The Mortgage and Finance Association of Australia (MFAA), one of the peak bodies for mortgage brokers in Australia, has reported that the sector yet again broke records in the last quarter of the financial year, settling 47.25% more new loans than the same period in 2020.
The grand total, according to research commissioned by the MFAA, was just over $77.75 billion, smashing the previous one quarter record of $64.1 billion that has stood since 2013.
Market share for mortgage brokers stayed steady at 59%, up 2% on June 2020 and the highest ever achieved in Q4 of any year. The all-time peak is 61%, recorded in late 2020.
“This outstanding broker market share result is made even more significant given it was achieved despite the lender turnaround issues that existed for many lenders during the quarter,” said MFAA CEO Mike Felton.
“It does however also highlight the real extent of the broker volume which lenders have had to process during the quarter.”
“The massive increase in volume and record market share for the quarter are further indications of the ever increasing trust and confidence consumers have in their broker and the unrivalled best interests duty a mortgage broker provides.”
