Mortgage brokers have a 42% share of the mortgage market in Australia, the first detailed quantitative study of the sector has revealed.
Based on new home lending figures compiled by the Australian Bureau of Statistics, the survey, conducted by leading industry research group comparator, showed that mortgage brokers were the source of $23.4 billion worth of home lending during the March quarter, with annualised lending volumes of close to $100 billion.
Mortgage brokers have dramatically lifted their share of the home lending market from 25% 10 years ago, illustrating that consumers now view brokers as a viable distribution channel.
It is the first time the mortgage industry has commissioned a detailed market share study, with comparator generating its data directly from 17 of the leading mortgage broking/aggregator groups across Australia – believed to represent more than 95% of the volume in this distribution channel
