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The Mortgage & Finance Association of Australia (MFAA) has found that mortgage brokers were responsible for settling 76 per cent of all new residential home loans across the December quarter 2024, marking a new record in market share for the channel to date.
The research was conducted by Comparator and commissioned by the MFAA, which compiles quarterly mortgage broker statistics by calculating the value of loans settled by leading aggregators as a percentage of ABS Housing Finance commitments.
According to the MFAA, these results reflected the growing number of Aussie borrowers putting trust into the broker channel while benefiting from the choice and competition they bring.
Market share is now 4.2 per cent higher than the 71.8 per cent recorded during the same quarter in 2023 and 6.7 per cent higher than the December quarter 2022.
It rose 1.4 per cent from the September quarter 2024’s figure of 74.6 per cent.
Anja Pannek, MFAA’s CEO, said that the gain in market share happened prior to the February rate cut, during a period of elevated interest rates.
“We have seen even more Australians reaching out to their mortgage brokers in uncertain economic conditions,” Pannek said.
“We know this is driven by a broad range of reasons, such as understanding when and how to refinance or opportunities to seek a better rate on their existing mortgage.
“Brokers also assist clients to understand their financial position and get ‘finance ready’, prepare for lending approval, and navigate government schemes to achieve the goal of buying their first home. The breadth of assistance brokers offer is significant and valuable.”
Furthermore, the value of new residential home loans settled by brokers during this period hit $115.06 billion, also marking a new record for the highest reported value within a single quarter.
This represents an increase of 22 per cent in the value of new lending when compared to the previous quarter’s figure of $94.06 billion.
Pannek noted back to the recent Value of Mortgage and Finance Broking 2025 report by Deloitte that further explored the value that brokers are able to create.
The report revealed that the mortgage broking industry generated $4.1 billion for the Australian economy during the financial year 2023–24 and was found to support the employment of 37,349 workers, with an increase in economic contribution of 14 per cent on the previous 2018 report.
Additionally, it found that the mortgage broking industry generated significant social benefits “beyond its quantified economic contribution”, including the support of job opportunities in remote and rural communities, increased first home buyer home ownership, and supporting other segments of vulnerable customers.
“Brokers are doing an excellent job of serving their clients – the report showed that 72 per cent of all broker business comes from repeat clients and referrals,” Pannek said.
“Deloitte’s research has further examined how the introduction of BID has led to increased consumer confidence in the mortgage broker sector.
“The Value of Mortgage and Finance Broking Report showed how much brokers have embraced BID, with brokers saying overwhelmingly it had improved trust in the sector.”
[RELATED: Report reveals brokers’ contribution to the economy]
