Snapshot of mortgage broking aggregators in Australia (2025)

As a business owner, aligning yourself to the right mortgage broking aggregator can set you up for success. I have been with my aggregator for over 15 years and share why they have been a great fit for me here.

When you become qualified to act as a mortgage broker, you need to join a mortgage broking aggregator. The sooner you can start discussions with a mortgage broker aggregator the better – even before you do the mortgage broker qualifications.

The role of mortgage broking aggregators

Mortgage broking aggregators are the connection between mortgage brokers and a diverse panel of lenders. They serve as the backbone of any mortgage broking business, providing tools to operate effectively in a competitive and regulated environment.

Dealing with mortgage broking aggregators as opposed to individual brokers for major agreements – such as commissions – makes sense for lenders.

Mortgage broking aggregators performs the following key services for a mortgage broking business:

Software for your business

• From capturing clients details right through to submitting their application
• Track settlement volumes, loan anniversaries and key tasks
• Measure business perfomance

Lender access

• Coordinating lender accreditations
• Enabling new lenders access to a broker network
• Research and review lenders and loan products
• Submitting applications to lenders

Training

• Keeping up to date with lender policies and procedures
• Business development training

Compliance

• Stay on top of industry regulations and requirements
• Software can have workflows with compliance front of mind

Commission payments

• Commission agreements are between the aggregator and lender, not the broker
• Aggregators then manage the lender commission payments through to the broker

Licensing

• Aggregators can hold an Australian Credit Licence, and some allow you to operate as a Credit Representative under that licence

Marketing

• Aggregators can offer website design right through to templated marketing materials to boost your business

Industry growth of mortgage broking

The Australian mortgage broking sector has witnessed significant growth in recent years. Three out of every four new home loans in Australia are done through mortgage brokers. And behind every successful loan settlement are mortgage broking aggregators.

This surge underscores the increasing reliance on brokers by Australian borrowers, driven by an increasingly knowledgeable customer base – one that understands brokers have an obligation to act in their clients best interests – something banks are not obliged to do.

Mortgage broking aggregators have been instrumental in this growth, providing brokers with the tools and resources needed to meet the evolving demands of the market.

Top aggregators in Australia

Several key players dominate the mortgage broking aggregation landscape in Australia. The table below shows broker membership by aggregator group.

1. Connective

Connective was established in 2003 and has grown to be one of Australia’s largest privately-owned mortgage aggregators, supporting around 5,000 brokers nationwide. I have witnessed their growth first hand having been a member of Connective for 15 years.

The aggregator’s commitment to diversity is evident, with a 37% membership being female brokers, much higher than the industry average of 29% – reflecting its inclusive and supportive environment.

Known for its flexible business models, Connective offers brokers the choice between a low-cost flat fee or commission-split arrangement. Connective’s Mercury Nexus platform stands out for its functionality and flexibility, enhancing broker efficiency and client service.

2. Loan Market Group (LMG)

LMG stands as Australia’s largest mortgage aggregator, supporting a vast network of over 6,000 brokers and advisers if you also include their New Zealand members. Founded in 1994, the 2020 acquisition saw the subsequent consolidation PLAN Australia, Choice Aggregation, and FAST into the LMG brand.

3. Australian Finance Group (AFG)

Established in 1994, AFG is a publicly listed company on the ASX and one of Australia’s largest mortgage broking groups.

4. Finsure

Finsure is a leading Australian mortgage aggregator founded in 2011.

5. Specialist Finance Group

Specialist Finance Group, established in 1991, is one of Australia’s longest-operating mortgage aggregators.

6. Mortgage Choice

Mortgage Choice is a prominent Australian mortgage aggregator and retail brand, founded in 1992 and acquired by REA Group in 2021. Part of the REA Group, Mortgage Choice operates a franchise business model with a network of around 1,100 active mortgage brokers.

7. Yellow Brick Road

Founded in 2007 by Mark Bouris, Yellow Brick Road (YBR) is a financial services company and mortgage aggregator that primarily offers brokers a franchise model of operation.

8. MoneyQuest

MoneyQuest is a boutique Australian mortgage aggregator and franchise network founded in 2007. It combines the flexibility of a broker network with the branding power of a franchise system.

Challenges and Opportunities

While the mortgage broking industry is thriving, brokers and aggregators face several challenges.

Competitive Pressures
The rise of digital lenders and direct-to-consumer platforms is intensifying competition, compelling brokers and aggregators to differentiate their services. Some examples of this are aggregators that can accommodated asset finance and commercial lending.

Regulatory Changes
Ongoing regulatory reforms require brokers and aggregators to stay abreast of changes. This is something a good aggregator will help brokers be across.

Commission Structures
Banks continually reevaluate commission agreements with aggregators. Something to keep in mind when choosing an aggregator.

Despite these challenges, opportunities abound. The increasing demand for personal credit advice, coupled with advancements in technology, presents avenues for growth and innovation. Aggregators that invest in technology, prioritise compliance, and focus on broker support are well-positioned to thrive in the evolving landscape.

Final word

Mortgage broking aggregators remain integral to Australia’s home loan market in 2025. Their support enables brokers to navigate a complex and competitive environment, ultimately benefiting consumers seeking tailored financial solutions.

As the industry continues to evolve, aggregators’ ability to adapt to technological advancements, regulatory changes, and shifting consumer expectations will determine their sustained success and contribution to the Australian economy.

Aggregators can effectively shape your mortgage broking journey: from qualifying as mortgage broker, right through to enabling business growth and success for years to come.