Mortgage brokers facilitated 68% of all new residential loans during the June quarter of 2022, the MFAA has announced.
This result is the highest for a June quarter since the measure has been tracked and a significant 9% increase compared to 59% achieved in the same quarter in 2021 and 11% increase on the 57% recorded in the June 2020 quarter. However, it’s slightly lower than the 69.5% market share achieved by brokers in the March 2022 quarter.
The value of home loans settled by mortgage brokers reached a new peak at $96.08bn during the June 2022 quarter. This is not only the highest value of broker-originated home loan settlements for any quarter on record, it represents a 23.58% year-on-year increase and an increase of 81.97% compared to the equivalent quarter in 2020.
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“This is an incredible result for mortgage brokers, particularly in an environment of rising interest rates and a slowdown in the property market,” said incoming MFAA CEO Anja Pannek (pictured above).
“It is clear from the strong growth in the proportion of home loans written by mortgage brokers over the past few years that customers value the service mortgage brokers offer.”
Pannek said the current market conditions further highlighted the benefits of using a mortgage broker who could explain the array of different lenders, products and options available to their clients.
“These results further demonstrate ongoing increases in consumer trust and confidence in the industry, following five years of successful reform,” she said.
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The .rmation provided in the June quarter report was analysed and released by research group Comparator, which is a CoreLogic business, and commissioned by the MFAA.
Comparator compiles quarterly broker statistics for the MFAA by calculating the value of loans settled by 18 of the leading brokers and aggregators as a percentage of ABS Housing Finance commitments.