New research has found broker were responsible for more than two thirds of mortgage growth in the 12 months to June this year.
Research by comparator, commissioned by the MFAA, shows mortgage brokers were responsible for 66.3 per cent of the growth in home loans for the year to June, compared to the year ended June 2014.
The research showed that of the $46 billion increase in mortgage lending in ABS housing loan statistics, brokers accounted for $30.5 billion this year, compared to the four quarters ending June 2014.
“The $30.5 billion growth compared to last financial year indicates that customers continue to select brokers for their lending needs,” MFAA CEO Siobhan Hayden said.
During the June 2015 quarter, brokers settled $47.2 billion of retail, residential loans which contributed to a 6 per cent increase on the previous financial year.
The data shows that the broker market share for the 2015 financial year was 51.3 per cent – up from the previous financial year of 48.3 per cent.
Ms Hayden said the third-party channel has continued to receive increased consumer support as indicated by the growth in both volume and market share over the past 12 months.
“These economic indicators refute some of the commentary in our sector as the customer votes with their feet and selects brokers reflecting the positive experience that they are receiving,” she said.
The MFAA issues these figures each quarter with research group ‘comparator’ calculating the quarterly loans transacted by 19 aggregator groups as a percentage of ABS housing loans statistics.
James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.
He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.
He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.
James holds a BA (Hons) in English Literature and an MA in Journalism.
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