Brokers drove nearly two-thirds of the growth in the mortgage market last financial year, new figures have revealed.
New research commissioned by the MFAA shows that brokers were responsible for 61% of the growth in the mortgage market for the 2013/14 financial year. Of the $57bn increase in mortgage lending shown by ABS data, brokers accounted for $35bn.
“The 61% contribution to growth is testament to the tide of consumer attraction to the broker channel,” MFAA CEO Phil Naylor said.
While market share tapered slightly over the quarter, brokers still account for 49.7% of the market, the MFAA said.
“The broker channel achieved a positive benchmark last quarter and it is good to see that this high level has been maintained throughout this period," Naylor said.
The total business attributable to brokers for the 2013/14 financial year was $142bn, an increase of 32% on the previous year.