2025 Brokers on Aggregators

That trust hasn’t wavered, but neither has broker scrutiny. Nearly 79% say they’re ‘extremely unlikely’ to switch aggregators, and broker feedback on the fundamentals remains positive. Yet even as loyalty endures, expectations are rising. Brokers are more alert to underperformance in compliance, training and BDM support, all of which saw modest dips in satisfaction year over year. Meanwhile, lower-tier services such as lead generation and marketing have taken a back seat. Brokers are prioritising reliability, strategic support and well-integrated business systems.

 

Partners in progress 

 

The best mortgage aggregators are strengthening broker support where it counts, using targeted innovation to drive first-class client service and results. That said, MPA’s findings suggest the channel may soon face a test of its readiness for what’s next.  

 

“Broker insights act as a real-time signal to inform discussions,” says Paul Herbert, AMP Bank’s head of lending and everyday banking distribution. “If there are issues around delays, policy confusion or poor digital tools, our leadership team collaborates directly with aggregators to co-create solutions that support our brokers.” 

 

Indigo Finance’s managing director, Melanie Cunliffe, adds, “What sets an aggregator apart is their ability to act as a strategic partner, bringing together technology, people and tailored guidance to help brokerages grow sustainably.”  

 

What separates good from great in 2025 is execution, strategic direction and the will to grow alongside brokers, not ahead of them, plus:

• broker-driven service models 

• flexible systems 

• responsive, personal support

According to the MFAA, brokers settled 76% of new residential home loans in the December 2024 quarter – over $115 billion, the highest quarterly total ever recorded. Aggregators powered the systems behind that momentum. 

 

MPA’s data shows the share of brokers writing over $60 million climbing in 2025, highlighting a widening divide between high-growth broker businesses and those scaling up. Aggregators are playing a central role in enabling that growth. 

 

Take a data-backed look at who’s leading the aggregator pack and how broker ratings defined this year’s standouts.

 

 

 

 

 

Brokers back aggregators that deliver on core services, where reliable pay, practical tech and lender choice define value – and loyalty is earned

 

Brokers have long prioritised getting the basics right, and aggregators that excel at support, service and trust are locking in loyalty. 

 

Satisfaction rebounded in 2025, with 79% saying they’re ‘extremely unlikely’ to switch aggregators, up from 74%, though still 1.6 points below 2023. This reflects loyal relationships overall and signals that brokers weigh value and performance more carefully. 

 

That more exacting lens hasn’t gone unnoticed by lenders. Bankwest, for example, partners with aggregators on learning and education events.  “In the last 12 months, we’ve supported over 150 aggregator-run professional development opportunities, helping brokers build their businesses and support customers throughout their lives,” says Ian Rakhit, Bankwest’s general manager of homebuying distribution. 

 

In 2025, 5.7% of brokers said they were likely to switch aggregators, down from 9% in 2024 but on par with 2023. What’s changed is intent: more brokers in this group now say they’re extremely likely to leave. This segment likely includes high-performing or growth-focused brokers with rising expectations around service, transparency and strategic support. 

 

Brokers highlighted what keeps them on board:  

• “Gives us data insights, automation and the tools to stay competitive” 

• “Makes sure I’m across everything and doesn’t interfere in how I run my business. It’s a win-win; they succeed when I do”  

The top three reasons brokers consider leaving their aggregator have remained consistent since 2023, centred on commission accuracy and IT, CRM and BDM support.  

 

True to form, commission payments have ranked as brokers’ top aggregator service for five years, followed by lending panel quality and IT and CRM tools.  

 

Among aggregators with over 600 brokers, the race was tight for accurate and timely commission payments. After slipping to bronze last year, National Mortgage Brokers reclaimed gold, and Loan Market held steady with silver. Connective took bronze, while last year’s gold medallist Finsure slid to fifth. 

 

In the boutique aggregators group, Purple Circle Financial Services made a gold-medal debut, knocking last year’s champ MoneyQuest into a silver tie with Astute Financial Management. Liberty Network Services kept its hold on bronze. 

 

While satisfaction with fees and commission splits remains favourable overall, with nearly 68% ‘very happy’ in 2025, contentment rose among top writers and fell among newer brokers. Tailored support is clearly vital across business stages, not just at the top end. 

 

“Aggregators are the brokers’ strategic compass,” says Mat Rehayem, Pepper Money’s head of white label and strategic partnerships. “Best-practice support removes the guesswork. Brokers need tools that surface the right lender fast and a panel that reflects the diversity of borrower needs. When tech and policy depth come together, brokers can deliver seamless solutions, even when the scenario is out of the box.” 

 

As inflation cools and uncertainty lingers, brokers say the right mix of tools and support is helping them adapt and grow. Highlighting the support provided by their aggregator, one said: “Ensures I have the right tools to streamline processes, generate leads and provide better client outcomes”. 

 

Among aggregators with over 600 brokers, Loan Market’s three-year climb paid off with a gold win for IT and CRM support, unseating two-time champ outsource Financial, which took silver. National Mortgage Brokers returned to the podium with a strong finish, displacing last year’s bronze medallist, Specialist Finance Group. 

 

Two boutique aggregators, Purple Circle Financial Services and Nectar Mortgages, last year’s silver medallist, tied for gold, ending MoneyQuest’s three-year run at the top. MoneyQuest took silver, while Liberty Network Services retained bronze. 

