The Mortgage Broking Industry Group (MBIG) has launched The Value of Mortgage Broking, a report by Deloitte Access Economics.
This report demonstrates the value that the mortgage broking industry brings to customers, lenders and the Australian economy, mainly by driving competition and delivering greater choice and valuable services to all Australians.
You can click here to view the report on the Deloitte Access Economics website.
The key findings of the report are:
- Mortgage brokers strengthen the entire Australian mortgage lending industry by promoting competition and supporting all Australian home buyers and investors.
- The mortgage broker channel has contributed to a fall in lenders’ net interest margins of more than three percentage points over the past 30 years.
- More than 90 per cent of customers are happy with their mortgage broker’s performance.
- Mortgage brokers arrange more than half of all home loans each year, and this number continues to grow.
- Mortgage brokers drive competition by improving access to lenders that are not major banks or their affiliates. The share for these lenders increased from 21.4 per cent in 2013 to 27.9 per cent in just four years.
- The average mortgage broker has access to 34 lenders and uses an average of 10 lenders on their panel, bringing more choice to Australian home buyers.
- Three in ten mortgages arranged by mortgage brokers are for customers in rural or regional areas, improving access to home lending for rural and regional Australians.
- The mortgage broking industry contributes $2.9 billion to the Australian economy each year, supporting more than 27,100 (full-time equivalent) jobs.
These findings clearly demonstrate the value and service we are delivering to customers – a testament to the hard work and dedication of the broking industry across the country.