Mortgage Broker market share hits a record high of 76%
More Australians turn to mortgage brokers for expert home loan guidance.
Published by MFAA
Mortgage broker market share continues to climb, reinforcing that mortgage brokers are the top choice for Australian borrowers.
Mortgage brokers were responsible for settling 76.0% of all new residential home loans during the December 2024 quarter. This is the highest market share recorded to date and the highest in a December quarter, according to the latest data released by research group Comparator and commissioned by the MFAA.
The significant result shows that a growing number of Australians are placing their trust in the expertise and guidance of their mortgage brokers and benefitting from the choice and competition brokers bring.
The mortgage broker market share figure of 76.0% is 4.2% higher than the 71.8% market share achieved in the December 2023 quarter, and 6.7% higher than the December 2022 quarter. In the September 2024 quarter, broker market share was 74.6%.
The value of new residential home loans settled by mortgage brokers in the December 2024 quarter reached $115.06 billion – the highest value reported to date within a single quarter. It represents a 22% increase in the value of new lending compared to the $94.06 billion settled in the December 2023 quarter.
MFAA CEO Anja Pannek noted the record broker market share result in the December 2024 quarter had occurred during a period of heightened interest rates, prior to the RBA’s official cash rate decrease in February 2025.
“We have seen even more Australians reaching out to their mortgage brokers in uncertain economic conditions,” Ms Pannek said.
“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.
“The recently released 2025 Value of Mortgage and Finance Broking Report, by Deloitte, further examined the value that brokers create.
“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.”
Ms Pannek said the introduction of the mortgage broker best interests duty (BID) had benefitted consumers, reassuring them that brokers would always act to recommend the right solutions that were in their clients’ best interests.
“Deloitte’s research has further examined how the introduction of BID has led to increased consumer confidence in the mortgage broker sector,” Ms Pannek said.
“The Value of Mortgage and Finance Broking Report showed how much brokers have embraced BID, with brokers saying overwhelmingly it had improved trust in the sector.”
Comparator has compiled quarterly mortgage broker statistics for the MFAA for 49 consecutive quarters, since 2013, by calculating the value of loans settled by the leading aggregators as a percentage of ABS Housing Finance commitments. The MFAA releases these statistics each quarter. This data can only be used publicly by referencing the MFAA as the owner of the data and its use in communications.
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