 

 

 

 

 

 

 

Personalised service hits the mark, but execution, tech and cost gaps remain

 

Brokers appreciate aggregators that combine expanded lender access with personalised support, ongoing education and client-based scenario discussions. 

 

Right behind commissions, brokers continue to rank lender panel quality, IT and CRM support, and compliance and BDM support as their next-most-important services.  

 

While lender panel quality has consistently placed second for four consecutive years, it only recently rose into the top four reasons for dissatisfaction, edging ahead of compliance support in 2025. That may reflect brokers’ heightened expectations around lender access in a more rate-sensitive environment. 

 

Survey respondents noted where aggregators make the greatest impact: 

• “They assist with engaging referral partners, and my partnership manager is always ready to support and accompany me to meetings” 

• “Ongoing training with lender partners to be current on lender products, policies and niches”

Simplify Finance director Fabio de Castro says the connection between practical tools and strategic support is indispensable. “Aggregators who take the time to understand the intricacies that make each broker and business unique – including their niche markets, internal workflows and long-term goals – are far better positioned to provide meaningful, aligned support,” he adds. 

 

For AMP Bank, broker insights increasingly shape strategic aggregator partnerships. “We have seen the advancements aggregators have made in adopting technologies to streamline the application process,” says Herbert.

 

Loan Market clinched its fourth straight gold for lending panel quality among aggregators with over 600 brokers in a nail-biting finish, edging out silver medallist outsource Financial. LMG (Plan, Choice, Fast) took the bronze, bumping last year’s third-place winner, Specialist Finance Group, off the podium. 

 

Among boutique aggregators, Purple Circle Financial Services rose from last year’s bronze to share the gold with Nectar Mortgages, which repeated its top finish. MoneyQuest stayed in the medal rankings, tying for silver with Astute Financial Management, while Liberty Network Services returned to the podium with bronze after missing out last year. 

 

 

Broker sentiment around aggregator transparency recovered in 2025, with 81% saying hidden costs aren’t a problem, a return to 2023 levels after last year’s dip to 76% and approaching the high watermark of 90% in 2021. Minor complaints also eased to 14%, while major concerns edged down to 5%. 

 

The view suggests that most aggregators have improved fee clarity and communication, helping reassure brokers after a shaky 2024. But with nearly one in five citing issues, there’s room to boost transparency further. For those brokers, execution remains the true test: 

• “There are hidden fees and surprise audits, and the value doesn’t match the cost” 

• “Poor commission split, especially for experienced brokers” 

• “The feeling of not being included or acknowledged” 

Broker satisfaction with aggregator-led professional development hit 91% in 2025, the highest level in three years. That marks an uptick from 2024’s dip to 88%, suggesting aggregators have refined their approach in response to broker feedback. 

 

The share of brokers who felt unsupported dropped to just 9%, reinforcing a renewed focus on education, diversification and business growth. Many aggregators are helping brokers explore new income streams, including commercial lending, through targeted training and resources. 

 

As brokers face a more complex lending environment, aggregators investing in capability-building are increasingly seen as strategic partners. 

 

Indigo Finance’s Cunliffe says, “This could mean developing tiered support models that go beyond loan writing and compliance, providing brokers with access to insights relative to where they are, such as leadership development or operational optimisation.” 

 

That sentiment is echoed by Robyn Russo, director and mortgage broker at Foster Russo & Co., who says the best aggregators offer education and tools, but also something more human. 

 

“What sets an aggregator apart is the personal touch,” she says. “The owner of our aggregator stepped in to help with a complicated situation. That level of care makes a huge difference.” 

 

Compliance support, BDM support and broker communication again rank fourth through sixth on brokers’ priority list. But each saw a modest year-on-year dip in satisfaction, suggesting brokers may feel some aggregators aren’t keeping pace with expectations. 

 

Training and education slipped slightly in ratings to 4.37 out of 5 in 2025, down from 4.42 in 2023. While still considered essential, their downward trend may reflect a need for more tailored programs. 

 

Lower-tier services, such as additional income streams, marketing support and white label offerings, remain flat in scores and clustered at the bottom of the rankings. 

 

Ranked last again, lead generation holds a stagnant 3.0 rating, indicating brokers may value it but prefer to source it elsewhere. 
 

 

How gold-winning aggregators earned their spots at the top 

Loan Market – aggregator >600

 

Loan Market stands out by delivering on its promises to keep brokers safe, save them time and help them grow stronger, more profitable businesses. That means giving them the tools and confidence to build bigger books, lead high-performing teams and deliver more for their clients, all with the strength of a trusted consumer brand behind them. 

 

“Being voted No. 1 by brokers and earning a medal in every category means more to us than any trophy on a shelf. It tells us we’re doing the things that matter to brokers, not just talking about them,” CEO David McQueen says. 
 

Purple Circle Financial Services – boutique aggregator 

 

Purple Circle’s success comes down to its ownership model. Every broker can earn equity in the business based on the value they contribute through loan settlements. That creates lasting alignment and gives brokers a voice, dividends and a shared stake in the business. 

 

“We’ve operated on the belief that brokers shouldn’t just be customers of their aggregator; they should be co-owners,” says director Greg Pennells.

 

“It’s our reason for being and the foundation of everything we do.”