More Australians are choosing to use a mortgage broker when arranging a home loan, with broker market share reaching a new record.
Mortgage brokers facilitated 81.6% of all new residential home loans in Australia during the June 2026 quarter, according to Cotality data commissioned by the Mortgage & Finance Association of Australia (MFAA). MFAA
That’s the highest mortgage broker market share recorded in Australia.
It also represents a significant shift in the way Australians shop for home loans.
Eight years ago, brokers facilitated 53.9% of new residential home loans. By June 2026, that figure had increased by 27.7 percentage points to 81.6%. MFAA
So why are so many borrowers choosing to use a broker?
For many, it comes down to something fairly simple: being able to compare lenders and understand their options without having to navigate the lending market alone.
Mortgage Broker Market Share Reaches a Record 81.6%
The latest MFAA figures show just how significantly the mortgage broking industry has grown.
During the June 2026 quarter:
- Mortgage brokers facilitated 81.6% of new residential home loans.
- Market share increased from 77.6% in June 2025.
- Broker share was 73.7% in June 2024.
- Market share has increased from 53.9% in June 2018.
- Brokers facilitated approximately $139.08 billion in new home lending during the quarter.
The June result was also slightly higher than the previous record of 81.0% recorded in the March 2026 quarter. MFAA
It’s not simply a short-term jump. The figures show a substantial longer-term change in how Australians access home lending.
Why Are More Australians Using Mortgage Brokers?
A home loan can look relatively straightforward from the outside.
Find a competitive interest rate, apply for the loan and buy the property.
In practice, the lending market is considerably more complicated.
Different lenders can have different:
- Interest rates
- Fees and charges
- Borrowing policies
- Serviceability calculations
- Loan features
- Deposit requirements
- Credit policies
- Eligibility requirements
And those differences can matter.
A borrower who fits comfortably within one lender’s criteria may receive a very different assessment from another.
That’s one reason comparing home loans involves more than finding the smallest interest rate on a comparison table.
What Does a Mortgage Broker Actually Do?
A mortgage broker helps borrowers understand and compare home loan options from the lenders available through the broker’s panel.
The process typically starts with understanding your financial circumstances and what you’re trying to achieve.
That might be:
Buying your first home.
Moving to your next property.
Refinancing an existing mortgage.
Buying an investment property.
Building a new home.
The broker can then assess relevant lending options and explain differences in areas such as rates, fees, features and lending criteria.
If you decide to proceed, a broker can also assist with the application and communicate with the lender throughout the approval process.
Why Comparing Lenders Matters
It can be tempting to assume that home loans are broadly the same from one bank to another.
They’re not.
Two lenders can assess the same borrower differently.
For example, lenders may use different approaches when assessing overtime, bonuses, commissions, rental income, existing debts, credit card limits or other sources of income.
Their serviceability calculations can also vary.
That means the lender offering the lowest advertised rate isn’t necessarily the lender that best suits every borrower.
For some borrowers, lending policy can be just as important as price.
Can a Mortgage Broker Compare Home Loan Interest Rates?
Yes, but interest rates are only one part of a home loan comparison.
A broker can compare relevant rates available through their lender panel, along with other factors such as:
- Application or ongoing fees
- Offset accounts
- Redraw facilities
- Fixed and variable rate options
- Repayment flexibility
- Lending criteria
- Loan-to-value requirements
- Cashback or promotional offers where applicable
A home loan with a slightly lower headline rate could potentially cost more if it carries substantial fees or doesn’t provide features that are useful to you.
The aim should be to compare the overall loan, not just one number.
Why Mortgage Brokers Can Be Useful When Interest Rates Are High
Comparing home loans becomes particularly important when household budgets are under pressure.
Even relatively small differences in mortgage rates can become meaningful when they’re applied to a large home loan balance over time.
Higher interest rates can also affect borrowing capacity.
A borrower who qualified for a particular loan or amount several years ago may face a different lending assessment today.
Reviewing your position can help establish what options are currently available rather than assuming your existing lender or loan remains the best fit.
Can a Mortgage Broker Help With Refinancing?
Mortgage brokers don’t only work with people buying property.
They can also help existing homeowners investigate refinancing.
That might involve comparing your current mortgage with alternatives available through the broker’s lender panel and looking at factors including:
- Your current interest rate
- Loan fees
- Remaining loan term
- Offset or redraw features
- Your current loan balance
- Available equity
- Potential refinancing costs
Refinancing isn’t automatically worthwhile simply because another lender advertises a lower rate.
