26.08.2024
The latest MFAA Industry Intelligence Survey reveals a notable shift in the Australian mortgage landscape. For the first time, major banks’ share of broker-originated loans has dipped below 40%, down to just 36.3%. This marks a significant change from previous years when major banks dominated the market.
Diverse Lender Preference: Brokers are increasingly turning to a wider range of lenders, with regional, international banks, and other lender types gaining ground. Major banks’ market share fell to 55.1% by mid-2023.
Broker Growth: The number of mortgage brokers surged to nearly 20,000, and broker-originated home loan settlements exceeded $350 billion, demonstrating robust industry expansion.
Challenges Ahead: Despite growth, brokers face challenges with declining conversion rates for home loan applications, attributed to tightening credit conditions.
MFAA CEO Anja Pannek highlights the critical role of brokers in providing choice and competition in the home lending market. As the industry evolves, brokers are pivotal in navigating a diverse lender landscape and addressing serviceability issues.
As brokers seek to capitalise on the growing non-bank lending sector, at FINSTREET.AU we are proud to be recognised as a valuable partner. We specialise in providing tailored solutions that help brokers expand their offerings beyond traditional banks. Our platform offers access to a diverse range of non-bank lenders, competitive rates, and streamlined processes to enhance efficiency and client satisfaction.
By leveraging our expertise and resources, brokers can navigate the complexities of non-bank lending with ease, ensuring they can deliver optimal solutions to their clients and drive business growth in this dynamic market.
