More borrowers than ever are turning to mortgage brokers for help with their home loans, new data shows.
The latest research from the Mortgage & Finance Association of Australia (MFAA) has revealed that more than seven out of 10 borrowers continue to seek out the services of a mortgage broker.
During the June 2024 quarter, mortgage brokers wrote 73.7% of all new home loans, the second-highest result on record. It is also a 6.5 percentage point increase from the June 2023 quarter.
MFAA CEO Anja Pannek says that with every dollar counting in household budgets, it is essential borrowers have the right support and guidance when it comes to their home loan.
“That’s exactly what mortgage brokers provide, and why so many Australians are choosing to talk to their broker.”
Throughout the June 2024 quarter, the value of home loans settled by mortgage brokers surged, exceeding $100 billion for the first time.
Jumping $18.64 billion from the previous quarter to $100.11 billion, it was also an $11.49 billion or 12.96% increase in the value of new lending when compared year-on-year.
Pannek noted that the increase in the value of home loans settled by brokers is reflective of a property market that has held strong despite elevated interest rates.
“While there has been a reprieve in increases to the cash rate for several months, property prices are adding to the challenges for people hoping to enter the property market”, she said.
“Mortgage brokers are working every day with their clients to help them get ‘finance’ ready and provide them with a wide range of choices on their home loans.”
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