A rising tide of new brokers is both contributing to and being drawn by a booming industry.
The mortgage and finance broking industry is experiencing a period of significant growth, with a record number of new brokers joining industry bodies.
Over the five years to September 2024, the broker population jumped by 34 per cent.
That has helped drive broker market share, which has increased rapidly from 66 per cent in 2020 to about 77 per cent in the March quarter of this year.
During the six months to September 2024, the number of mortgage brokers increased to its highest level on record (22,265), up 12 per cent year on year, according to the MFAA’s Industry Intelligence Service Report (IIS).
Brokers are also writing more loans, with mortgage brokers settling $203.8 billion – a 14.8 per cent year-over-year jump.
Strong associations support broking boom
The growing number of new brokers is being evidenced by industry bodies, which have reported strong membership growth.
Both the Mortgage and Finance Association of Australia (MFAA) and the Finance Brokers Association of Australia (FBAA) achieved record membership figures in the 2025 financial year.
The number of new brokers joining industry bodies has also continued to rise.
Almost 1,200 brokers with one year or less of experience joined the MFAA in the 2025 financial year.
The figure is over 9 per cent higher than the 1,100 new to industry brokers that joined the previous year, according to data shared with The Adviser.
It was a similar story at the Finance Brokers Association of Australia (FBAA).
The association had 2,381 new members join in FY25, with 1,047 (or 44 per cent) being new to the industry.
The Commercial Asset Finance Brokers Association of Australia (CAFBA) currently has just over 1,700 firm and individual broker members and generally requires a minimum of around two years' experience for new individual members.
In spite of having experience requirements, CAFBA told The Adviser it added almost 300 new members in the past financial year (of which around 60 were accepted on a provisional basis).
Reflecting on what was driving the uptick in broker numbers, MFAA CEO Anja Pannek told The Adviser that mortgage and finance broking was an attractive career option, open to people from all walks of life.
“Once you have completed your Diploma of Finance & Mortgage Broking Management and built up your skills and knowledge with the help of trusted mentors, your aggregator and the broader mortgage broking community, broking offers a world of possibilities."
Pannek added that broking provided flexibility, independence and growth potential.
“Brokers can run their own businesses or work for others. It also features a diverse range of products and services, including residential, commercial and asset finance, SMSF lending, reverse mortgages and more."
In comments to The Adviser, FBAA managing director Peter White said: “We're very honoured that so many brokers view the FBAA as a trusted association and partner and we welcome all new members to the organisation.
“We strive to repay the trust new brokers place in us by providing them with first-class advocacy along with the specialist guidance and support they need.“
Why brokers are flocking to the industry
Asked why he became a broker, Richard Brown of Mortgage Choice Epping, told The Adviser's New Broker podcast this week: “One of the great things about broking business is that you can be a sole broker and just work by yourself.
“You can be a supported sole broker and have a team around you, or you can build a big, big brokerage and have a number of brokers with you. I think that's one of the things that actually attracted me to the type of business."
Brown continued: “It's a pretty amazing job to do... when you can help people, genuinely help them in their lives and their family, and they're so thankful."
Spencer Clarke, a mortgage broker at Cube Home Loans, previously told the New Broker podcast that the variety of work was a draw for him.
“I think what I really like about the industry is that you're rewarded for creativity… hardly any file is like the other.
“You've got the ability to be creative with structuring. You've got the ability to be a good communicator and become a trusted adviser to people and then ultimately help them achieve their goals. That's a real reward."
Mitchell Flitcroft, a broker at Equity One Finance, began in the industry this year.
He told The Adviser: "I just started in the last few months. I started broking because I was really interested in personal finance, investing, and tax. And my financial adviser said: ‘Don’t get into personal advice because it's very compliance heavy – just a very difficult industry right now’.
“I didn't want to be an accountant. So, that left mortgage broking!"
[Related: Mortgage brokers writing record 76.8% of home loans]
