BROKERS WRITE TWO-THIRDS OF AUSTRALIAN MORTGAGES
Brokers wrote two-thirds of Australian mortgages in the September 2021 quarter!
According to MFAA, mortgage brokers wrote a record 67% of all new residential home loans in the September quarter. More than two in three home loans were written by mortgage brokers between July-September 2021. The previous record of 60.1% was achieved in this same quarter in 2020.
As well as achieving record share, brokers also settled a record value of $93.42 billion in loans in the quarter, representing a 62.5% year-on-year increase (up from $57.47 billion).
MFAA chief executive Mike Felton attributed the results to the ongoing referrals from satisfied customers, demonstrating that mortgage broker clients were benefitting from both the service their broker is providing them as well as policy changes made across the sector.
“This market share is appropriate recognition of an industry that has implemented significant reforms which continue to drive consumer trust and confidence in the mortgage broking sector,” Mr Felton said.
“…not only do mortgage brokers provide consumers with choice, experience, and convenience, they now provide an unrivalled Best Interests Duty which further differentiates our channel and provides yet another compelling reason to use the services of a mortgage broker.
“…this result also reflects the improvement in lender application approval turnarounds in the third quarter and highlights the type of broker market share that can be achieved when lender turnarounds for broker introduced business are less stifled,” he concluded.
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