iscover
iscover 
As highlighted in recent MFAA research, as of September 2024, there were a total of 22,265 mortgage brokers, the largest number ever recorded.
This was a staggering increase from the 19,872 total reported in September 2023.
As broker numbers increase, so too does the portion of female brokers. Over the year to September 2024, there was a 5.6 per cent increase in female brokers (3,746).
While these results were promising, MFAA CEO Anja Pannek said there is more work to be done to grow female participation rates.
More people are seeing the value of a career in broking as market share continues to rise, currently at 76.8 per cent.
As broker numbers rise, so too does the value of loans. The latest MFAA report revealed a 16.2 per cent increase in the total value settled, reaching a total of $203.8 billion between April and September 2024.
NSW and ACT made up over a third of this total, settling $82.5 billion worth of home loans. Victoria followed at $55.5 billion and Queensland, $33.9 billion.
The total number of home loans climbed too, with 388,084 lodged over this period, a 9.98 per cent increase from the October 2023 to March 2024 period (353,184).
Also on the rise is the average value of loans settled per broker. October 2023 to March 2024 reported an average of $8.1 million. This climbed to $9.2 million between April and September 2024.
This coincided with a 4.8 per cent increase in the average value of brokers’ home loan portfolios, climbing from $45.7 million to $47.9 million in the same period.
NSW led the charge with the most loan applications lodged. State by state, the total between April and September 2024 was:
- NSW: 130,672
- Victoria: 99,632
- Queensland: 76,507
- Western Australia: 46,619
- South Australia: 32,600
- Tasmania: 1,696
- Northern Territory: 358
Despite the positive trends, the conversion rate of home loan applications continues to fall for the fourth consecutive issue of the report.
April to September 2024 recorded a conversion rate of 76.1 per cent. This was far lower than the highs reported in April to September 2022, where figures sat at 87.3 per cent.
Mortgage brokers are thriving more than ever before. Speaking earlier this year following the record-breaking market share data, Pannek said consumers are increasingly turning to brokers due to the services they provide.
“Since the RBA’s interest rate cut in February our members have been reporting increased levels of inquiries and activity across all borrower types – whether it is clients looking to refinance, invest in property or buying their first home,” she said.
“Mortgage brokers are key to ensuring a competitive mortgage market, where consumers have access to choice and consumer protections, including the unrivalled mortgage broker best interests duty (BID).
“These results clearly demonstrate that the broker proposition is highly and increasingly valued by Australian borrowers… In our view, every borrower or prospective borrower should see a mortgage broker for the benefits that brokers provide – including personalised support and access to a wide range of lenders and products.”
[Related: Mortgage broker market share hits record 76.8%]
