Aggregator AFG has introduced new file volumes of loans written by their brokers within the 2021 calendar yr, with $24.6bn in residential lodgements within the final three months of the yr.
The numbers replicate the rise in dealer market share to file ranges in late 2021, mixed with will increase within the variety of refinances and the dimensions of the common mortgage, which has gone as much as $624,000.
Australian debtors are additionally departing from the standard Huge 4 lenders, with brokers providing a wider vary of choices to purchasers.
AFG reported that the market share of the Huge 4 had dropped by virtually 4% from 57.31% to 53.55%, one of many lowest ranges of the final decade.
“The most recent AFG Index out right now has proven that AFG brokers completed the 2021 calendar yr in excessive demand, with the corporate lodging $24.6 billion in residential residence loans for the ultimate three months of 2021,” he mentioned.
“The file volumes throughout the nation revealed residential lodgements had been up 24% on the identical interval final yr.
“Australian residence patrons are profiting from a aggressive market with non-majors’ share growing once more this quarter to 46.5%.
“Lots of the developments seen firstly of 2021 have continued with refinancers now representing 25% of all mortgages, up from 22%. Though not again at pre-covid ranges, Funding loans have jumped 5% to 26% in Q2.
“As well as, it seems lender turnaround occasions have steadied and are monitoring at 21.8 days for the previous two quarters.
“AFG additionally experiences that Australian residence patrons’ ‘temporary romance with mounted fee merchandise’, fueled by the short-term funding benefits offered to the ADIs, seems to be waning with the variety of individuals selecting to repair their rates of interest falling from 38.2% within the prior quarter to 34% for Q2 FY22.