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Broker share to reach 60% by 2020, says Aussie

by Reporter4 minute read

The chief executive officer of Aussie Home Loans, James Symond, has said that he expects broker market share to soar within the next few years, potentially reaching 70 per cent by 2020.

Mr Symond’s comments come following a report from the Mortgage & Finance Association of Australia (MFAA) revealing that broker demand is at a record high of 55.7 per cent.

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“There is no doubt momentum has built up in the industry and brokers are now the preferred option for borrowers looking to commit to what will arguably be the largest investment in their lives,” the Aussie CEO said. 

“Aussie is feeding into that growth with plans to lift our number of stores from 215 to 300 across Australia, with a further 300 brokers to be added, over the next three years,” Mr Symond added. 

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The MFAA recently released figures from Comparator, which revealed that Australian finance brokers settled a record $51.7 billion worth of residential loans in the September 2017 quarter, up from $48.5 billion in the prior comparative period.

Mr Symond added: “Continuing low interest rates and the lack of housing supply in some of the major cities, coupled with continuing population growth, points to more activity in the real estate sector.

“This means the focus will be even greater on brokers than ever before.”

[Related: Broking industry asked to take survey on value proposition]

 

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