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An aggregator head has predicted broker market share will swell well beyond 50% in the years ahead.
Speaking to the National Mortgage Brokers conference in Port Douglas, NMB managing director Gerald Foley said broker market share has grown – for all intents and purposes – to the 50% mark.
But Foley predicted brokers could see their share of the market continue to grow.
“When we were predicting brokers would get to 50% market share, everyone thought it was crazy. It’s got there and I don’t see why it would stop,” he said.
Foley said the broker proposition was still a popular one, and would increase in popularity as the industry continued to become “confident and competent”.
“It hasn’t changed, the fundamental proposition where you come to me because you’re either time poor or information poor, I’ll find out about you and I’ll find a lender or product supplier to match your needs. It’s a great proposition,” Foley said.
With the 50% threshold now achieved, Foley predicted brokers could grab a significantly bigger chunk of the home loan market.
“I’m saying now two-thirds market share should be where we land as an industry. Again, from there who knows where it goes? I really just don’t see why it can’t keep growing the way it is,” he said.
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