The mortgage broker channel has recorded its highest ever residential home loan market share for the April – June 2019 quarter of 55.8%, according to the latest data released by research group comparator, a CoreLogic business, and commissioned by the MFAA.
The unprecedented June quarter result, achieved during the seasonal low point for the broker channel, is 1.9 percentage points higher than the equivalent 2018 quarter and 4.3 percentage points higher than the equivalent 2017 quarter.
MFAA CEO Mike Felton said the result continued the year-on-year trend of growth in market share for broker originated lending and showed the unwavering customer trust and confidence in the broker proposition.
“This is an outstanding result for the broker channel, particularly as it was achieved during the seasonal low point for broker market share. It once again demonstrates the key role brokers play in ensuring that their customers continue to have access to credit during tight market conditions,” Mr Felton said.
Despite the strong data on broker market share, the overall value of lending through the broker channel was down $7.22 billion to $42.29 billion year-on-year, compared to $49.51 billion settled in April – June 2018, a decline of 14.6%.
However, this should be seen in the context of an overall market where volumes were down 17.5%, with the proprietary channel declining by 20.5%.
“Despite the decline in the value of residential lending for this period, brokers have maintained their position as consumer champions. This result clearly shows that mortgage brokers are able to remain focused on their clients as they continue to deliver choice and access to credit for Australian consumers.”