Brokers continue to grow their share of the mortgage market, writing 69.5 per cent of all new residential housing loans in the March quarter.
The Mortgage and Finance Association of Australia said broker share has grown from 57.5 per cent in the March quarter last year and 52 per cent in the March quarter 2020.
The MFAA’s data is compiled by researcher Comparator and is based on data from 18 of the top brokers and aggregators.
MFAA chief executive Mike Felton said in a statement that the latest market share figure is the highest ever recorded for brokers.
“In a rising rate and cost environment, mortgage brokers are well placed to assist customers in finding a fairer deal that is in their best interests,” Felton said in a statement.
A factor in brokers’ growing share is branch closures. Last October, APRA reported that the total number of branches fell 9 per cent to 4491 over 12 months. The number of branches has fallen by 23 per cent over the past five years.