Broker Market-share Hits Record 60%

Posted on 30/06/2019  
Broker Market-share Hits Record 60%

Mortgage brokers have achieved their highest ever residential home loan market share. The Mortgage & Finance Association of Australia says brokers arranged 60% of mortgages in Australia during the March Quarter.

Six out of ten Australians select the services of a broker to write their home loans and, according to the MFAA, 90% of mortgage broker customers are happy with the service they receive.

It says this represents a strong customer vote of confidence in the mortgage broker channel and the future looks bright for the country’s 17,000 brokers. 

Mortgage broker Louise Lucas of The Property Education Company (pictured) says there are hundreds of loan products available in the lending market, with new interest rate deals emerging daily, and consumers cannot hope to keep up with this constantly-changing landscape without the help of a broker.

Lucas says recent reductions to interest rates and upcoming changes from APRA about how borrowers are assessed will make broker services even more strongly in demand.

The mortgage broking industry contributes $2.9 billion to the Australian economy each year, according to Deloitte Access Economics.

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