June 20, 2019
The Mortgage and Finance Association of Australia (MFAA) has announced the mortgage broker channel has achieved its highest ever residential home loan market share despite the toughest of market conditions.
The mortgage broker channel has recorded its highest ever residential home loan market share result with brokers settling six out of ten mortgages in Australia (59.7%) during the January – March 2019 quarter.
Susan Mitchell, Chief Executive Officer for Mortgage Choice said, “I am delighted to see that support for brokers has grown in recent months. Currently, six out of ten Australians select the services of a broker to write their home loan and more than 90% of mortgage broker customers are happy with the service they receive.
“The MFAA’s data is a true reflection of the trust customers place in the ability of mortgage brokers to meet their needs and is a testament to the high calibre of professionalism within this industry.
“In what must be described as the strongest customer vote of confidence yet in the mortgage broker channel, the future looks bright for the country’s 17,000 brokers,” said Ms Mitchell.
The mortgage broking industry contributes $2.9 billion to the Australian economy each year, according to Deloitte Access Economics.
Ms Mitchell said, “These new figures highlight the significant contribution the mortgage broking channel delivers to the Australian economy, especially in the context of a weaker overall property market and at a time when tougher lending practices are at play and credit is restricted”.
"Brokers enable Australians to invest in property and secure the home of their dreams because they offer choice, expert advice and valuable services during the increasingly complex journey to home ownership.
“As housing affordability continues to challenge many home buyers, brokers perform a vital service at no cost to the borrower. This includes a unique combination of choice and price discovery, coupled with the experience and expertise to help guide them through an increasingly complex environment,” concluded Ms Mitchell.
