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According to the Mortgage and Finance Association of Australia’s (MFAA) new State of Mortgage and Finance Broking Report 2026, the value of finance settled through the report’s matched eight-aggregator sample increased from $41.1 billion in 2024 to $52.3 billion in 2025, an increase of 27.4 per cent.
The number of brokers writing commercial, business or asset finance in the same sample also increased by 6.3 per cent during the year, from 11,084 brokers in 2024 to 11,785 in 2025.
To contrast with residential mortgages, which hit an overall market share of 81.6 per cent in the June 2026 quarter, brokers settled $495.55 billion in residential home loans during the year, up 23.5 per cent from 2024, while the reported broker population increased 9.1 per cent to 24,116.
The growth in broker participation was accompanied by a 19.7 per cent increase in the average commercial, business and asset finance settlement value per participating broker, which rose from $3.71 million to $4.44 million.
Half of brokers writing commercial
Despite the increase in absolute numbers, the proportion of brokers writing commercial, business or asset finance within the matched sample fell slightly.
These brokers represented 53.3 per cent of the reported broker population in 2024, compared with 51.9 per cent in 2025.
The data nevertheless showed more than half of brokers in the matched sample were writing these forms of finance in both years.
The increase in participation was also spread across the country, with the number of brokers writing commercial, business or asset finance increasing in six of the seven reported jurisdictions.
NSW and the ACT remained the largest market, with the number of brokers writing the three forms of finance increasing from 3,875 to 4,066.
Victoria recorded the largest numerical increase, rising from 3,415 brokers to 3,700, while Queensland increased from 1,912 to 2,066.
The Northern Territory was the only state to record a decline, falling from 32 brokers to 30, although the MFAA cautioned that the small sample of brokers represented meant the movement should be interpreted carefully.
Anja Pannek, CEO of the MFAA, said the figures reinforced a trend the association had been seeing anecdotally, but at a stronger rate than expected.
“It does make sense in the context of the broker value proposition,” she told Broker Daily.
“We are seeing businesses choosing to work with commercial brokers who can look across the market and work on strategies for their clients, looking at what the business is trying to achieve now and into the future, in terms of its business strategy and aspirations, and then bringing the right funders to the table to meet those needs.
“I think we’re actually seeing that playing through.”
Challenges and opportunities
Melissa Ashcroft, managing director of AAA Mortgages and an MFAA member, told Broker Daily that the complexity of commercial deals could scupper potential diversification strategies.
“Commercial deals are far more varied than home loans: lender policies, documentation and pricing can differ enormously from one deal to the next, so direct banking relationships still carry real weight for a lot of business owners,” she said.
“That said, I do expect steady, meaningful growth. Commercial lending volumes through brokers have been climbing fast, and as businesses find funding harder to navigate on their own, more of them will turn to a broker for that guidance.”
Ashcroft added that she saw the biggest opportunity in complex commercial and construction lending; deals that required structuring expertise instead of a straightforward application.
She added: “Beyond that, working capital and cash flow finance for SMEs is a growing space; a lot of business owners simply don't know their options extend beyond their everyday bank.
“Business acquisition and succession finance is another area I'm seeing more of, as a wave of owners look to sell or hand over to the next generation.”
The push for diversification
Diversification has attracted growing interest across the broking industry in recent years, but Pannek said the growth in commercial and asset finance did not necessarily mean every mortgage broker needed to become a commercial broker.
“Ultimately, if you look at small businesses, the reality is their personal finance needs are heavily intertwined with their business needs.
“I think as a broker, it feels like if you’re predominantly in mortgage broking, being able to support all of the needs of your client absolutely makes sense. However, at the end of the day, whether or not you need to be in commercial lending or not will come down to what are the needs of your clients.”
For smaller brokerages and sole operators looking to broaden their offering, Pannek said diversification could take a number of forms, rather than requiring brokers to build every capability in-house.
“The key thing is to make sure you’re supporting your client in the best way possible. If you’re a mortgage broker and a client comes to you as a business owner with business finance needs, having the confidence to support them takes capability and experience. It can be done, but it means taking the time to invest in that expertise.
“To meet those client needs, we’ll continue to see a variety of different models. That might mean working with a specialist and referring clients to them, or bringing someone with commercial banking or broking experience into your business to complement your mortgage offering. Equally, it might mean staying true to your existing customer value proposition.”
Ashcroft added that part of the trend towards diversification was down to the recognition of opportunities that already sat in a brokers’ client base.
“Commercial is a natural way to deepen that relationship, and the brokers who invest in real expertise, rather than treating it as a side hustle, are the ones who'll do well as the market keeps growing.”
[Related: Record mortgage broker share raises commercial question]
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