Macquarie Bank’s home loan book has climbed to $160.3 billion, up 13% since March and representing around 6.5% of Australia’s mortgage market. The lender said its continued investment in digital systems and streamlined approval processes is paying off — with brokers at the heart of its success.
“Our strategy has been clear and consistent over many years,” said Wendy Brown (pictured), head of broker sales for Macquarie Bank. “The broker channel has been and continues to be fundamental in enabling us to prudently grow our home loans business to where it is today, with brokers accounting for more than 95 per cent of our home loan originations.”
In the year to September, Macquarie represented 21% of total home loan market growth, amounting to $135.7 billion in new lending.
Brown said the lender’s growth was underpinned by a focus on “delivering a highly competitive and industry-leading experience for brokers and customers.”
“We hear from brokers a lot that they enjoy the certainty and confidence that comes with consistently quick responses. It’s one of the reasons we have invested so much in our technology systems, so that we can offer market leading turnaround times,” she said.
Macquarie’s ongoing push for digital excellence comes as brokers continue to dominate mortgage distribution.
“It’s clear that Australians agree with this sentiment with the latest MFAA data showing a new record of over 76% of all new residential home loans settled by mortgage brokers and over $99bn in new residential home loans settled by mortgage brokers,” Brown added.
The Finance Brokers Association of Australia (FBAA) said Macquarie’s surge in market share is “no surprise,” as brokers increasingly connect borrowers to innovative lenders.
FBAA managing director Peter White (pictured right) said the bank’s expansion from 5.7% to 6.5% market share over six months shows healthy competition.
“Brokers are bound to represent the best interests of their clients, and it's clear they're backing Macquarie because it’s delivering results,” White said.
He said brokers were responding to consumer demand for fresh options.
“Unlike the major banks, Macquarie isn’t relying on the same old products to drum up business – instead, they’re responding to consumer-driven demand, and it’s paying dividends,” White said.
White warned that banks reducing broker engagement risk falling behind in an innovation-led market.
“The home loan market is more competitive than ever and increasingly driven by innovation, yet bizarrely some banks want it to be a closed shop, where they carve up the spoils,” the FBAA leader said. “Increased competition is giving consumers more choice than ever and it’s clear they’re overwhelmingly putting their trust in mortgage brokers.”
“It never ceases to amaze me that some banks view brokers as competitors, given the volume of loans brokers originate for them.”
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