Broker market share reaches all-time high

More Australian home buyers are relying on mortgage brokers than ever before with the latest industry data showing brokers have now smashed the record for market .

In the March quarter of 2022, mortgage brokers facilitated 69.5% of all new residential home loans, according to the latest data released by research group Comparator, a CoreLogic business, and commissioned by the .

This is the largest market observed to date across all quarters and is a 12 percentage point year-on year increase on the 57.5% reached in the March 2021 quarter. It is also a 17.4 percentage point increase on the 52.1% recorded in the same quarter in 2020.

During the March 2022 quarter, mortgage brokers settled loans to a total value of $88.10bn.

This is the highest value of new settlements observed for a March quarter and represents a 41.54% year-on-year increase on the $62.25bn settled in the same quarter in 2021.

Read more: Winning an Australian Mortgage Award helps broker flourish

CEO Mike Felton (pictured) said the results were indicative of a strong, successful and rapidly growing industry that had successfully implemented meaningful reforms over a number of years and had the trust and loyalty of consumers.

“Not only does the consumer benefit from the significant choice, experience, and convenience offered by a mortgage broker but on home loans taken out since 1 January 2021, they have been protected by an unrivalled best interests duty,” Felton said.

“This further differentiates the channel and provides yet another compelling reason to use the services of a mortgage broker.

“In a rising interest rate and cost environment, mortgage brokers are exceptionally well placed to assist customers in finding a fairer deal that is in their best interests.”

Read more: MFAA announces Queensland Excellence Award winners

In March, the MFAA released its December 2021 quarter results and reported mortgage brokers settled a record breaking $95.65bn in loans, which was the highest amount for all quarters since reporting began. In the December 2021 quarter,  broker market was sitting at 66.5%, meaning it has now risen three percentage points to 69.5% in the latest results.