Research commissioned by the MFAA has revealed that broker share of the mortgage market dropped in the December quarter.
The data shows that broker market share was at 50.5 per cent – down from the 51.5 per cent recorded in the previous quarter.
However, the research also shows that brokers are responsible for almost two thirds of the growth in the home loan market.
The study compared the growth of the mortgage market in the four quarters ending December 2013 with the same period in 2014, and found that brokers accounted for 64.7 per cent of that growth.
Furthermore, total business attributable to brokers was $158.5 billion, which represents 28 per cent growth – outpacing total housing finance commitments, which grew by 17 per cent.
The data also shows that during the December 2014 quarter, brokers settled $43.7 billion worth of home loans – a 6 per cent increase from the previous quarter.
MFAA chief executive Siobhan Hayden said the 64.7 per cent contribution to growth indicates that customers continue to select brokers despite the drop in market share.
“We continue to encourage consumers to select a broker to help them make the right choices when it comes to home loans,” she said.
“Our members offer highly experienced credit advice, and these figures demonstrate that this advice is effective.”