Brokers continue to strengthen their grip on Australia's home loan market.
Australian homeowners are increasingly turning to mortgage brokers for financial guidance, driving broker market share to new heights, according to the latest insights from the Mortgage & Finance Association of Australia (MFAA).
The broking industry group revealed Wednesday that mortgage brokers settled 81% of all new residential home loans during the March 2026 quarter, up from 76.7% in the December 2025 quarter, and the highest market share ever. Crossing the 80% threshold puts Australia among only three countries globally — alongside the UK and the Netherlands — where brokers originate more than 80% of home loans. It's also a dramatic increase from 55.3% market share recorded in March 2018.
"Mortgage brokers have absolutely earned their place in the Australian lending market," Anja Pannek, chief executive officer of the MFAA, told Australian Broker. "We are seeing a thriving mortgage broking industry, driving competition. Where this industry is at now reflects the trust borrowers place in the channel and the value brokers deliver every day.
“This result is a strong reflection of the work brokers do every day to help Australians understand their options, access competition and choice, and make informed lending decisions," she continued. “When more than eight in ten new home loans are being facilitated by brokers, it shows the trust consumers are placing in the channel and the value they see in having expert guidance through an increasingly complex lending market.
Aggregators settled $124.88 billion in new home loans during the three months leading up to March, an increase of $25.51 billion, compared with the same period a year earlier.
The surge in broker market share comes as borrowers navigate an increasingly challenging lending environment marked by elevated interest rates, stubborn inflation, rising living costs, a nationwide housing shortage, escalating property prices and a growing number of lenders competing for business. Together, these factors have made the home loan process more complex than ever.
But Pannek said that complexity is precisely why brokers play such an important role in the industry.
“Over the past year, borrowers have continued to navigate housing affordability pressures, cost-of living pressures and changing expectations around interest rates," she explained. "For many Australians, particularly those entering the property market for the first time, working with a broker has been critical in understanding their options and making informed decisions.”
At the same time, while borrowers are increasingly turning to brokers, several lenders — including some of the Big Four — have signalled a push to expand their own proprietary lending channels in pursuit of higher margins, raising questions about the long-term role of mortgage brokers in Australia.
In May, National Australia Bank (NAB) revealed that its proprietary lending channels reached 50% in March, up from 35.3% of all new lending in the back half of 2023. Commonwealth Bank of Australia (CBA) has also shifted its focus toward direct lending, with home loans making up nearly 70% of its proprietary flow last spring. The bank has noted that broker-originated loans are 20% to 30% less profitable than those written directly. Last year, Bank of Queensland (BOQ) said it was stepping up efforts to reduce reliance on the broker channel and bring more lending in-house.
On the reverse end, Macquarie Bank is leaning into its third-party broking network, while ANZ's proprietary lending network slipped in the first half of 2026. At Macquarie, more than 95% of new mortgage originations in the past year were sourced via the broker channel.
Either way, Pannek said "the data speaks for itself.
"Borrowers are choosing mortgage brokers because they value professional guidance, access to a broad range of lenders and having someone in their corner through what is often one of the most significant financial decisions of their lives," she explained.
"We are eyes wide open to the operating conditions broking businesses are operating in," Pannek continued. "For many, it is challenging, with economic uncertainty, cost pressures, evolving borrower expectations and ongoing competitive pressure across the lending market. Like many small and medium-sized businesses across Australia, broking businesses are having to remain focused, disciplined and adaptable.
"What gives us confidence is the way brokers have navigated significant change over the past decade — from regulatory reform and changing market conditions to shifts in consumer behaviour — while remaining clearly focused on their clients," the CEO added. "That is why this result should be recognised not only as a market share milestone, but as a reflection of the professionalism, persistence and client focus brokers continue to demonstrate in changing conditions.
"The mortgage broker value proposition remains extremely strong, and we are confident in the long-term outlook for the broker channel," Pannek said.
The latest data comes from research firm Cotality and was commissioned by the MFAA.
