Australian borrowers are increasingly turning to mortgage brokers, with the sector capturing a record 74.6% of all new home loans in the September 2024 quarter, according to the Mortgage & Finance Association of Australia (MFAA).
This marks the highest market share ever recorded for brokers, reflecting their vital role in helping borrowers navigate a challenging lending environment.
In addition to the increased market share, the total value of loans written by brokers surged to a record $103.2 billion for the quarter, up 10.02% or $9.4 billion, compared to the same period in 2023.
“This result continues to highlight that mortgage brokers are the preferred choice for borrowers navigating today’s complex lending environment,” said MFAA CEO Anja Pannek (pictured above).
“We know mortgage brokers are providing personalised guidance and support throughout the home loan journey, empowering borrowers to make informed decisions.”
The continued growth in broker market share, which rose 3.1 percentage points year-on-year, is attributed to the trust brokers have built with clients and their ability to deliver tailored solutions.
“It’s about much more than securing an interest rate,” Pannek said. “Mortgage brokers are bound by the best interests duty and help borrowers understand their financial options, adjust budgets, and find customised solutions to meet their needs.”
Mortgage brokers are also a key channel for lenders, driving access and competition in Australia’s home lending system.
“This market share result reinforces that brokers are at the heart of Australia’s home lending system,” Pannek said.
The data, compiled by Comparator for MFAA, underscores the indispensable role of brokers in both serving borrowers and supporting lenders. As economic conditions remain complex, brokers continue to be a trusted partner for Australians seeking clarity and confidence in their home loan decisions.
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