The numbers are in! After calling for submissions for the Top 25 Brokerages ranking 2022, Momentum Intelligence has crunched the numbers to reveal the leading brokerages in Australia. We find out who the leading brokerages are.
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After a record year for mortgage activity in the financial year 2021, this year’s Top 25 Brokerages ranking demonstrates just how busy brokers have been, with total volumes written in FY21 having skyrocketed on previous rankings. Broker productivity (measured as loan volume divided by number of brokers) has particularly risen, as brokers wrote more loans than ever – and for larger amounts.
The stats reflect a broader industry trend: brokers are writing record levels of home loans. Indeed, stats compiled by research group comparator (a CoreLogic business) for the Mortgage & Finance Association of Australia (MFAA) have previously revealed that mortgage brokers settled nearly $78 billion of home loans in the final quarter of FY21, a new record (though this was broken again at the beginning of FY22).
But with so many mergers, acquisitions and changes in the brokerage space last year, this year’s ranking required a bit more detective work from our research arm, Momentum Intelligence, as they navigated the consolidations in the major brokerages space and unpicked merged loan books and new organisation structures. For example, Loan Market – which took out the top spot this year – last year welcomed aggregation groups Choice, FAST and PLAN Australia into the group, but as this ranking is only for brokerages (and not aggregation groups), the figures for Loan Market only include franchise brokers*. Similarly, the Aussie figures only include Aussie broker numbers (not Lendi numbers).
It’s notable that all of the top five brokerages in the ranking went through some kind of merger or acquisition last year, and this year will mark the final year in which some of these players – such as Smartline – will feature. As of this month, Smartline will subsume into the Mortgage Choice brand, as part of REA Group’s new strategy for its financial services businesses.
Given that the broking industry has seen new broking “super players” come into being following these mergers, it’s likely that this ranking will need to similarly evolve in the future to reflect.
A word from NAB
Despite the challenges of the past year, the broking industry continues to thrive, and the essential role brokers play has never been more important.
Brokerages at the top of their game build strong relationships, help customers cut market complexity, and deliver exceptional service guiding Australians through some of the most important financial decisions of their lives.
As the bank behind the broker, NAB is proud to be championing The Adviser’s Top 25 Brokerages, who have all gone above and beyond to support home and business owners during an extraordinary time.
NAB continues to prioritise and invest in the broker channel. Our focus for the road ahead is on simplification and digitising the lending experience. We want to be the most reliable bank for brokers and ensure consistent and predictable service, so you can continue to focus on what you do best.
On behalf of NAB, I would like to congratulate this year’s standout brokerages for leading the way in adapting to customer needs and continually raising the bar in a dynamic market.
Phil Waugh
Executive, broker distribution
NAB
The Top 25 Brokerages ranking 2022
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How the Top 25 Brokerages ranking is compiled The Top 25 Brokerages ranking is based on figures from the 2021 financial year. Each brokerage was asked to provide several business metrics from FY21, including volumes, number of loans written, years in business, overall book size, number of brokers, number of support staff and more. The information published is based solely on what was provided by brokerages and has not been manipulated in any way by The Adviser. The final ranking was determined by scores in six key areas: total book size, total loans selected in 2021, total volume of loans settled in 2021, book size versus years in business, total number of brokers and average broker volumes for 2021 (i.e. volume numbers divided by actual number of brokers). Each of the brokerages that entered was given a ranking score in each category from 1 to 25 (1 being the best). The six scores were then added to give a final overall score. The lower the score, the better the ranking. |
Find out what the leaders of the top brokerages believe attributed to their success this year, and their top tips for leading a brokerage, here.
*This copy was updated to reflect that the Loan Market figures do not include brokers operating under Bring Your Own Brand model.
[Related: Top 25 Brokerages 2022: What makes them successful?]
