iscover
iscover 
Westpac Banking Corporation (Westpac) has released its financial results for the half year 2025 (1H25), revealing an increase in total lending and loans originated through the broker channel.
According to the results, the flow of new mortgages originated through the broker channel increased to 67.5 per cent in the six months to 31 March 2025, while new mortgages originated through the proprietary channel dropped to 32.5 per cent.
This has shown an increase of 3.9 percentage points when compared to new mortgages settled in the six months to 30 September 2024 (2H24) and 6.3 percentage points on 1H24.
This coincided with data released by the Mortgage & Finance Association of Australia (MFAA), which found that mortgage brokers were responsible for settling 76 per cent of all new residential home loans across the December quarter 2024, which marked a new record in market share for the third-party channel.
Additionally, Westpac has reported an increase of 5 per cent in total loans when compared to the same period last year, growing to $825 billion, and a 2 per cent increase on 2H24. This was comprised of growth in Australian housing loans of 5 per cent or at 0.9 times system, growth in business lending of 14 per cent, while institutional lending rose 15 per cent.
However, new mortgages settled fell in the six months to 31 March, down from $55.2 billion in 2H24 to $54.8 billion.
Commenting on the results, Westpac’s CEO Anthony Miller said they “confirm Westpac’s strong position”.
“We are growing in the areas we’re targeting and supporting customers through uncertain times. I’m pleased with the way our people have galvanised around our priorities. This First Half Result demonstrates our achievements and ensures we are ready for the challenges ahead.”
Miller further remarked on the resilience of Westpac customers who have “navigated significant cost of living challenges over the past few years”.
“This resilience is reflected in the improvement in credit quality metrics indicating we may have passed the low point in the cycle. Mortgage delinquencies and impairment charges remain low. We are ready to assist customers who need help,” he said.
“Geopolitical uncertainty is a key risk that’s as high as it has been for a very long time. Changes to global trade policies have impacted markets and funding for the bank. Despite the volatility, it’s important that we look through the noise and avoid reacting to the headlines. Australia is well placed to handle the instability.”
[RELATED: Broker market share reaches new heights]
