Major bank dialled down their reliance on mortgage brokers for new business, at least last year, or all other lenders have become a lot more competitive recently, the latest quarterly survey of brokers and aggregators from the MFAA suggests.
The mortgage broker market share reached 71.5 per cent in the September 2023
quarter, the second highest result observed to date. So the Mortgage Financw Association of Australia data is not all that up to date.
Compared year-on-year, mortgage broker market share increased 2.2 percentage points over the September 2023 quarter.
“A significant decrease in the market share of the major banks was observed, with the segment recording three consecutive quarters of decline” the MFAA said.
In the September 2023 quarter the market share of the major banks fell to 36.7 per cent, a 10.5 percentage point decrease compared year-on-year and the first time the segment’s market share has dipped below 40 per cent over the four years this MFAA quarterly survey has been published.