Broker market share rises to 71.7%

A record number of Australians are turning to mortgage brokers for their home loan requirements.

In the three months to September, brokers facilitated a record 71.7% of all new residential home loans, according to data from research group Comparator.

That compares to 66.9% in the September 2021 quarter and 60.1% in the September 2020 quarter.

The main reason so many Australians prefer brokers to banks is because a bank will only tell you about its own products, whereas a broker can compare home loans and interest rates from dozens of different lenders.

Also, brokers have a legal obligation to act in your best interests (known as the Best Interest Duty), whereas banks don’t.

 

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