The figure from the report, which covered the period April 01, 2021 to September 30, 2021, was a 54.4% year-on-year increase, showing a strong period of activity in the home loan market.
The 13th edition of the MFAA’s IIS report draws on data supplied by 11 of the industry’s leading aggregator brands, providing broker and industry performance, and demographic data for the six-month period.
It also revealed that broker commissions had increased with gross annual earnings up 23.9% year-on-year to $188,046. Up-front commissions saw significant growth, increasing 39.21% to an average of $117,992, while trail commissions had a smaller increase of 3.3% to $70,054.
Mortgage brokers facilitated more than two in three of all new residential mortgages during the period, with the September quarter featuring a market share of 66.9%.
The market share of major banks recorded a 5.1% decrease, the largest decline observed in a quarter by any segment to date.
MFAA CEO Mike Felton (pictured) said brokers continued to show they were here to support customers seamlessly throughout periods of disruption and changes in business practices.
“This research shows consumers recognise, and appreciate, this continuity of service,” Felton said.
“This was also the first full reporting period brokers were operating under the full suite of reforms implemented over the past two years, including the unrivalled Best Interests Duty, giving consumers even greater trust and confidence in the broker channel.”
Felton said while the number of female brokers increased slightly during the period, the proportion of female brokers in the overall broker population has not seen the same increase, indicating there was more work to be done to increase female participation in the industry.
“The six months to September 2021 was a positive time for the mortgage broking industry, as brokers continued to respond to consumer demand driven by record low interest rates,” he said.
