Have we reached ‘peak broker’?

Australia’s mortgage brokers have built something worth celebrating. With more than 80 per cent of home loans now arranged through brokers, the industry has earned a central role in helping Australians navigate one of their biggest financial decisions.

That success reflects years of hard work by business owners who have built client relationships, supported families and created businesses with lasting value. The opportunity now is to strengthen that foundation for the next generation.

So when I ask whether we have reached “peak broker”, I am asking what will drive our next chapter.

How much more can we rely on rising market share, and how much will future success depend on improving the businesses behind it?

With approximately 24,000 brokers reported in 2025, some established brokers approaching retirement, together with softer property activity in a slowing economy, could contribute to industry consolidation in the years ahead.

Success brings greater expectations

The Australian Securities and Investments Commission’s October 2026 review provides a timely reference point. Report 840 examined 13 credit licensees across eight large aggregator groups. ASIC said broker practices generally aligned with its guidance, while identifying improvements needed in recommendations, supervision and complaints handling.

Seven of the eight groups reported that brokers recommended an option other than the cheapest in more than 20 per cent of cases. A higher-cost loan can be justified, but ASIC found instances where the supporting evidence was unclear. It also identified complaints being missed, delayed or withdrawn without full investigation.

The practical priorities are clear: explain why the recommendation suits the individual borrower, substantiate any additional cost, strengthen monitoring and deal properly with complaints. ASIC expects licensees to consider its findings and address gaps.

For me, this is an opportunity to demonstrate the value clients place in their broker. A good conversation should translate into a recommendation the client understands and a record that explains the reasoning. That is a standard worth investing in.

The next opportunity is in our existing relationships

An established broker’s greatest strength is often the trust of clients who have relied on them over many years. Yet the demands of new applications can leave little time to keep those relationships active.

There is considerable opportunity in understanding what happens after settlement. Has the client’s family grown? Are they approaching retirement? Have their business circumstances changed? Is their current loan still meeting their needs?

A disciplined approach to client engagement can help identify those changes earlier. Sometimes the right outcome will be a new loan. Sometimes it will be a conversation with the existing lender, or confirmation that the current arrangement still works.

My view is that businesses which consistently demonstrate this care will be better placed to earn repeat business and referrals. That ongoing service is a commercial opportunity in its own right, beyond the specific recommendation practices examined by ASIC.

Technology can create room for better service

AI and automation offer brokers the prospect of spending less time on repetitive administration and more time understanding their clients.

Used carefully, these tools can support information gathering, organise records, prompt follow-up and help prepare material for review. Brokers still need to check accuracy, protect client information and take responsibility for their recommendations.

The useful question for a business owner is where technology can remove friction from a process that already serves the client well. Buying software alone will not solve unclear responsibilities, incomplete information or inconsistent follow-through.

For some owners, investing in their team and systems will be an exciting next step. Others may prefer a partnership that provides additional capability and support. Both deserve consideration.

Build resilience before you need it

Even a strong industry experiences changes in lending activity, competition and customer circumstances. Owners should understand how a quieter period would affect their cash flow and profitability.

A practical review should examine dependence on new settlements, the stability of recurring income, operating costs and client retention. It should also ask how effectively the business would function if its principal stepped away for three months.

These questions help identify where investment can make the business stronger today. They also reveal what needs attention before a future handover.

Succession is an opportunity to protect what you have built

For brokers considering retirement over the next few years, early planning creates time to improve records, develop staff and decide how clients should be supported through a transition.

It also creates room to assess the options: an internal successor, a staged transition, a partnership or a sale. The right answer will depend on the owner’s goals and the needs of the people who rely on the business.

Valuation expectations should be grounded in the underlying business. A headline multiple is only part of the discussion. Sustainable income, client retention, compliance records, operating costs and dependence on the departing owner all warrant attention.

My view is that an owner who can explain those factors clearly will be better prepared for a constructive conversation with a potential successor or purchaser. Preparation cannot guarantee a price, but it can help reduce uncertainty.

What comes after peak broker

I remain positive about the future of mortgage broking. Australians will continue to face complex borrowing decisions, and there is substantial opportunity for businesses that provide thoughtful, reliable service.

The next chapter will ask something of us. We need to demonstrate our value, invest where our businesses need improvement and plan deliberately for the future.

For established owners, the question is personal as well as commercial: What do you want the next five years to look like, and what should you start doing now to make that possible?

I welcome confidential conversations with mortgage brokerage owners considering growth, succession or retirement, and how to protect the relationships and value they have built.

Sam Boer undertakes strategic advisory and acquisition-related activities, including work with potential purchasers of mortgage broking businesses.

The views expressed are his own. Comments on business value and future opportunities are opinions, not forecasts or guarantees.

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