What is driving the surge in Australia’s mortgage broker activity?

Three forces stand out. First, borrowers want side-by-side comparisons across banks and non-banks as serviceability rules and living-cost checks stay tight. Second, speed matters, and brokers route files to lenders that can decide quickly. Third, complex cases are rising, including self-employed and near-prime borrowers. Brokers know policies well and can match risk to lender appetite, which improves approval odds and settlement pull-through for difficult scenarios.

How significant is Bluestone Home Loans’ 61% applications jump via brokers?

It is a strong signal that brokers are routing more niche and time-sensitive deals to specialist lenders. The lift aligns with quicker decisions and a focus on complex scenarios, which often fall outside big-bank policy. While one lender does not define the market, momentum at scale providers tends to ripple. If approvals and settlements track the applications surge, funding needs and RMBS issuance could increase to support growth.

What does broker channel growth mean for non-bank lending and funding?

More broker-originated volume often tilts toward specialist and near-prime credit, which can raise blended yields but requires careful funding. Non-banks will lean on warehouses and RMBS, so term spreads, note demand, and pool performance matter. If funding costs rise, lenders may reprice or tighten criteria. If spreads are steady and arrears behave, balance-sheet velocity can improve, supporting market share gains without sacrificing credit quality.

Which indicators should investors watch to gauge sustainability of the trend?

Track approval times, conversion from approval to settlement, and broker satisfaction scores. On funding, monitor RMBS issuance frequency, warehouse headroom, and secondary spreads versus bank paper. Review early arrears, hardship requests, and net interest margins for any stress. Also scan broker commentary on policy clarity. If speed, policy fit, and funding costs remain supportive, broker-led non-bank growth is more likely to persist through the cycle.

Global Market Insights

February 12: Mortgage broker surge as Bluestone apps jump 61%

ByDanny Kontos February 12, 2026

Australia’s mortgage broker market is running hot after Bluestone Home Loans reported a 61% year-on-year jump in broker-submitted applications. Faster approvals and more complex deals are flowing to specialist non-bank lending, a key sign of broker channel growth. With the Top 25 brokerages lifting settlements to A$104bn from A$91bn, we see share shifting toward lenders built for speed and flexibility. Today, we map what this means for funding, securitisation, and investor positioning in a changing credit cycle.