Australian Broker Channel Keeps Growing

What the MFAA State of Mortgage & Finance Broking Report 2026 tells brokers about scale, competition, diversification and sustainable growth. 

A broker channel operating at record scale 

The MFAA’s inaugural State of Mortgage & Finance Broking Report 2026 provides a detailed snapshot of an industry that continued to expand through 2025. Mortgage brokers settled $495.55 billion in residential home loans during the calendar year, an increase of approximately $94.34 billion, or 23.5%, compared with 2024. The reported broker population also grew strongly, rising 9.1% from 22,105 to 24,116. At the same time, the broker-originated residential loan book increased 11.0% to approximately $1.17 trillion. 

Those numbers matter because they show growth occurring on several fronts at once: more brokers, more applications, more loans settled and a larger book of broker-originated lending. The latest quarterly market-share figure, which sits outside the report’s 2025 annual dataset, is even more striking. Brokers facilitated 81.6% of all new residential home loans in the June 2026 quarter, up from 76.7% in December 2025 and the highest result in the MFAA quarterly series. 

For brokers, the message is significant. The channel is no longer simply an alternative distribution model. It has become the way the clear majority of Australian home-loan customers access lending. 

Activity is growing faster than numbers

One of the most interesting findings is that lending activity grew materially faster than the reported broker population. Within the matched eight-aggregator sample: 

• Home-loan applications increased 18.4%, from 769,366 in 2024 to 911,150 in 2025. 

• Residential loans settled increased 17.2% to 838,815. 

• Residential settlement value increased 23.5%. 

Average residential settlement value per reported broker increased from approximately $18.15 million to $20.55 million, a rise of 13.2%. The MFAA rightly cautions against treating this as a simple broker productivity measure. Settlement values are affected by loan sizes, property prices, refinancing activity, borrower demand and lending mix. Nevertheless, the broader picture is clear, the broker channel is handling substantially more lending activity and value. 

Interestingly, the report also shows the wide range of activity levels within the profession. In the participating aggregator sample, 17.0% of reported brokers did not settle a residential loan during 2025, while 18.0% settled $25 million or more. That reinforces something we see across the industry, broker numbers alone do not tell the whole story.  

Capability, activity, consistency and business maturity vary enormously.

Competitor and lender choice remain central

Major banks remained the largest destination for reported new residential lending, accounting for 44% of lending value in 2025. However, their share declined slightly over the year, while other lenders, non-bank lenders and international banks increased their respective shares. 

This is important for the broker proposition. Consumers are not simply accessing a broker to complete a loan application. A key part of the value brokers can provide is navigating an increasingly broad lending market – understanding policy differences, pricing, niches, service standards and lender appetite, then identifying options appropriate to the client’s circumstances. 

As the lender landscape becomes more diverse, the knowledge requirement on brokers increases. Strong lender relationships, regular engagement with BDMs, disciplined policy research and the ability to identify when a scenario sits outside the mainstream can all become genuine competitive advantages. 

Commercial finance is becoming harder to ignore

The expansion beyond residential lending is one of the report’s strongest themes.  

Within the matched eight-aggregator sample, commercial, business and asset finance settlements increased from $41.1 billion in 2024 to $52.3 billion in 2025 – growth of 27.4%. 

The commercial finance numbers reinforce the scale of that shift: 

• Brokers reported as writing commercial, business or asset finance increased 6.3%, from 11,084 to 11,785. 

• Average settlement value per participating broker rose 19.7% to approximately $4.44 million. 

• More than half of brokers in the matched sample wrote some commercial, business or asset finance in both 2024 and 2025. 

For residential brokers, this does not mean everyone should suddenly become a commercial specialist. It does, however, suggest a growing need to recognise opportunities within an existing client base. Business owners may need equipment finance, working capital or commercial property funding. Property investors may progress into more complex structures. A broker can build capability directly, work with a specialist inside their business, or develop a trusted referral arrangement. The important point is not to ignore needs that are increasingly sitting alongside residential lending.

Broker businesses are changing shape 

The report also provides useful insight into how broking businesses themselves are evolving. Growth within the office-structure sample was concentrated in multi-broker offices: 

• The number of brokers operating in offices with two or more brokers increased by 17.0%. 

• The number of sole operators remained broadly unchanged. 

