The Mortgage & Finance Association of Australia has released its December 2021 quarter results, with mortgage brokers setting an all-time record for the value of home loans settled.
The total value of mortgages settled by brokers in the December quarter reached $95.65 billion, the highest amount for all quarters since reporting began.
Brokers continue to write two in every three home loans, whilst facilitating 66.5% of all new residential home loans according to data released by Comparator, on behalf of the MFAA. This is only slightly down on the 66.9% record figure achieved in the September quarter.
MFAA CEO Mike Felton (pictured) said the results reflect a continued vote of consumer confidence in the service mortgage brokers provide, and the competition and choice that the third-party channel bring to the 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 Felton.
In the December 2021 quarter, mortgage brokers wrote 66.5% of all new residential home loans, a 7.1 percentage point increase on the 59.4% achieved in the December 2020 quarter. It is the strongest result recorded for a December quarter.
The $96.55 billion in home loan value represents a 49.22% year-on-year increase on the $64.10 billion settled in the same quarter of 2020.
“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.”
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.
