Australian homebuyers continue to turn to mortgage brokers in record numbers, against a backdrop of continuing economic challenges and household pressures, according to the latest data from the Mortgage & Finance Association of Australia (MFAA).
In the September 2024 quarter, 74.6% of all new home loans were written by mortgage brokers— the highest market share on record.
Additionally, the value of loans written by brokers also hit a record high of $103.2 billion, representing an increase of $9.4 billion or 10.02% in the value of lending compared with the same period year-on-year.
“This result continues to highlight that mortgage brokers are the preferred choice for borrowers navigating today’s complex lending environment. We know mortgage brokers are providing personalised guidance and support throughout the home loan journey, empowering borrowers to make informed decisions.” said MFAA CEO, Anja Pannek.
Mortgage broker market share rose by 3.1 percentage points in the September 2024 quarter compared to the same period in 2023.
Ms Pannek attributed this continued growth to the guidance and hence value mortgage brokers deliver, “Australians are choosing mortgage brokers because of the trust they’ve built with their clients and the broad support they offer.”
“It’s about much more than securing an interest rate. Mortgage brokers are bound by the Best Interests Duty and provide a wealth of value to their clients. They help borrowers understand their financial options, identify opportunities to adjust household budgets, and work tirelessly to find tailored solutions,” she continued.
Distribution of mortgages via brokers is also a vital channel for many lenders.
“MFAA’s data demonstrates the indispensable role mortgage brokers play—not just for borrowers, but for lenders as well,” added Ms. Pannek. “This market share result reinforces that brokers are at the heart of Australia’s home lending system, driving access, competition, and personalised solutions in a dynamic and challenging environment.”
Comparator compiles quarterly broker statistics for the MFAA by calculating the value of loans settled by 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.
