According to the quarterly data reported on market share, consumers are choosing to go to mortgage brokers in record numbers, which shows they have confidence and a special trust in the broker sector.
Comparator, a CoreLogic business, released new data regarding a consistently solid growth in market share. Mortgage brokers settled 53.9 per cent of all new residential mortgage loans within the June 2018 quarter, in comparison to the 51.5 per cent during the June 2017 quarter.
The 2018 quarter for June was likewise the most robust June quarter ever documented, in what is usually a seasonally lower quarter for the mortgage broker market share.
Mike Felton, Mortgage & Finance Association of Australia (MFAA) CEO declared that this data was additional proof of the positive effect in service and value that mortgage brokers bring to their customers.
Mr Felton said, “This result is a triumph for our members, whose exemplary work for their customers has risen above the current scrutiny and media attention. Mortgage brokers settled $495 million in residential home loans in the quarter, which is the largest dollar value recorded for the broker channel for the seasonally-low June quarter since data collection commenced in 2012.”
He added, “The 2.4 percentage point increase on the same quarter in 2017 is also the biggest increase between like quarters since December 2014 and is made even more significant by the fact that the quarter coincided with the Royal Commission hearings.”
“This result is a testament to the remarkable work of brokers and their commitment to quality service. According to a recent report by DAE (Deloitte Access Economics), mortgage brokers on average have 13.8 years’ industry experience. This expertise underpins the trust and confidence that consumers have in their broker, and the value that expertise is delivering,” stated the MFAA CEO.
Comparator is responsible for compiling the quarterly broker statistics for the Mortgage & Finance Association of Australia. They do so by calculating the value of loans settled by 18 of the chief aggregators and mortgage brokers as a percentage of ABS Housing Finance Commitments. The MFAA then publishes these stats every quarter.