Recently released data has shown that mortgage brokers have continued to claim market share despite what organisation leader has termed “one of the most challenging periods for the industry in recent memory.”
According to research commissioned by the MFAA, mortgage brokers settled 56.8% of all residential home loans between October and December 2018, the highest-ever residential home loan market share evidenced in that quarter.
During the same October to December period, the overall size of the market declined 11.8%, meaning that mortgage brokers have continued to take market share from the proprietary channel.
Additionally, the figure shows a 3.2% gain as compared to the December quarter of the year before, and is the largest percentage point gain for the December quarter in the last five years.
MFAA CEO Mike Felton said, “This is an outstanding result in the context of an overall decline in market size, ongoing credit tightening, and the unfounded criticism and uncertainty that came with the royal commission.
“This quarterly market share outcome is further evidence that the competition, choice, and access to credit that mortgage brokers provide continues to shine through and tell the true story of an industry that is a force for good,” he added.
The data also showed that the leading aggregators settled $48.77bn of new home loans during the December 2018 quarter, a 6.6% decline in the overall value of new lending compared year-on-year to the $52.24bn settled in December 2017.