Mortgage brokers were responsible for 67% of the growth in the mortgage market in the year to September, according to research group ‘comparator’.
The research commissioned by the MFAA showed that of the $56.2 billion increase in mortgage lending in ABS Housing Loan statistics, brokers accounted for $37.7 billion, comparing the four quarters ending September 2013 and the four quarters ending September 2014.
During the same period, the total business attributable to brokers was $151.7 billion and represents growth of 33%, materially out-pacing total housing finance commitments which grew only 20%.
During the September 2014 quarter, brokers increased their share of residential home loans by 5.1% - initiating $41.32 billion of retail, residential home loans. This significantly outpaces the 1.5% increase for total housing loans.
“The 67% contribution to growth indicates that customers are increasingly turning to brokers, irrespective of the health of the general market,” commented MFAA CEO Siobhan Hayden.
The data shows the broker market share for the quarter at 51.5%, from just under 50% for the previous quarter.
Hayden was pleased with the result. “The broker channel is going from strength to strength over time, and represents the consistent efforts that brokers are making to offer the best possible service to their customers”, she stated.
The MFAA issues these figures each quarter with research group ‘comparator’ calculating the quarterly loans transacted by 19 aggregator groups as a percentage of ABS Housing Loans statistics.