Broker market share rises to 71.5%

Australians are continuing to turn to mortgage brokers in ever-increasing numbers.

?

Brokers originated 71.5% of all new home loans in the September quarter, according to Comparator. That compares to 67.2% the year before.

?

This continues a long-term trend in which broker market share has been steadily rising.

?

It makes perfect sense. Because however good your bank might be, they’ll only tell you about their own home loan products – even if they know of another bank offering a better deal. Whereas if you visit a broker, they’ll compare loans from dozens of lenders, which means you’re much more likely to get a lower interest rate and a more suitable loan.