Brokers were responsible for over two thirds of the growth in the mortgage market in the year to June 2015.
The research, conducted by comparator and commissioned by the MFAA, showed that brokers were responsible for 66.3% of new mortgage growth in the 2015 financial year. Out of the $46 billion total increase in mortgage lending recorded by the Australian Bureau of Statistics, brokers originated $30.5 billion.
“The $30.5 billion growth compared to last financial year indicates that customers continue to select brokers for their lending needs,” MFAA CEO Siobhan Hayden said.
Over the June 2015 quarter, brokers settled $47.2 billion of retail residential loans, which contributed to a 6% increase on the previous financial year.
The total broker market share for the 2015 financial year was 51.3%, up from 48.3% in the previous financial year.
“The industry has continued to receive increased consumer support as indicated by the growth in both volume and market share over the past 12 months,” Hayden said.
“These economic indicators refute some of the commentary in our sector as the customer votes with their feet and selects brokers reflecting the positive experience that they are receiving.”