The latest research from the Mortgage & Finance Association of Australia has found that more than seven out of 10 borrowers continue to seek out the services of a mortgage broker.
During the June 2024 quarter, mortgage brokers wrote 73.7% of all new home loans, the second highest result on record. It is also a 6.5 percentage point increase from the June 2023 quarter.
“Australians are living through a cost-of-living crisis with every dollar counting in household budgets. It’s essential they have the right support and guidance when it comes to their home loan,” said MFAA CEO Anja Pannek.
“That’s exactly what mortgage brokers provide, and why so many Australians are choosing to talk to their broker.”
Throughout the June 2024 quarter, the value of home loans settled by mortgage brokers surged, exceeding $100 billion for the first time.
Jumping $18.64 billion from the previous quarter to $100.11 billion, it was also an $11.49 billion or 12.96% increase in the value of new lending when compared year-on-year.
Ms Pannek noted that the increase in the value of home loans settled by brokers is reflective of a property market that has held strong despite elevated interest rates.
“While there has been a reprieve in increases to the cash rate for several months, property prices are adding to the challenges for people hoping to enter the property market,” said Ms Pannek.
“Mortgage brokers are working every day with their clients to help them get ‘finance’ ready and provide them with a wide range of choices on their home loans.”
The MFAA began tracking mortgage broker market share in 2012, it is now in its 47th quarter.
Comparator compiles quarterly broker statistics for the MFAA by calculating the value of loans settled by 15 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.
