Broker clawback costs rise in first industry-level measure

Based on a smaller matched sample of five participating aggregator groups, median reported gross clawbacks increased from about $9,820 per broker in 2024 to $11,442 in 2025.

However, the association cautioned against treating the figure as an estimate of individual broker income, profitability or an industry-wide standard, noting that the higher clawback outcome came as upfront, and trail revenue also increased.

“These measures should not be interpreted as broker-level medians, net broker income, or whole-of-market benchmarks,” the report read.

“The increase in median clawback amounts should also be considered alongside the increases in median upfront and trail revenue rather than in isolation.”

Aggregate gross upfront commissions across the matched participating aggregator sample grew 21.3 per cent during the year, while median reported gross upfront revenue per broker increased 16.0 per cent, from around $109,473 in 2024 to $126,941 in 2025.

Median reported gross trail revenue also climbed 18.7 per cent, from approximately $65,609 to $77,894, using the smaller matched five-aggregator sample.

First clawback benchmark

Speaking to journalists on Friday (25 September), MFAA chief executive Anja Pannek said the new clawback data provided a broad industry benchmark rather than a universal result applying to every broker.

“This is the first time that we've got clawback data at an industry level. This doesn't say that every single broker in Australia is getting a clawback of $11,000 because in 2025, because what we know is, we speak to some members and they get none, and others get a different amount. It's just saying, on average, over the whole of the broker population,” she explained.

Still, Pannek said the publication of clawback data could support more informed comparisons around the relationship between reversals and commission revenue.

“We still feel it's very powerful because it is the first time at the industry level this type of data has been displayed, and it will inform the types of conversations we have on a go-forward basis as well,” she outlined.

“You know is there effect on well, if I'm one broker in my business and my upfronts are X and my trail is Y, where are my clawbacks actually tracking at and is that in line? are they increasing or not versus the average? And what is mine as a percentage of average as well?”

Settlements outpace broker growth

The clawback data sits within a year of substantial expansion in mortgage broking activity.

Mortgage brokers settled $495.55 billion in residential home loans during the 2025 calendar year, up approximately $94.34 billion, or 23.5 per cent on 2024.

The report also revealed that mortgage brokers settled 838,815 residential loans, an increase of around 122,800 loans, or 17.2 per cent.

The MFAA said that translated to a residential home loan being facilitated through a broker about every 38 seconds during the year.

The reported broker-originated residential loan book rose 11 per cent, from $1.0496 trillion in 2024 to $1.1652 trillion in 2025.

Over the same period, the reported broker population increased 9.1 per cent, from 22,105 to 24,116.

The industry’s reported gender mix was 72.6 per cent male and 27.4 per cent female, with the female share up from 26.8 per cent in the previous Industry Intelligence Service edition.

The report also found that the number of Australian adults per reported broker declined 6.7 per cent, from approximately 969 in 2024 to 904 in 2025.

With settlement values increasing faster than the broker population, average residential settlement value per reported broker grew 13.2 per cent, from around $18.15 million to $20.55 million.

The combination of a larger broker population and increased settlement value points to a channel that expanded in both reach and overall lending throughput.

Pannek said the report’s central message was the scale of the sector’s contribution to the home lending market.

“I think standing back and to looking at the key messages from this report, undoubtedly this is an industry of significant scale,” Pannek said.

Applications lift, conversion eases

Application activity also strengthened, with lodgements in the matched eight-aggregator sample increasing 18.4 per cent, from 769,366 in 2024 to 911,150 in 2025.

But the annual settlements-to-applications ratio moved slightly lower, falling one percentage point from 93.06 per cent to 92.06 per cent.

Pannek framed the settlement data as evidence of the role brokers play when borrowers are weighing significant property and financing decisions.

“Every 38 seconds during 2025, a mortgage broker helped an Australian take an important step towards buying a home, refinancing or investing in property,” Ms Pannek said.

“That is an extraordinary reflection of the role mortgage brokers now play in helping Australians navigate the home lending market.”

Pannek added that the 838,815 loans represented decisions made by households confronting individual lending circumstances and property ambitions.

“Behind every one of those 838,815 home loans is a person or family making a significant financial decision. They want to understand what is possible for them, what their options are and what those options mean for their individual circumstances,” she outlined.

"These figures demonstrate the trust Australians continue to place in mortgage brokers and the significant contribution our industry makes to home ownership and property investment across the country.”

The report, analysed by Comparator, a Cotality business, draws principally on data from nine participating aggregator networks: Australian Finance Group, Connective, Finsure, Lendi Group, Loan Market Group, Mortgage Choice, National Mortgage Brokers, SFG and Yellow Brick Road.

[Related: Nearly 50% of broker clients struggling to refinance]