Brokers make up nearly 70% of all new home loans in Australia

Mortgage brokers facilitated 69.3% of all new residential home loans between October and December 2022, according to the latest data released by research group Comparator, a CoreLogic business, and commissioned by the MFAA.

The result is the highest mortgage broker market share for a December quarter on record. It represents a 2.8 percentage point increase compared to the 66.5% achieved in the same quarter in 2021 and a 9.9 percentage point increase on the 59.4% from the December 2020 quarter.

MFAA CEO Anja Pannek commented that the results showed that Australian homebuyers continue to demonstrate their confidence and trust in mortgage brokers, particularly in the current environment of rising interest rates and cost of living pressures.

“With many Australians looking for guidance as their fixed rate mortgage reverts to a higher variable rate this year, mortgage brokers offer an invaluable service to their clients. They provide their clients with options based on their individual needs – whether that be staying with their existing lender or accessing competitive offers in market if the client chooses to refinance,” said Ms Pannek.

“The reforms implemented over the past two years including the unrivalled Best Interests Duty, have served to increase the trust Australian homebuyers have in mortgage brokers, whether they be purchasing their first home, refinancing their existing loan or buying an investment property ”

~ Article and statistics courtesy of the MFAA (Mortgage & Finance Association of Australia)