Brokers write record 74.6% of all mortgages in September quarter

New figures from the Mortgage & Finance Association of Australia (MFAA) reveal that mortgage brokers continue to dominate the home lending market, achieving a record-high market share of 74.6% in the September 2024 quarter. This marks a significant increase from the previous record of 74.1% in the March 2024 quarter.

The latest data indicates a 3.1 percentage point increase compared to the same period in 2023 and a rise from 73.7% in the June 2024 quarter, underscoring the growing preference for brokers in the home lending space.

$103.2 billion in broker-led lending

Mortgage brokers not only expanded their market share but also achieved a record $103.2 billion in loans written. This represents a 10.02% year-on-year growth and marks the second consecutive quarter where broker-originated loans have surpassed the $100 billion threshold.

Why Australians choose mortgage brokers

Mortgage brokers have cemented their place as an essential part of the mortgage industry. Acting as intermediaries between lenders and borrowers, they simplify the process for first-time buyers and experienced homeowners alike. Brokers offer expert advice, streamline mortgage applications, and reduce stress for borrowers.

MFAA CEO Anja Pannek highlighted the critical role brokers play in supporting borrowers:

“This result continues to highlight that mortgage brokers are the preferred choice for borrowers navigating today’s complex lending environment. We know mortgage brokers are providing personalised guidance and support throughout the home loan journey, empowering borrowers to make informed decisions,” said Ms. Pannek.

Bound by the best interests duty, brokers ensure clients receive personalised advice tailored to their financial situations. Beyond securing competitive interest rates, brokers assist borrowers in exploring their financial options and identifying solutions suited to their needs. This personalised approach and broad support have made brokers the preferred choice for the majority of Australians seeking home loans.

Ms. Pannek also stressed brokers’ vital contribution to the lending ecosystem, stating: 

“The indispensable role mortgage brokers play is clear—not just for borrowers, but for lenders as well.”

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