• The share of brokers in multi-broker offices rose from 52.9% to 56.8%. 

• The share of sole operators fell from 47.1% to 43.2%. 

The MFAA notes that the data does not identify whether this change reflects recruitment, consolidation or other structural changes. Even so, it highlights an important issue for established brokers: building a business beyond yourself requires a different skill set.  

Recruitment, leadership, workflow management, file quality, compliance oversight, delegation, technology and succession all become more important. 

Licensing structures also continued to favour the credit representative model. Credit representatives increased from 67.1% to 69.2% of reported brokers in the relevant sample, while Australian Credit Licence holders represented 30.8%. 

A growing workforce still needs renewal 

Broker numbers increased across every state and territory in 2025, with NSW/ACT, Victoria and Queensland accounting for most of the national increase. Nationally, there were approximately 904 Australian adults for every reported broker, down from 969 in 2024 as broker numbers grew faster than the adult population. 

The age profile continued to show a substantial experienced broker base, although the MFAA also identified a modest shift toward the 31-50 age groups. The 18-25 cohort recorded the strongest percentage growth, albeit from the smallest specified age group. The report links these trends to the importance of workforce renewal, new-entrant pathways and succession planning. 

That is a particularly relevant issue for aggregators and established broker businesses. Bringing people into the industry is only the first step. New brokers need structured education, mentoring, practical deal support and time to build the skills and referral networks required for a sustainable career. 

Revenue is improving – but sustainability matters more 

Revenue indicators also strengthened across the matched participating aggregator samples: 

• Aggregate gross upfront commissions increased 21.3%. 

• Median reported gross upfront revenue increased 16.0%, from approximately $109,473 in 2024 to $126,941 in 2025. 

• Median reported gross trail revenue increased 18.7%, from approximately $65,609 to $77,894. 

• Median reported gross clawback increased 16.5%, from approximately $9,820 to $11,442, based on a smaller matched sample. 

These figures need to be interpreted carefully. The MFAA makes clear that they are aggregator-level measures and should not be read as ‘broker-level net-income’ benchmarks. They do not account for individual business expenses, commission splits or differences in business models. 

The more useful message is about sustainability. A growing market can create opportunity, but volume alone does not create a strong business. Brokers still need reliable lead generation, good client retention, sound cash-flow management, efficient systems, strong compliance and a clear value proposition. Growing too quickly without the right foundations can create just as many problems as not growing at all.

What should brokers take from the report? 

Overall, the report paints a positive picture of the mortgage and finance broking channel, but it also raises the bar.  

With brokers now facilitating the clear majority of new residential home loans, expectations around professionalism, consumer outcomes, technical capability and business resilience will continue to increase. 

For Vision Aggregation brokers, there are several practical themes worth taking away.  

• Keep investing in lender and policy knowledge.  

• Build deeper relationships with clients and referral partners rather than relying only on transactional lead flow. 

• Consider how commercial, business and asset finance may fit your client base, but build capability carefully.  

• If you are growing a team, invest in management systems and people development as seriously as you invest in lead generation.  

• And continue to treat compliance, education and technology as core business infrastructure rather than administrative extras. 

The opportunity across Australian mortgage and finance broking is substantial. The businesses best positioned to benefit will be those that combine growth with capability, discipline, diversification where appropriate, and a genuinely long-term approach to serving clients.

In summary

• Brokers settled $495.55 billion in residential home loans in 2025, up 23.5%. 

• The reported broker population increased 9.1% to 24,116. 

• Broker market share reached 81.6% in the June 2026 quarter, the highest result in the MFAA quarterly series. 

• Home loan applications rose 18.4% in the matched eight-aggregator sample. 

• Major banks remained the largest lender segment, but lending distribution broadened across several non-major categories. 

• Commercial, business and asset finance settlements grew 27.4% to $52.3 billion in the matched sample. 

• Growth in broker numbers was concentrated in multi-broker offices. 

• The industry opportunity is growing, but so is the need for sustainable businesses, professional capability, workforce renewal and succession planning. 

Download the MFAA State of Mortgage & Finance Broking Report 2026 to explore the full findings.

If you’re a broker looking for a bit of extra guidance or support, feel free to reach out to our team – we’re always happy to have a chat. You can get in touch directly with Leighton King at enquiries@visionaggregation.com.