The Mortgage & Finance Association of Australia (MFAA) has revealed that during the September 2023 quarter, mortgage brokers once again wrote more than seven out of ten home loans.
Between July and September 2023, mortgage brokers wrote 71.5% of all new residential home loans.
This result is the second highest mortgage broker market share the industry has recorded, just below the record set last November.
The figures also mark a significant 4.3 percentage point increase on the previous quarter.
Commenting on the results, MFAA CEO Anja Pannek (pictured above) said the strength of mortgage broker market share is a reflection of the outstanding solutions and outcomes brokers are delivering for their clients.
“The MFAA has been tracking mortgage broker market share since 2012,” Pannek said. Over that time, we have seen normal seasonal and market driven fluctuations in market share, we have also seen mortgage broker market share consistently trend upwards, and I don’t see this trend reversing any time soon.”
Pannek said the mortgage lending landscape is complex, in particular given the current interest rate environment.
“The benefits homebuyers receive from using a broker extend well beyond finding the lowest rate – it’s the education, guidance and support a broker provides their clients that makes mortgage brokers stand out, and why they are the channel of choice for Australian homebuyers.”
During the September 2023 quarter mortgage brokers settled $93.83 billion in home loans.
This represents a 0.62% decline when compared year-on-year.
However, it is the second consecutive period of growth and a $15.24 billion recovery from the March 2023 quarter when settlement values dipped to $78.59 billion.
Comparator compiles quarterly broker statistics for the MFAA by calculating the value of loans settled by 15 of the leading brokers and aggregators as a percentage of ABS Housing Finance commitments. The MFAA releases these statistics each quarter.
