MFAA statistics show brokers hard work paid off

Exciting news, brokers! 

Sound the alarm – Market share results for January-March 2021 quarter from the MFAA are here. And we can’t wait to show you those achievements. Without further ado, here are the amazing results brokers had achieved: 

• A 27% year-on-year increase in the value of new settlements
• $62.2 billion in the value of new lending facilitated by brokers – an increase of $13.2 billion compared to the March 2020 quarter.
• $64.1 billion in the value of new settlements through brokers – the largest observed for a March quarter and second largest for any period since 2013. 
• 57.5% in percentage terms settling of all new residential home loans during the March 2021 quarter – 5.4% higher than the March 2020 quarter – second highest market share ever for the quarter. 

Well, a big hearty high-five from us to every broker! Keep breaking the glass ceilings of lender turnaround time and discharge issues and going beyond. Woohoo! 

MFAA CEO Mike Felton is absolutely blown away by the market share result and cannot wait to see all that’s still to come. 

“Data released by major aggregator AFG earlier this year showed that turnaround times had spiked to a three-year high for AFG brokers to a median across all lenders of 27.1 days for the quarter ending 31 March 2021 which will no doubt have hampered mortgage broker market share for the quarter,” Mr Felton said.

“This outstanding broker market share result however provides encouraging signs for the potential market share mortgage brokers could attain if turnaround differentials between branches and the broker channel for the major banks are eradicated and discharges start to occur within a reasonable period, both of which remain a key focus for the MFAA,” Mr Felton said.

“Ultimately, these results show yet again the resilience of brokers who continue to meet and overcome the external challenges they face thanks to an unwavering focus on customer outcomes and professional service.”

Comparator compiles quarterly broker statistics for the MFAA by calculating the value of loans settled by 18 of the leading brokers and aggregators as a percentage of ABS Housing Finance commitments. The MFAA releases these statistics each quarter. This data can only be used publicly by referencing the MFAA as the owner of the data and its use in communications.

For further information, please contact: Nick Moncrieff-Hill, Corporate Communications Manager on 0436 618 302 or nick.mhill@mfaa.com.au