If you’ve been thinking about buying a home, refinancing, or simply wondering whether your current loan is still working for you, you’re not alone. And if you’ve been considering speaking to a mortgage broker, you’re firmly in the majority.
For the first time in history, mortgage brokers have settled 81% of all new home loans in Australia. That’s not a rounding error. That’s 8 in 10 Australians walking away from the bank counter and choosing to work with a broker instead.
So what’s behind this record shift and what does it actually mean for you?
The Numbers Behind the Record
The data comes from the Mortgage & Finance Association of Australia (MFAA), compiled by research firm Cotality and released in June 2026. According to the MFAA’s latest Quarterly Market Share Report, brokers settled $124.88 billion in new home loans during the March 2026 quarter alone, the highest volume ever recorded for any January to March period.
To put the growth in perspective: back in March 2018, brokers held a 55.3% share of the market. Fast-forward eight years and that number has jumped by more than 25 percentage points to sit at 81%.
The March 2026 result is also 4.2 percentage points higher than the same quarter last year, continuing what has been a consistent upward trend with very few interruptions.
Australia now sits alongside only the UK and the Netherlands as one of three countries globally where brokers facilitate more than 80% of all mortgage lending. That’s a short list and it says a lot about where consumer trust is sitting right now.
Why Are More Australians Choosing Brokers?
The short answer is: the lending market has gotten complicated. And people want help navigating it.
MFAA CEO Anja Pannek put it plainly: brokers have earned their place in the Australian lending market. And the data backs that up.
Here’s what’s driving the shift.
The Lending Market Has More Moving Parts Than Ever
There are now more than 130 home loan lenders operating in Australia. Each one has its own range of products, pricing structures, credit policies, and eligibility criteria. Comparing even a fraction of what’s available takes serious time and know-how.
Borrowers are also dealing with elevated interest rates, cost-of-living pressures, a housing affordability crunch in most major cities, and an environment where lenders are actively competing, and sometimes pulling back, in different parts of the market.
In that environment, having someone who knows the landscape inside and out isn’t a luxury. It’s practical.
Brokers Work for You, Not the Bank
This is probably the most important distinction and it’s the one that tends to land when people actually understand it.
Since 2021, mortgage brokers in Australia have been legally required to operate under a Best Interests Duty. That means brokers must recommend what is genuinely right for the client, not what earns the highest commission or suits the lender’s preferences.
Banks don’t operate under the same obligation. They can only offer you their own products, and their advisers are employed to serve the institution. A broker, by contrast, is contracted to serve you.
Ian Rakhit, Bankwest’s General Manager of Home Buying Distribution, noted in response to the latest data that customers “value the expertise of a broker in increasing numbers” and that the human-to-human connection matters. He’s right. This isn’t just about access to more lenders. It’s about having a real conversation with someone who’s genuinely trying to find the right outcome for your situation.
Brokers Do the Legwork
Getting a home loan isn’t a quick process. There’s your borrowing power to assess, lender eligibility to check, products to compare, an application to complete, and then a settlement process to manage, all while you’re trying to juggle everything else in your life.
A broker handles most of that. They compare options across multiple lenders, explain the trade-offs, help you understand what you’re signing, and stay with you from first conversation through to settlement. That’s genuine value, especially for first home buyers who haven’t done it before, or investors managing multiple properties and loans.
What the Bank Numbers Are Telling Us
It’s worth looking at the other side of this story too.
Some of Australia’s major banks have been vocal about wanting to write more loans directly. Commonwealth Bank has noted that broker-originated loans are 20–30% less profitable for them than direct loans. Bank of Queensland has publicly stated it’s trying to reduce its reliance on the broker channel. NAB’s proprietary lending channels reached 50% of its new lending in March — a push it’s been actively working toward.
Meanwhile, Macquarie Bank has gone the other direction. More than 95% of Macquarie’s new mortgage originations in the past year came through the broker channel. And ANZ’s direct lending network actually slipped in the first half of 2026.
The picture this paints is nuanced. Banks know that when borrowers have genuine choice and expert guidance, they often end up somewhere other than their existing bank. That’s exactly why the broker model delivers competition and why competition generally benefits borrowers.
What This Means If You Have a Home Loan Right Now
The record broker market share figure is interesting. But what should you actually take away from it if you’re a homeowner or aspiring buyer today?
If you’re buying: Working with a broker gives you access to a wide range of lenders from day one. Rather than shopping around yourself and having multiple credit enquiries hit your file, a broker can assess your situation, narrow down the right lenders, and submit a well-structured application on your behalf. That matters for your credit profile and for your settlement timeline.
If you’re refinancing: The most common reason people refinance is to get a better rate. But the rate is only part of the picture. The structure of your loan, how it’s split, whether you have an offset account, how repayments are set up, can have just as much impact on your long-term financial position. A broker can review your current setup and compare it against what’s available now, including lenders you might not have on your radar.
If you haven’t reviewed your loan in a while: This is probably the most overlooked group. A lot of Australians took out their home loan three, five, or even ten years ago and have barely looked at it since. The lending market has shifted significantly in that time. What was a competitive product in 2021 may not be in 2026 and a quick review can either confirm you’re in a good position or flag something worth acting on.
The Satisfaction Gap Is Real
It’s not just about access to more lenders. Broker customers also tend to report higher satisfaction with their home loan experience.
Research by Deloitte found that one in three broker customers rated their experience a 9 or 10 out of 10 — compared to just one in five direct-to-lender customers. That’s a meaningful difference, and it reflects something that the raw market share numbers can’t fully capture: people feel better supported when they have someone in their corner.
That’s the experience we aim to deliver at Flexible Financial Solutions. Not just finding a loan, but making sure you actually understand it and that it’s set up to work for you long-term.
Should You Use a Mortgage Broker?
It’s a fair question, and the honest answer is: it depends on your situation. But for most people buying or refinancing a home in Australia right now, speaking to a broker at minimum gives you a more complete picture of your options. There’s no obligation to proceed, and a good broker will tell you honestly if your current setup already looks competitive.
If you’re in the 19% who haven’t yet spoken to a broker or if it’s been a while since you’ve reviewed your home loan, it might be worth finding out what you’re working with.
Ready to Find Out Where You Stand?
At Flexible Financial Solutions, we offer free home loan reviews with no pressure and no obligation. Whether you’re buying your first home, thinking about refinancing, or just want a second opinion on your current loan, we’re happy to take a look and give you a straight answer.
Book a free home loan review here
It takes about 30 minutes, and you’ll walk away knowing exactly where you stand.
