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Brokers settled 'record' $49bn in June quarter

by Julianne Leybag1 minute read
Money

Australian finance brokers settled a “record” $49.46 billion worth of residential home loans in the June 2017 quarter, the MFAA has announced.

The Mortgage & Finance Association of Australia (MFAA) released the findings of CoreLogic’s quarterly comparator survey, which is based on the value of loans settled by 19 of the leading brokers and aggregators (as a percentage of the ABS Housing Finance commitments). 

According to the survey, brokers settled $3.4 billion more in home loans in the three months to June 2017, as they did in the prior quarter ending March 2017, which also saw a record volume

Overall, the research found that Australian finance brokers settled 51.5 per cent of all new residential home loans, up by 1.4 per cent on the June 2016 quarter. 

MFAA CEO Mike Felton said: “The leading aggregator settlements during the June 2017 quarter is the largest value observed for a June quarter. 

“The market share data from this survey clearly tells a story about the ongoing strength of the industry and certainly represents strong ongoing consumer confidence in the broker population.” 

Mr Felton added that the reason consumers are increasingly turning to brokers for their mortgages is down to the “convenience brokers offer when organising residential home loans”.

[Related: Connective brokers settle record amount in June]

moneyaus

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