Broker market share has continued to gain traction over bank retail channels with new data revealing 2015 was a bigger year for mortgage brokers than 2014.
According to the data commissioned by the Mortgage and Finance Association of Australia (MFAA), mortgage brokers settled 51.8% of all new residential home loans in 2015, an increase on the 50.4% settled during the calendar year of 2014.
“When we compare the results for 2014 with the results for 2015, it can be seen that mortgage brokers continue to grow as an industry profession in the Australian residential market year on year,” MFAA CEO Siobhan Hayden said.
In the December quarter of 2015, brokers originated $49.9 billion of new home loans – which equates to 51.8% of new residential home loans settled over the quarter. This is also $6.2 billion more than the $43.7 billion originated by brokers in the December 2014 quarter.
“This demonstrates that consumers are choosing to partner with a mortgage broker more often than walking into a traditional bank,” Hayden said.
The MFAA’s research was conducted by comparator, a CoreLogic
business, and is based on data sourced from 18 leading brokers and aggregators.