Mortgage brokers and aggregators have taken nearly half of the home loan market and are on track to break through the $120 billion mark for new loans written by the end of the year.
Australia's top 17 brokers and aggregators set a new record for the industry with $32 billion worth of loans written over the September, according to comparator research commissioned by the Mortgage and Finance Association of Australia (MFAA).
The MFAA added that lenders outside of the top four banks are making strong inroads into home loans written by brokers.
Comparator found that local brokers' market share currently stands at 46.4 per cent for home loans written compared with 50 per cent for the UK, 27 per cent for Canada, less than 40 per cent in the US and 25 per cent in New Zealand.
"We expect that brokers and aggregator members of the MFAA will provide more than 50 per cent of all home loans written in Australia over the next two years, if this growth trend continues," chief executive Phil Naylor said.