Why did brokers gain share in Q4?

Trust lending restrictions and tighter oversight of private credit pushed more complex borrowers to advisers. A mortgage broker compared bank and non‑bank options, solved policy issues, and kept applications moving during rule changes. The service edge, plus RBA rate cuts supporting demand, lifted broker-led refinances and switches.

How do RBA rate cuts affect non-bank lenders?

Lower policy rates help serviceability, but non‑bank funding depends on warehouses and securitization. If spreads stay wide during a private credit crackdown, end rates may not drop as fast as the cash rate. Watch RMBS issuance, investor demand, and arrears for signs of pricing relief.

What should US investors monitor in 2026?

Track bank margin commentary, third‑party origination costs, non‑bank funding spreads, and housing approvals. Also monitor updates on trust lending restrictions and any extensions of private credit scrutiny. These factors drive mix, pricing power, and credit growth, which feed into earnings and bond performance.

Do banks benefit when they push proprietary channels?

Direct channels can lower acquisition costs and tighten control of pricing. But a strong mortgage broker network can redirect customers to rival lenders if policies or service lag. The net effect depends on turnaround times, service levels, and whether pricing remains competitive for the target borrower segments.

Global Market Insights

Mortgage Brokers December 31: Q4 Trust-Lending Cuts, Crackdown Roil Market

ByHuzaifa Zahoor January 1, 2026January 1, 2026

Australia’s mortgage broker market closed Q4 on a high, even as banks tightened company and trust lending and regulators increased scrutiny of private credit. The shift arrived alongside RBA rate cuts, adding fuel to refinancing and product switches. For US investors, this mix matters. It can reshape bank margins, non‑bank funding needs, and housing credit growth through 2026. We break down what changed, why it happened, and how a mortgage broker channel advantage may extend into next year.