The role of mortgage brokers remains to aid borrowers in sourcing mortgage finance for which they get paid a commission from lenders. Given brokers are able to offer loan products from a large number of bank and non-bank lenders, borrowers prefer using them rather than approaching a single bank. This is emphasised given that loans written by mortgage brokers, accounted for around 74% of all new residential home loans in 2024. The industry has grown strongly over the past 5 years, in terms of the number of businesses, employees, revenue and profit. Value levels for mortgage broking businesses have also increased after the 2019 completion of the Royal Commission into the finance industry which provided defined guidelines for industry conduct.
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