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The Mortgage and Finance Association of Australia (MFAA) has released its broker market share data for the March quarter, with the latest release highlighting a record high of 76.8 per cent market share for Australian mortgage brokers.
This is a 0.8 per cent increase from the December 2024 results, where it stood at 76 per cent.
The latest figures showed a 2.7 per cent increase year on year, with March 2024 reporting 74.1 per cent market share.
Mortgage brokers settled a total of $99.37 billion in new residential home loans throughout the March quarter.
This was 21.97 per cent higher than the $81.47 billion settled in the March 2024 quarter, representing a $17.90 billion increase.
MFAA CEO Anja Pannek said the results highlighted just how important brokers are in the borrower journey, with each quarter reporting strong increases.
“Since the RBA’s interest rate cut in February our members have been reporting increased levels of inquiries and activity across all borrower types – whether it is clients looking to refinance, invest in property or buying their first home,” Pannek said.
“Mortgage brokers are key to ensuring a competitive mortgage market, where consumers have access to choice and consumer protections, including the unrivalled mortgage broker best interests duty (BID).
“These results clearly demonstrate that the broker proposition is highly and increasingly valued by Australian borrowers.”
Pannek took the opportunity to praise the service brokers provide borrowers and urged borrowers to seek these services when buying property.
“In our view, every borrower or prospective borrower should see a mortgage broker for the benefits that brokers provide – including personalised support and access to a wide range of lenders and products,” said Pannek.
“To that end, the MFAA is very proud to highlight the mortgage broker value proposition through our largest ever national consumer campaign. The campaign encourages all Australians to connect with an MFAA accredited broker, wherever they are in their property journey.”
The new record is "unsurprising", said Mortgage Choice CEO Anthony Waldron. Following the two 2025 RBA rate cuts, brokers have becoming even more necessay.
“The fact that broker market share is now the highest on record reflects the ongoing value that brokers provide to Australian consumers. Now that we’ve seen another cash rate cut, brokers’ advice and expertise will be essential in navigating an increasingly competitive lending market," said Waldron.
Following headlines questioning the value of brokers, this latest figure is encouraging.
A recent column in the Financial Review once again took aim at broker commissions, this time suggesting lenders would pass along cost savings to consumers if brokers were cut out of the process.
This was met with backlash from industry heads. Further, speaking to some of the majors' head of third-party, the banks reaffirmed broker commitment and recognised the value of the channel.
Wanting to be the best across both broker and proprietary, lenders are not stepping away from one or the other.
Instead, they're aiming to dominate across both channels.
[Related: AFR suggestion lenders would pass along commission savings a ‘fantasy’]
