Brokers settled 76% of all residential home loans last quarter, says MFAA
Mortgage brokers settled 76% of all residential home loans in the December 2024 quarter, according to new research compiled by Comparator and commissioned by the Mortgage and Finance Association of Australia (MFAA).
It marks a new market share record for the broker channel, after approaching 75% in the previous quarter.
“We have seen even more Australians reaching out to their mortgage brokers in uncertain economic conditions,” said MFAA chief executive Anja Pannek (pictured), who noted that the new record came prior to the Reserve Bank of Australia’s February rate cut.
“We know this is driven by a broad range of reasons, such as understanding when and how to refinance or opportunities to seek a better rate on their existing mortgage.
“Brokers also assist clients to understand their financial position and get ‘finance ready’, prepare for lending approval, and navigate government schemes to achieve the goal of buying their first home. The breadth of assistance brokers offer is significant and valuable.”
Mortgage brokers settled more than $115 billion worth of residential home loans in the December quarter, according to the research. This was the highest value to date for a single quarter following a 22% year-on-year increase.
“Brokers are doing an excellent job of serving their clients – the report showed that 72% of all broker business comes from repeat clients and referrals,” said Pannek.
The recently released Value of Mortgage and Finance Broking 2025 Report – which was developed by the MFAA in partnership with Deloitte – underscored significant growth and professionalisation of the mortgage broker market following the implementation of the Best Interests Duty.
