The Mortgage and Finance Association of Australia’s latest Industry Intelligence Service report discovered within the 12 months to March 2023, mortgage brokers settled a document $358.68 billion in home loans.
The MFAA stated brokers have maintained a robust market share, writing 69.6 per cent of all residential home loans within the March 2023 quarter.
Conversely, market share of the most important banks declined within the March 2023 quarter to 45.8 per cent following a 2.7 proportion level improve within the December 2022 quarter to 49.9 per cent.
MFAA CEO Anja Pannek stated the sixteenth version of the report centered on the six-month interval from October 1 2022 to March 31 2023, drawing on knowledge equipped by the business’s main aggregator manufacturers to offer mortgage dealer, business efficiency and demographic knowledge.
“The period covered in the report coincided with a period of intense refinancing as fixed rate mortgages reverted to variable, clients encountered serviceability constraints and a moderation of property prices in some markets,” Pannek stated.
“This confluence of factors can be seen in this industry research, however, the outstanding service mortgage brokers deliver to their clients has remained a constant throughout this time.”
While one other sturdy outcome for brokers, the report famous compared to the October 2021 – March 2022 interval, the whole worth of loans settled by mortgage brokers declined 8.63 per cent.
However, Pannek stated the dealer channel nonetheless outperformed the general home mortgage lending market.
“Whilst the value of home loans settled by brokers declined 8.63 per cent for the period, the lending market as a whole – broker and proprietary channels – declined 10.89 per cent over the same period. This highlights that the broker market is meeting more needs of more consumers in a challenging economic environment,” she stated.
Bell Partners is able to help if you need a extra aggressive rate of interest together with your present lender or want to refinance to a unique product elsewhere available in the market.
