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Recent data has shown that Australians are continuing to flock to brokers for their residential lending needs.
Data from Cotality, commissioned by the MFAA, shows that broker market share rose 0.8 percentage points from the March quarter and is 3.9 points higher than the same period last year. It remains 10.4 points above the June 2023 quarter, marking continued long-term growth.
The value of new home loans facilitated by brokers reached $121.58 billion in the June quarter, up 21.46 per cent from $100.11 billion a year earlier.
“This result continues to reflect Australians’ clear choice to work with their mortgage broker, as they navigate their home financing journey,” MFAA CEO Anja Pannek said.
“Our members have reported increased inquiries and activity levels across all segments of the market.”
The surge follows a major campaign promoting the value of mortgage brokers.
“We’ve also seen exceptionally strong consumer engagement with our recent campaign promoting the value of mortgage brokers,” Pannek said.
“The campaign reached an estimated 3.9 million people, with more than 324,000 consumers actively searching for an MFAA Accredited Broker via our Find a Broker website.
“As such, we expected an uplift in aggregate mortgage broker-facilitated lending in the June quarter. The results are clear – more consumers than ever are benefiting from the choice and competition brokers deliver and that is a good thing.”
The June report marks the 51st consecutive publication of quarterly market share data, compiled from leading aggregators and broker groups, representing a majority of the sector.