point increase compared to the 57.5% reached in the March 2021 quarter.
In the March 2023 quarter, mortgage brokers settled $78.59 billion in home loans, a 10.8 percentage point decrease compared year-on-year to the $88.10 billion settled in March 2022.
According to MFAA CEO Anja Pannek, these results indicate that mortgage brokers remain crucial in providing homebuyers, and those refinancing, access to choice and competition.
“Mortgage brokers help homebuyers understand their options in what is a complex and dynamic mortgage lending environment,” Ms Pannek said.
“The current environment of inflationary pressures, multiple increases to the cash rate and rising cost of living is adding to this complexity, and has really brought the service mortgage brokers provide in guiding their clients into the fore.
“We know that this year, over 800,000 fixed term home loans with very low rates are rolling onto much higher interest rates, while climbing interest rates are limiting the borrowing capacity for new borrowers. This is going to be a challenging period for many mortgage holders and prospective buyers.
“It’s times like this when Australians need expert support to make the best decision for their circumstances, and mortgage brokers are meeting this need every day.”
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.
