Mortgage brokers have cemented their place as the go-to source for home loans, with their market share increasing significantly over the past four years. In the June 2024 quarter, brokers originated 73.7% of all new home loans, according to data from Comparator, commissioned by the Mortgage & Finance Association of Australia. This marks a significant rise from June 2020, when brokers were responsible for 57.0% of new loans.
This shift is largely due to growing consumer awareness that brokers provide a broader range of options and superior service compared to traditional banks. When consumers approach a bank directly, they’re limited to that bank’s loan products. However, mortgage brokers can compare loans from multiple lenders, increasing the chances of finding the most suitable loan with better terms and rates.
With more Australians recognising the value of this service, brokers are now helping a vast majority of home buyers navigate the complexities of the mortgage market, ensuring they secure the best possible deal for their financial situation.
As the Australian property market continues to evolve, mortgage brokers are playing a crucial role in helping borrowers save time, reduce stress, and potentially save thousands on their home loans.
