Australia’s Love Affair with Mortgage Brokers
- marketing60313
- Aug 30
- 1 min read
In recent years mortgage brokers have become the dominant channel for new home loans. According to data from the Mortgage & Finance Association of Australia (MFAA), brokers wrote 74.1 % of all new residential home loans in the March 2024 quarter – the highest market share on record mfaa.com.au. What drives this trend?
Trust and transparency: Brokers are legally required to act in clients’ best interests. The MFAA says brokers help borrowers improve their financial literacy and confidence mfaa.com.au.
Complexity of lending: Lenders have tightened their credit policies in response to regulatory changes. Brokers help interpret these rules and identify lenders willing to consider your circumstances.
Time pressures: Australians are busier than ever. Outsourcing the loan search and paperwork to a broker saves time and reduces stress.
What this means for you
Because brokers are writing the majority of loans, lenders compete more fiercely for broker‑originated customers. This increased competition can translate to sharper pricing and improved service for you as a borrower. Brokers also remain in your corner after settlement; many will conduct regular reviews to ensure your loan still suits your needs.
Tip: Choose a broker who is a member of a professional association such as the MFAA or FBAA, and verify their licence through ASIC’s Credit Representative Register.