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Recent research from the Mortgage & Finance Association of Australia (MFAA) revealed that more than seven out of 10 borrowers continue to seek out the services of a mortgage broker.
In the June 2024 quarter, mortgage brokers were responsible for 73.7 per cent of all new home loans, marking the second-highest result on record and a 6.5 percentage point increase from the June 2023 quarter.
This figure was slightly down from the record of 74.1 per cent achieved between January and March 2024.
Quarterly broker statistics for the MFAA are compiled by Comparator, which calculates the value of loans settled by 15 leading brokers and aggregators as a percentage of ABS Housing Finance commitments.
“Australians are living through a cost-of-living crisis with every dollar counting in household budgets. It’s essential they have the right support and guidance when it comes to their home loan,” said MFAA CEO Anja Pannek.
“That’s exactly what mortgage brokers provide, and why so many Australians are choosing to talk to their broker.”
The value of home loans settled by mortgage brokers also saw a significant surge, exceeding $100 billion for the first time.
The total value jumped by $18.64 billion from the previous quarter to reach $100.11 billion.
This represents an increase of $11.49 billion or 12.96 per cent when compared year on year.
Pannek highlighted that the rise in the value of home loans settled by brokers reflects a property market that remains robust despite higher interest rates.
“While there has been a reprieve in increases to the cash rate for several months, property prices are adding to the challenges for people hoping to enter the property market,” Pannek said.
“Mortgage brokers are working every day with their clients to help them get ‘finance’ ready and provide them with a wide range of choices on their home loans.”
The MFAA has been tracking mortgage broker market share since 2012 and the current data marked the 47th quarter of monitoring.
Preceding this, the MFAA reported that the value of commercial loans hit its highest value on record at $17.29 billion, which was highlighted in the association’s Industry Intelligence Service (IIS) report for the 1 April to 30 September 2023 period.
This represented an increase of $53.12 million or 0.31 per cent year on year and an increase of $797.37 million (4.83 per cent) on the prior period (October 2022 to March 2023).
[RELATED: Value of commercial loans settled by brokers hits record high]
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