Mortgage brokers have for the first time recorded market share above 70% – facilitating 71.7% of all new residential home loans between July and September 2022.
This is a record figure looking back at the 40 consecutive quarters the measure has been tracked.
The latest data has been released by research group Comparator, (a CoreLogic business) and commissioned by the MFAA. The broker market share is a 4.8% increase compared to the 66.9% achieved in the same quarter in 2021 and an 11.6% increase on the 60.1% recorded in the September 2020 quarter.
The value of home loans settled by brokers reached $94.4bn and was the highest observed for a September quarter, representing a 1.08% year-on-year increase.
“Buying a home is often one of the most important financial decisions many Australians will make in their life,” said MFAA CEO Anja Pannek.
“The fact we now have seven out of 10 borrowers choosing to use the experience and services of a mortgage broker to help them navigate their finance options is a testament to the trust and confidence that Australian home buyers have in mortgage brokers.”
Pannek said this result came alongside the implementation of a number of reforms over the past five years, including the unrivalled Best Interest Duty (BID), that serves to continue to engender trust and confidence in the channel.
“With a backdrop of a rising interest rate environment and with many borrowers reverting from fixed to variable rates in 2023, mortgage brokers are also well placed to support their clients to understand their options and select the product best suited to them,” she said.
“This may include negotiating a more competitive rate with their client’s current lender or refinancing to a different product that is in their best interests.”
If your client requires confidential debt help or credit file repair in order to get a loan approved, contact the team who have been in the business since 2009, Princeville Credit Advocates, on 1300 93 63 63 or email help@princeville.com.au
If you have clients who need assistance with credit repair, don’t hesitate to contact Princeville Credit Advocates.
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