A new report tracking movements of credit representatives among the 10 largest aggregators has revealed that different groups are dominating in different states.
WealthX – a fintech platform that provides mortgage brokers, financial planners, and accountants with real-time, data-driven insights – this week released a new report tracking the number of credit representatives listed under the 10 largest licensee head groups (i.e. aggregators).*
The inaugural Mortgage Broker Movements Report – prepared by WealthX in partnership with Padua WealthData – tracks the movement of credit representatives between Australia’s 10 largest aggregators (including sub-aggregator brands) as per ASIC credit licence and credit representative datasets.
The first iteration of the report, exclusively released by The Adviser, covers the second quarter of the calendar year 2026 (1 April–30 June).
As well as revealing which aggregators have had the most broker representatives join and leave them, the data also revealed which aggregators have the most credit representatives in each state.
According to the data, NSW and Victoria dominate the state-level distribution for nearly every large aggregator, reflective of Australia’s population distribution (more than half of Australia’s population live in the two states).
Astute Financial (Astute) was the only aggregation group to have more broker representatives outside of the two biggest states, with its home state of Queensland accounting for its most heavily saturated market.
However, Loan Market Group – the largest aggregator in Australia by broker members – had the largest number of credit representatives in Queensland (as per the ASIC datasets), totalling 745, and in South Australia (427) and Tasmania (29) than the other nine groups. It was also found to have the most broker representatives in the smaller states and territories, with 28 credit representatives in the Northern Territory as at 1 July and 45 in the ACT, according to the ASIC dataset.
Connective and Finsure were found to have the most broker representatives in NSW (1,241 and 1,170, respectively) than any other of the top 10 largest aggregators, with the two groups also seeing NSW lead the way in their own broker spread.
Connective was the strongest performer for credit representatives in Western Australia in relative terms, with 383 representatives registered under its licence, roughly 11.3 per cent of its representative base.
The Mortgage Broker Movements Report also found that Australian Finance Group, which is headquartered in Western Australia, had more broker representatives in Victoria (828) than in any other state at the end of the June quarter. Surprisingly, the ASIC datasets showed that just 326 AFG credit representatives were based in Western Australia.
*The Mortgage Broker Movements Report excludes credit licence holders operating under an aggregator.
[Related: New independent report reveals aggregator movements]
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