Recent statements from major bank CEOs outlining plans to boost lending through their own digital and branch networks have reignited debate over the value of brokers. But according to Mortgage & Finance Association of Australia (MFAA) CEO Anja Pannek (pictured), the data tells a clear story — Australians are continuing to choose brokers in record numbers.
“According to the latest Cotality data for the June 2025 quarter, mortgage brokers facilitated 77.6% of all new residential loans, the highest market share on record,” Pannek said. “Broker market share has accelerated since 2020 and shows no sign of slowing.”
The record share reflects not only borrower confidence but also the strength of the broker network itself. The Finance Brokers Association of Australia (FBAA) recently reported there are now 22,000 brokers nationwide — up 3.66% from 2024 — with 10.9 brokers per 10,000 adults. The number of women in the profession has also climbed to nearly 6,500, representing 30% of the industry.
FBAA managing director Peter White said the findings “paint an optimistic picture for the future of Australian broking,” adding that consumers keep turning to brokers for “better rates, more flexibility, and lending solutions tailored to their circumstances.”
The growing broker base, alongside a record 77.6% market share, highlights how competition and trust continue to underpin the industry’s strength.
Pannek said the broker value proposition is “simple yet powerful: choice, trust, and expertise.”
Brokers now have access to more than 100 lenders, including many that borrowers can only reach through a broker — and that reach is supported by the Best Interests Duty (BID), a legal requirement for brokers to act in the best interests of their clients.
“A mortgage broker doesn’t win a client on price; it’s a relationship built on trust and delivering outcomes,” Pannek said. “It remains unclear to me how lenders could deliver the personal connection and guidance that thousands of small broking businesses provide every day.”
The MFAA chief also highlighted the crucial role brokers play in regional and rural communities, where many lenders have shut their branches.
“The challenge of supporting borrowers navigating their financing needs is even more acute across regional and rural Australia, where lenders have progressively closed their branches providing no physical means of support to these communities,” Pannek said.
Australia’s banking landscape is among the most consolidated in the world, Pannek said — and without brokers, borrowers would face higher costs and fewer choices.
“Without brokers, Australian borrowers would be worse off, with fewer choices and more expensive mortgages," she said. "That’s an outcome no government, regulator, or consumer advocate would welcome.”
Pannek rejected suggestions that brokers compete with banks.
“Brokers don’t compete with banks, despite what we are reading in the media," she said. "Banks compete with each other. Every pricing decision made by a lender positions them against other lenders and is driven by their own growth targets.”
Industry data shows brokers continue to channel significant new lending back to both big and smaller lenders — with around six in 10 loans still ending up with major banks, underscoring how brokers strengthen, not weaken, competition.
While brokers and lenders have a long history of partnership, Pannek said “channel conflict is rearing its ugly head again,” citing reports of branch undercutting and inconsistent credit decisions.
“Members tell us of ‘under-the-counter’ branch pricing and cases where a borrower’s application by a broker is declined but then approved in-branch, which raises legitimate concerns in my mind of lender bias in credit assessment,” she said. “These practices undermine the foundation of our industry — trust.”
Pannek said the actions of individuals motivated by sales targets “don’t help anyone, let alone who we should be focused on – and that is the customer.”
Allowing channel conflict to persist, Pannek warned, damages both lenders and consumers.
“It wastes effort, it perversely destroys lender margin (especially when price undercutting and cashbacks come into play) and often results in a very poor customer experience,” she said.
Pannek stressed that home loans aren’t commodities.
“A home loan is also not, let’s be clear, an ‘add-to-basket’ transaction," she said. "It’s the largest financial decision most Australians will ever take. It’s emotional, complex, and deeply personal.”
Ultimately, Pannek said, it’s the borrower — not corporate strategy — that will determine the direction of the industry.
“Every day more borrowers choose brokers, not because they have to, but because they want to," she said. "They value real choice, trust, and expertise. And that is why I'm confident in what lies ahead for our industry.”
Read Pannek’s open letter letter to the mortgage and finance broking industry here: It’s all about borrower choice and they’re choosing brokers - MFAA.
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