Is 80% market share on the cards?
To the surprise of few, mortgage brokers have claimed a new record in the residential lending market.
According to the latest data from Cotality’s Comparator as commissioned by the Mortgage and Finance Association of Australia (MFAA), brokers settled a record 76.8% of all new residential home loans during the March 2025 quarter.
The figure represents a steady rise from 76% in the December 2024 quarter and a significant increase from 74.1% this time last year.
MFAA chief executive Anja Pannek said the results “clearly demonstrate that the broker proposition is highly and increasingly valued by Australian borrowers.”
Industry reactions came thick and fast in the wake of the data, with experts universally telling MPA that brokers aren’t done yet.
Making a statement
“I’m not surprised to see that broker market share reached a new record over the March quarter,” said Mortgage Choice chief executive Anthony Waldron (pictured left). “The Reserve Bank (of Australia) delivering its first rate cut in years gave Australians the confidence to act on their property plans, and brokers were ready to provide personalised support that helped consumers make the right decision for their needs.”
A new record in broker market share “reflects the ongoing value that brokers provide to Australian consumers,” Waldron added. “Now that we’ve seen another cash rate cut, brokers’ advice and expertise will be essential in navigating an increasingly competitive lending market.”
“The future of home lending is unmistakably heading in one direction: mortgage brokers,” said outsource Financial’s chief executive Tanya Sale. “The 76.8% market share is more than just a number – it’s a statement. It signals a fundamental shift in how consumers are approaching financing their homes, and it's clear why brokers are leading the charge.”
Sale foresees an 80%-plus market share in the not-too-distant future.
Spreading the love
“What a great result for our industry,” said Gerald Foley, managing director of mortgage aggregator nMB. “This is not a surprise to any of us who have been around mortgage broking. We know that borrowers greatly value the choice and convenience that mortgage brokers provide, and this latest result proves it.”
As brokers increase their market share, Foley is seeing them become more diverse in their lender preferences. He noted that lender share is becoming more evenly spread across nMB’s panel each and every month, “once again proving that brokers are quick to identify changes in policy and pricing as lenders fight for share”.
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Blake Buchanan, general manager of Specialist Finance Group, called the latest figures “an overwhelming endorsement for better choices, more competitive policies and pricing, and choosing to do business with people who have your best interests at the centre of their work”.
He continued: “We dominate the market share as there is simply no better option than to see a broker for your borrowing needs. We will continue to grow our share to 80% and need to get there by continually delivering the highest standards to borrowers, demanding the best from our business partners and making sure we continue to push for reliable open banking data.”
Growth through innovation
John Athanas, Resimac’s general manager, sales and distribution, highlighted how non-bank lenders like Resimac rely on brokers to reach customers, leading to “intensified competition and innovation within loan products”.
Unlike traditional lenders such as Commonwealth Bank and the rest of the Big Four, which have vast proprietary channels to sell through, Resimac and its contemporaries exclusively sell loans through brokers.
“This dynamic benefits borrowers by expanding choice and driving more borrower-centric offerings,” said Athanas. “Importantly, the broker’s role extends beyond initial loan approval. Borrowers increasingly want long-term, trusted relationships, valuing their broker’s ongoing support and accessibility, including flexible hours and remote consultations.”
Athanans believes the broker channel will continue to claim more of the home loan market. “As technology advances and brokers integrate digital tools with their personal touch, their ability to meet borrower expectations will only strengthen,” he said.
Where to go from here?
While most players expect broker dominance to continue in the residential market, there is undoubtedly a limit to further growth that the industry will need to reckon with.
However, Isabella Constantinou (pictured, centre), sales director at Simplicity Loans & Advisory, believes commercial lending represents untapped potential.
"Brokers account for around 30% of commercial lending in Australia, which means there is still a significant gap in the market,” Constantinou said. “Many SMEs are still underserviced by traditional lenders, creating a real opportunity for brokers to bridge that gap with tailored, flexible finance solutions.”
Simplicity co-founder and managing director Jean-Pierre Gortan concurred. He said: “Brokers have become an essential part of the residential landscape by delivering real value to clients – access to a broader market, personalised advice, and competitive pressure that drives better lending outcomes. That same shift is happening in commercial.
“Over the next five years, commercial brokers will be instrumental in bringing more lenders into the fold, giving clients alternatives beyond the majors, and driving innovation in lending structures. Their influence will reshape the market."
From ‘which bank’ to ‘which broker’
For LMG chairman Sam White (pictured right), reaching 76.8% of the market was a foregone conclusion.
“We said 2025 would be the year of the broker and today has backed that with market share still climbing. It’s brilliant to see,” said White. “Ten years ago, borrowers were still tossing up whether to go to the bank or see a broker. Now? The question’s become ‘which broker do I go with?’ That shift says a lot.
“People are voting with their feet. They know brokers bring more choice, quicker service, and they stick around to help long after the loan’s settled.”
White said he’s constantly inspired by the energy and commitment brokers bring to the table.
He said: “Market share’s been heading north for a while now. Brokers could’ve taken their foot off the gas, but they’ve done the opposite. They’re doubling down, pushing for better outcomes every day.
“There’s nothing stopping brokers from hitting 80% and more.”
