Finsure loan book climbs as broker numbers flatline

“Finsure net brokers numbers were largely unchanged over 3Q26 due to an increased focus on active brokers and efficiency,” MA Financial said in its ASX statement.

Managed loans increased by $4 billion from June’s $193 billion balance and were $22 billion above the $175 billion reported at December 2025.

Annual growth nevertheless moderated from the 25 per cent reported at June, yet the half-year result had already taken Finsure beyond its full-year managed-loan target.

MA Financial also reported that revenue per broker rose 16 per cent in that period, providing context for its continued emphasis on efficiency.

Different measures, similar headcount pressure

The results come after WealthX research based on Australian Securities and Investments Commission (ASIC) data, prepared with Padua WealthData, revealed that the aggregator had recorded a net reduction of nine credit representatives over the September quarter.

In terms of headcount, Finsure remained third behind Connective and Loan Market Group.

Its year-to-date reduction of 107 representatives, or 3.9 per cent, was the largest absolute decline among the top 10 groups, largely reflecting the June quarter’s net loss of 152.

The figures measure a different population from Finsure’s reported broker network.

Drawing on ASIC credit licence and representative records, the report tracks registered individuals across controller groups, including sub-aggregator brands.

It excludes brokers operating under their own credit licences, rather than counting every broker associated with an aggregator.

MA Money expands as growth outlook softens

Elsewhere in MA Financial’s mortgage operations, non-bank lender MA Money’s loan book reached $8.9 billion at 30 September, up 123 per cent annually.

The balance increased by $1.4 billion during the quarter, although the group added that it expected growth to moderate in the December quarter due to “the broader slowdown in the residential mortgage lending market”.

Technology platform Middle, meanwhile, had assisted more than 200,000 customers through the home-lending process and was processing over $4 billion in applications monthly.

Property funds face withdrawal suspension

Separately, MA Financial suspended redemptions across its $2.3 billion property-lending strategy and announced the closure of its $100 million retail MA Secured Real Estate Income Fund.

The group, which manages $7.5 billion in private credit assets, said the retail offering would be “wound up” with its responsible entity making the termination decision on 19 October.

The suspension followed August restrictions limiting monthly redemptions to up to 1 per cent.

At that stage, MA Financial attributed the restrictions to “current market conditions and elevated redemption activity”.

Explaining the tighter restrictions, the group pointed to uncertainty over when some borrowers would repay their loans.

“This is a prudent measure to assist in the orderly management of the fund in the coming months in the face of less certain repayment timings from some borrowers,” MA Financial said.

[Related: ASIC finds aggregators under-reporting complaints against brokers]