AUSTRALIANS TURNING TO BROKERS IN RECORD NUMBERS

The number of borrowers who are choosing brokers over banks has never been higher – and is rising at a very sharp rate.

 In the June quarter, banks originated only 22.4% of new home loans, compared to 77.6% by brokers, according to data by Cotality, which was commissioned by the Mortgage & Finance Association of Australia. This is not only a record result, it's a significant increase from one year earlier (73.7%) and two years earlier (67.2%).

 At the same time, Canstar analysis of banking data has found that the number of bank branches throughout Australia as of 30 June was 5% lower than in 2024 and 33% lower than five years earlier.

Why more borrowers turning to brokers

More choice. Brokers can access dozens of lenders, not just one, giving borrowers a wider range of loan products and interest rates.

Personalised service. Brokers take the time to understand each borrower’s goals and financial situation.

Expert guidance. They help navigate complex lending criteria and compare options that can be hard to decipher alone.

Convenience. With many banks reducing face-to-face services, brokers provide flexible, human support online or in person.

Best Interests Duty. Brokers are legally required to act in their customers’ best interests – banks are not.

Contact me if you’d like to explore your home loan options or compare rates across multiple lenders by clicking ‘Get Started’ on juicefinance.com.au