The Australian Bureau of Statistics recently conducted a research and it was revealed that more people are seeking the help of mortgage brokers as they, at present hold 42 per cent share of Australia’s mortgage market.
Data revealed that the new home lending figures for the March quarter amounting $23.4 billion was due to mortgage brokers with annualised lending volumes of close to $100 billion. The mortgage industry has, for the first time, come up with a detailed study on market share by leading industry research group, Comparator. The data wasgathered from 17 leading mortgage broking groups in Australia.
Phil Naylor, the chief executive of the Mortgage and Finance Association of Australia, shared how the data proves that the mortgage brokers distribution channel both viable and well received. Naylor stated, “The first official figures show that mortgage brokers are now a vital channel for home loans. Not only are they helping first home buyers enter the market, as well as investors, but they promote greater customer choice and competition in the market. Consumers are choosing customers in the ever increasing complex and rapidly changing market, in which there is now a blinding array of mortgage products.”
The MFAA, which represents its 11,200 members, is expects their number to grow as more customers have come to accept and use the service. Naylor added, “It is now clear to borrowers that MFAA members are established as a trusted source of information and loans for borrowers. Our members adhere to an industry code of practice setting high professional and ethical standards, which is also lifting the sector’s credibility with borrowers.”