The potential savings need to be considered alongside fees, loan structure, remaining term and your individual financial circumstances.
Sometimes the outcome of a review may even be that your existing loan remains suitable.
Can a Mortgage Broker Help First Home Buyers?
Buying a first home can involve considerably more than choosing a property.
First home buyers may need to understand their borrowing capacity, deposit requirements, lender criteria, government schemes and the additional costs involved in purchasing a property.
A mortgage broker can help explain how these pieces fit together and compare lending options based on the buyer’s circumstances.
Importantly, knowing how much a lender might allow you to borrow isn’t the same as knowing how much you feel comfortable borrowing.
Understanding estimated repayments before you begin making offers can help establish a more realistic property budget.
Do Mortgage Brokers Have Access to Every Lender?
No.
This is an important distinction.
Mortgage brokers generally compare products from an approved panel of lenders, rather than every home loan available in Australia.
The size and composition of lender panels can vary between brokers and aggregators.
A broker should be able to explain which lenders they can access and how they are paid.
That transparency can help you understand the scope of the comparison being provided.
How Much Does It Cost to Use a Mortgage Broker?
In many residential lending situations, mortgage brokers receive a commission from the lender when a loan settles, rather than charging the borrower directly.
However, arrangements can vary.
Some brokers may charge fees in particular circumstances, so it’s worth asking about any potential costs before proceeding.
Mortgage brokers are also subject to regulatory obligations, including the mortgage broker best interests duty when providing credit assistance to consumers.
Why Choice Matters When Comparing Home Loans
The growth in mortgage broker use comes at a time when Australians have a wide range of home loan products and lenders to navigate.
The MFAA’s latest data indicates that the majority of new residential home lending is now facilitated through brokers rather than borrowers dealing directly with lenders. MFAA
That doesn’t mean using a broker is automatically the right choice for every borrower.
What the numbers do show is that more Australians are choosing the broker channel when arranging home finance than at any previous point in the MFAA’s data series.
For borrowers, the important thing is to understand the options available and make an informed decision based on their own circumstances.
Buying or Refinancing? Compare Your Home Loan Options
Whether you’re buying your first property, moving home, investing or considering refinancing, different lenders can assess your circumstances in different ways.
At Home Loans Australia, we can help you understand your borrowing position and compare suitable options available through our lender panel. Please contact us now to discuss your options: https://homeloansoz.com.au/contact/
We’ll look beyond the headline rate at the loan structure, features, fees and lending criteria that could matter to you.
With more than eight in ten new Australian home loans now facilitated by mortgage brokers, borrowers are clearly embracing comparison and choice. MFAA
Frequently Asked Questions About Mortgage Brokers
What percentage of Australians use mortgage brokers?
Mortgage brokers facilitated 81.6% of all new residential home loans in Australia during the June 2026 quarter, according to Cotality data commissioned by the MFAA. This was the highest share recorded in the series. MFAA
Has mortgage broker use increased in Australia?
Yes. Broker market share increased from 53.9% in June 2018 to 81.6% in June 2026, an increase of 27.7 percentage points over eight years. MFAA
What does a mortgage broker do?
A mortgage broker assesses your circumstances and helps compare suitable home loan options available from the broker’s lender panel. They can also help with the application and loan process if you decide to proceed.
Is it better to use a mortgage broker or go directly to a bank?
The two approaches are different. A bank generally discusses its own products, while a mortgage broker can compare options from lenders on their panel. Which approach suits you depends on your circumstances and preferences.
Do mortgage brokers compare every lender in Australia?
No. Mortgage brokers generally compare lenders and products available through their approved lender panel. Ask your broker which lenders they have access to.
Can a mortgage broker help me refinance?
Yes. A broker can compare your existing mortgage with relevant alternatives available through their lender panel. Whether refinancing is worthwhile depends on factors including your current rate, fees, loan term, features, equity and borrowing position.
Can mortgage brokers help first home buyers?
Yes. Brokers can help first home buyers understand borrowing capacity, lender requirements, repayments and relevant home loan options. They can also explain how eligible government home buyer schemes may interact with finance.
Do mortgage brokers charge a fee?
Many residential mortgage brokers are paid commission by the lender following settlement, although fee arrangements can vary. A broker should disclose how they’re paid and any fees that may apply to your circumstances.
