The MFAA has welcomed brokers to its annual conference with the news that they are now writing practically half of Australia’s home loans.
Chief executive Phil Naylor told guests that the third-party channel wrote 49.9 per cent of loans in the March quarter.
That was a sharp rise from the December quarter figure of 47.3 per cent and the September quarter figure of 46.4 per cent.
Mr Naylor said that reflected the public’s high regard for the third-party channel.
He also said brokers had been driving competition in the mortgage market because borrowers who take out loans through brokers are more likely to opt for a non-major than direct-to-lender customers.
Mr Naylor told guests that bringing in new blood is an important challenge for the industry.
He said the association had retained 93.4 per cent of its members this financial year – and that most of those who had not renewed their membership had left the industry.
The MFAA has 10,336 members, with 10.1 per cent of those joining this financial year, he said.