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Mortgage brokers are proving essential as Australians navigate refinancing hurdles, economic uncertainty, and ongoing repayment challenges, according to new research from the Mortgage and Finance Association of Australia (MFAA).
The February 2025 Member Sentiment Survey revealed that while borrowers continue to face affordability issues, overall mortgage stress is easing and refinancing is becoming more achievable.
Completed by 321 brokers nationwide, the survey builds on previous MFAA research conducted in 2023 and 2024, offering fresh insights into borrower sentiment and the evolving role of brokers.
For the first time, the data captures how borrowers feel about their financial future. Results showed a shift towards cautious optimism, with 50 per cent of brokers saying their clients felt “neutral” about their outlook, 33 per cent “positive”, and 17 per cent “negative.”
Those expressing confidence cited the improving interest rate environment (30 per cent), stable property equity (22 per cent), and strong employment or income positions (19 per cent) as key reasons.
Among those with a neutral perspective, cost-of-living pressures (24 per cent), the broader interest rate landscape (25 per cent), and limited housing supply (11 per cent) were most influential.
Clients feeling negative highlighted cost of living (36 per cent), interest rates (17 per cent), and housing supply concerns (14 per cent) as the main drivers.
“While cost of living overall is still a key issue, brokers are reporting that mortgage-holders are feeling better about their ability to pay their mortgage or refinance to a better deal,” said Anja Pannek, CEO of the MFAA.
“They have been buoyed by strength in property values and an improved interest rate outlook, with the Reserve Bank cutting the cash rate to 4.10 per cent in February.”
The Member Sentiment Survey also showed that mortgage brokers continue to secure both new and repeat business, highlighting the growing trust Australians place in broker expertise.
According to the survey, 98 per cent of brokers said they had returning clients who sought them out again for financial guidance.
At the same time, 95 per cent reported assisting clients who were using a broker for the first time to refinance and 97 per cent said they had worked with first home buyers.
“These data points are positive indicators of the growth in the mortgage broking industry and how the majority of Australians seeking a home loan are turning to brokers to help them find the best deal that suits their circumstances,” said Pannek.
The research also underscored the broader role brokers play in empowering clients with choice, improving financial literacy, and increasing competition across lenders.
The survey also highlighted the broader value brokers bring to their clients.
Nearly all respondents – 98 per cent – said they had helped clients secure a discount on their home loan, while 97 per cent had assisted in refinancing to a new lender.
In addition, 87 per cent reported supporting clients with budgeting strategies and 68 per cent said they had helped borrowers understand available hardship options.
“Whether it’s refinancing, budgeting strategies, or securing a discount on their home loan, mortgage holders know they can rely on brokers to assist them,” said Pannek.
“This survey provides valuable data for brokers which they can use to help grow their businesses and ensure our industry continues to thrive.”
[RELATED: Mortgage holders show renewed optimism]
