A large majority of finance and mortgage brokers are happy in their careers, with 71% reporting job satisfaction, according to the Finance Brokers Association of Australia’s (FBAA) latest Bi-Monthly Broker Poll.
Despite this, more than half of respondents (54%) admitted they had considered leaving the industry at least once, even though 90% initially viewed broking as a long-term career.
FBAA managing director Peter White (pictured) said he was pleased that most brokers “loved their job,” but noted that aggressive lender practices such as clawbacks continue to drive dissatisfaction.
“This feedback demonstrates the impact these issues have on brokers and their willingness to stay in the industry and is the reason why the FBAA has been so vocal and continues to advocate for change,” White said.
The findings come as broker market share continues to climb, with Cotality and the Mortgage & Finance Association of Australia (MFAA) reporting a record 77.6% share of all new residential loans in the June quarter – up 10.4% year-on-year. By value, brokers wrote nearly $122 billion worth of new home loans during the quarter, highlighting Australians’ growing reliance on professional mortgage advice amid rising property prices and tighter lending conditions.
The poll highlighted that work-related stress and financial strain also remain common reasons brokers consider exiting the profession. Earlier CoreData research for the FBAA similarly found that lender clawbacks caused significant financial losses and emotional distress, reinforcing calls for fairer and more consistent policies across the industry.
White said the association is seeing progress: “It’s a long journey but we have started to see breakthroughs that some never thought we would see, which encourages us to continue the fight against practices that are unfair.”
Among those surveyed, several brokers cited mental health impacts and industry structure concerns:
The survey also found that younger brokers reported higher stress levels and less workplace support than their senior peers. Many said better pay and improved conditions would help retain them in the profession.
However, seven in 10 brokers who are satisfied with their job plan to stay in the industry for at least five more years, a result White described as validation of FBAA’s long-term advocacy efforts.
“Our message to members is to talk to us about how they can improve and succeed, as we exist to help brokers thrive in all aspects of their business and CPD,” he said.
MFAA CEO Anja Pannek said consumer trust in brokers remains strong, noting that “more consumers than ever are benefitting from the choice and competition brokers deliver.”
With interest rate cuts, a tight housing market, and growing borrower complexity, industry leaders expect broker share and workloads to keep rising in the coming quarters.
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