New home lending written through the third party channel has increased by 7% over the past 12 months as mortgage broker market share hits an all-time high.
Brokers originated at least $43.4 billion of new home loans during the March 2016 quarter, a 7% increase on the $40.6 billion originated in the March 2015 quarter, according to research commissioned by the Mortgage and Finance Association of Australia.
This equates to 53.7% of all new residential home loans settled during the March 2016 quarter – the highest percentage ever recorded by the MFAA.
“This broker market share record represents a milestone achievement that our members have worked hard for,” MFAA CEO Siobhan Hayden said.
“This growth is especially significant given that this research was conducted during a traditionally quieter period of the year.
“Homebuyers are realising the benefits of working with an accredited finance broker more than ever before, which strengthens the credibility and increases the profile of our profession.”
The research is conducted by comparator, a CoreLogic
RP Data business, and comprises data from 17 large brokers and aggregators. The data is then calculated as a percentage of the Australian Bureau of Statistics (ABS) Housing Finance commitments.