Borrowers in Australia increasingly continue to seek out brokers for their financial needs.
The latest figures, released Wednesday, show that mortgage brokers settled approximately 76% of all new residential home loans during the December 2024 quarter, up from 74.6% the prior quarter, according to the Mortgage & Finance Association of Australia (MFAA).
In addition, the report found the value of new residential home loans settled by mortgage brokers surged 22% in the quarter, year-over-year, to $115.06 billion, up from $94.06 billion in December 2023's quarter.
Anja Pannek, chief executive officer at the MFAA, pointed out that the increased reliance on brokers happened before the Reserve Bank of Australia (RBA) decided to reduce rates.
“We have seen even more Australians reaching out to their mortgage brokers in uncertain economic conditions,” she said. “We know this is driven by a broad range of reasons, such as understanding when and how to refinance, or opportunities to seek a better rate on their existing mortgage.
"Brokers also assist clients to understand their financial position and get finance ready, prepare for lending approval and navigate government schemes to achieve the goal of buying their first home," Pannek continued. "The breadth of assistance brokers offer is significant and valuable."
