Mortgage brokers have achieved a 47.25% year-on-year increase in the value of new settlements for the April to June 2021 quarter, according to the latest data released by research group comparator, a CoreLogic business, and commissioned by the MFAA.
The overall value of new lending facilitated by brokers in the calendar year’s second quarter reached just over $77.75 billion, representing an increase of $24.95 billion when compared to the $52.8 billion settled in the June 2020 quarter.
The value of new settlements through brokers is both the largest observed result for the June quarter and $13.65 billion more than the $64.1 billion previous record for any quarter achieved since the MFAA first commissioned the dataset in 2013.
Brokers also achieved a strong market share result in percentage terms settling 59.0% of all new residential home loans during the June 2021 quarter which is 2.0 percentage points higher than the June 2020 quarter. This is also the highest market share ever for the June quarter to date.
MFAA CEO Mike Felton said it was well deserved recognition of the long hours and frustrations that mortgage brokers were required to endure during the period.
“This outstanding broker market share result is made even more significant given it was achieved despite the lender turnaround issues that existed for many lenders during the quarter. It does however also highlight the real extent of the broker volume which lenders have had to process during the quarter.
The massive increase in volume and record market share for the quarter are further indications of the ever increasing trust and confidence consumers have in their broker and the unrivalled best interests duty a mortgage broker provides.”
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.
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The Mortgage & Finance Association of Australia (MFAA) is the peak national body representing finance brokers, mortgage managers, lenders, aggregator/broking groups and other industry participants, to assist them to develop, foster, and promote the mortgage and finance industry in Australia.