The growing trust and confidence consumers have in mortgage brokers remains evident, with the latest industry data showing the value of home loans settled by brokers in the last quarter reached an all-time record high, while brokers continued to write two in every three home loans.
Between October and December 2021 mortgage brokers facilitated 66.5% of all new residential home loans, according to the latest data released by research group comparator, a CoreLogic business, and commissioned by the MFAA.
This result, the highest recorded for a December quarter, was a 7.1 percentage point increase on the 59.4% achieved in the December 2020 quarter.
The total value of mortgages settled through brokers in the December quarter reached $95.65 billion which is a record for all quarters since reporting began. This also represents a 49.22% year-on-year increase on the $64.10 billion settled in the same quarter in 2020.
MFAA Chief Executive Officer Mike Felton said the results reflect a continued vote of consumer confidence in the service mortgage brokers provide, and the competition and choice the broker channel brings to the home loan market.
“To have our industry grow almost 50% year-on-year in terms of the volume of loans settled is a phenomenal result and sends a powerful message as to the state of our industry following the significant changes made,” said MFAA CEO Mike Felton.
“The combination of reforms implemented – alongside brokers’ dedication to their customers – continues to produce strong consumer outcomes driving trust and confidence and reinforcing that mortgage broking is a force for good that supports competition and choice that is critical to the Australian economy,” said Mr Felton.
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.