Macquarie Bank's share in Australia's home loan industry is on the rise, defying industry trends.
The bank's home loan portfolio surged nearly 19%, during the most recent financial year, or the 12 months ending March 31, 2025. The home loan portfolio grew to $141.7 billion, or 5.9% of the total Australian mortgage market. And 94% of these home loans were originated through the broker channel, at a time when other banks are seemingly reducing their reliance on the third-party broker channel.
"Our share of the home loan market continues to grow strongly, thanks in large part to our strong partnership with the broker industry," said Wendy Brown, Macquarie’s head of broker sales. "We believe in the critical role brokers play in delivering exceptional customer experiences and will continue to advocate for their importance in the home loan market.”
Macquarie appears to be driving its mortgage business in an effort to compete against Australia's Big Four.
Meanwhile, the Commonwealth Bank of Australia (CBA) has reduced its broker-originated new mortgage business to 35%, down from 39% the previous year, while increasing its proprietary channel to 66%. In addition, the major recently slashed its variable interest rate in a deal for new homeowners by way of its direct digital channel — effectively bypassing brokers.
Similarly, National Australia Bank (NAB) has decreased its broker flows and is investing in expanding its direct lending capabilities. NAB hired 150 new proprietary home lenders in 2025's first half. Bank of Queensland (BOQ) also jumped on the train earlier this year, when it said it was doubling down on its efforts to move away from the broker third-party channel, redirecting more of its attention inward.
BOQ Group General Manager Broker and Strategic Partnerships Johnny Lockwood told Australian Broker that the move was part of the group's larger digital transformation.
“BOQ Group is dedicated to transparency and continuous improvement in its broker relationships," he said. "The ongoing technology transformation is a testament to the Group's commitment to innovation and excellence in the retail home loan market.”
Adam Brown, NAB executive, broker distribution, said NAB's growth of its own channel isn't a reflection of how it values the broker channel. Yet, rather an indication that the bank hopes to excel at both channels.
Still, the moves by the banks have left some concerned.
Peter White, managing director of the Finance Brokers Association of Australasia (FBAA), described banks distancing themselves from brokers as a "low act."
Blake Buchanan, general manager at boutique aggregator Specialist Finance Group, said "any bank with a footprint in broking that turns their back on this channel will lose."
But Macquarie, in contrast, appears to be leaning into the broker channel — and achieving positive results because of it. This signals the continued relevance and value of brokers in the mortgage industry.
This is good news for mortgage brokers, who are still in demand.
According to the latest figures, released in March, approximately 76% of all new residential home loans in Australia are written by mortgage brokers, according to the Mortgage & Finance Association of Australia (MFAA).
Macquarie's approach serves as a reminder of the importance of strong partnerships and the potential for growth through the broker channel, even as some competitors pivot towards direct lending models.
