Tough market conditions have seen one in ten New Zealand mortgage brokers leave the industry in the past year, with many being new entrants.
Megan Salt of the New Zealand Mortgage Brokers Association (NZMBA) told stuff.co.nz that membership numbers had dropped by 10% in the past year.
"We have lost about 10% of our brokers," Salt said.
"But a lot of them would have been the new people who came in, in the last few years. The older and more established people have built more sustainable businesses."
According to Geoff Bawden, chairman of the NZMBA, new mortgage broking business are down about 40%, which has fed straight through to incomes for brokers that had not diversified their businesses.
Like Australia, many NZ brokers have branched off into other areas like personal loans and insurance to make up for lost mortgage lending revenue.