We look back on the year’s biggest stories in mortgage and finance broking.
The mortgage and finance broking industry faced a year of challenges and change in 2025, with brokers navigating a shifting landscape and evolving borrower needs.
Here is our wrap-up of the year’s most-read stories.
Major housing schemes change
Labor’s Anthony Albanese was re-elected as Australia’s Prime Minister in a landslide victory over then-Coalition leader Peter Dutton in May. The middle of the year saw the government introduce a range of initiatives for housing and small businesses, including the expanded 5 per cent Deposit Scheme, the Help to Buy scheme, and the extension of the $20,000 instant asset write-off.
RBA delivers first rate cut in 4 years
In February, the Reserve Bank of Australia (RBA) reduced the cash rate by 25 basis points to 4.10 per cent, marking its first cut since November 2020. This ended a streak of nine consecutive rate holds and signalled a shift in monetary policy amid changing economic conditions. It went on to cut rates a further two times in 2025 (in May and again in August).
Broker market share hits new record
The share of new mortgages written by brokers hit a new record high in the June 2025 quarter, marking a record peak of 77.6 per cent. The latest MFAA data showed that while this fell slightly in the September quarter (to 77.3 per cent), the value of mortgages written by brokers hit a new record of $130.23 billion in the three months to September.
Former brokerage director sentenced
Joshua Fuoco, former director of several financial services companies, was sentenced to 12 months’ imprisonment (suspended for two years) and permanently banned from financial services after defying court orders. He operated five companies generating $2.2 million, targeting vulnerable clients. Justice Horan described his actions as “premeditated, persistent and wilful.” Fuoco expressed remorse and pledged never to return to the sector.
Aggregator acquires broker-built fintech
LMG confirmed it had agreed to acquire The Brokers’ Bible, a fintech platform founded by Katherine Persoglia to help brokers access lender policies and scenarios. Launched in 2023, the platform featured a searchable library, scenario guides, daily updates, and an AI assistant, BrokerChat.AI. LMG said the fintech would continue operating independently and remain publicly available to all subscribers, including brokers not aggregating through LMG.
Major changes to HECS home loan rules
Federal Treasurer Jim Chalmers urged regulators to make it easier for Australians with student debt to access mortgages, instructing ASIC and APRA to update guidance on HELP debt treatment, which had previously been assessed like any other loan despite income-linked repayment thresholds. While several industry groups welcomed the move, some brokers questioned the broader impact it might have on housing affordability.
NAB announces closure of Advantedge business
The Adviser broke the news that National Australia Bank (NAB) would close its Advantedge brand, in a move that surprised some brokers, given its popularity. The wholesale funder of white label home loans stopped accepting new lending requests from 30 September 2025. Existing customers will transition to NAB-branded loans throughout 2026, with servicing maintained until migration is complete. NAB confirmed rates, fees, and commissions would remain unchanged, while customers would gain access to enhanced features, including multiple offset accounts and full NAB app functionality.
ANZ-Suncorp Bank integration nears
Australia and New Zealand Banking Group (ANZ) rejected reports that Suncorp-branded home loans, deposits, and savings products would be withdrawn by mid-2026 and the brand phased out later that year. Suncorp Bank had operated alongside ANZ since its August acquisition, under legally binding commitments covering branch closures and employment. However, the major bank confirmed later in the year that Suncorp Bank would be fully migrated to ANZ by June 2027. The year saw significant change for the lender, including the appointment of new CEO Nuno Matos and several high-profile departures.
Aussie becomes Lendi Group’s primary broking brand
Lendi Group confirmed Aussie as its primary broking brand, rolling out its new Find.Buy.Own proposition. The service includes conveyancing, in-house buyer’s agents, and referral partnerships, positioning Aussie at the centre of Lendi’s expanded broker offerings for 2025.
ASIC warns of stronger focus on mortgage brokers
ASIC signalled a tougher approach to mortgage brokers and aggregators, making mortgage broking a top credit priority. At the Credit Law 2025 conference, commissioner Alan Kirkland said the regulator was reviewing brokers’ compliance as their role in home lending grew, including engaging with large aggregators on best interests duty (BID) compliance. The regulator said it would scrutinise complaints handling and audit practices and warned it would act if serious issues arose, citing recent enforcement outcomes against brokers.
Loan Market CEO resigns
Loan Market CEO David McQueen officially stepped down from his role on 30 October. McQueen, who joined the group in 2020 and was appointed CEO of the Loan Market branded arm in October last year, said he planned to take time off with his family before exploring new opportunities. Following his departure, executive chairman Sam White assumed the role of Loan Market CEO to ensure continuity. White thanked McQueen for his contributions, citing his leadership across compliance transformation and expanded lender partnerships.
Brokers to pay 1.4% of special CSLR levy
The federal government confirmed it will impose a $47.3 million special levy across the finance industry in the financial year 2026 to fund increased claims on the Compensation Scheme of Last Resort, after personal advice claims blew past subsector caps following major firm collapses. Mortgage and finance brokers will contribute just 1.4 per cent of the levy, or about $667,529 in total, despite strong opposition from broker groups who said they are being unfairly asked to cross-subsidise misconduct elsewhere. The government has said it will look to reform the CSLR to ensure its long-term sustainability amid rapidly rising future levies.
Qudos Bank-Bank Australia merger takes effect
Qudos Bank and Bank Australia officially merged, creating a combined group with 300,000 customers, $18 billion in assets, and nearly 900 staff. The merger reflects a wider trend of consolidation in the mutual banking sector.
CBA announces new GM of third-party banking
The Commonwealth Bank of Australia (CBA) announced the appointment of Baber Zaka as general manager of third-party banking, succeeding Razia Khan, who became general manager, premier banking. A decade-long CBA executive, Zaka previously served as chief operating officer for third-party banking and held senior roles in distribution and partnerships. CBA said he would focus on strengthening broker relationships and simplifying processes.
[Related: 2024: The year in review]
