Macquarie Grows Mortgage Book 28% by Betting on Brokers

While major banks build direct channels, Macquarie grew its home loan book to $181.3 billion — with 95% of new loans written by mortgage brokers.

Macquarie Goes All-In on the Broker Channel

While several of Australia's major banks have been quietly shifting mortgage origination toward their direct channels, Macquarie Bank has moved firmly in the opposite direction — and posted results that challenge the conventional wisdom about broker-channel profitability. MPA Australia reports that Macquarie's home loan portfolio reached $181.3 billion as at 31 March 2026, up 28% on the prior year, with brokers originating more than 95% of all new home loans written through the bank during the financial year.

That 28% growth rate stands out in a market shaped by elevated interest rates and persistent inflation squeezing borrowers' capacity. Macquarie's result came despite the competitive and economic headwinds that have weighed on the broader mortgage sector throughout the 2026 financial year.

The growth was anchored in owner-occupier demand and a deliberate tilt toward lower loan-to-value ratio (LVR) lending. The average LVR at origination for Macquarie's book sits at 65%, with an average dynamic LVR — reflecting current loan balances relative to current property values — of 51%. That is a conservatively positioned portfolio by industry standards.

With this result, Macquarie now holds approximately 7.1% of the Australian mortgage market. Wendy Brown, head of broker sales at Macquarie Bank, described the milestone as "a big milestone if you consider the highly competitive nature of the market." In 2010, Macquarie represented just 0.2% of the overall market — a figure that makes the current 7.1% share all the more striking as a long-run growth story.

On the financial headline, net profit after tax for the full financial year came to $4.8 billion, up 30% year-on-year. The second half was particularly strong, with profit of $3.2 billion — up 93% on the first half. The board declared a full-year dividend of $7 per share, an increase of 50 cents on the prior year.

What the Big Four's Strategy Shift Means for Borrowers

The Macquarie result matters for borrowers not because of its profit figures, but because of what it reveals about the structural dynamics shaping Australia's home lending market.

Several major lenders have been recalibrating toward direct origination — and the rationale is commercial. National Australia Bank's proprietary lending channel reached 50% of new loans in March 2026, up from 35.3% in the second half of 2023. Commonwealth Bank of Australia has noted that broker-originated loans are 20% to 30% less profitable than those written directly, and has been expanding its direct channel accordingly. Bank of Queensland has also signalled a push to bring more lending in-house and reduce its reliance on the broker network.

The trend is not universal. ANZ's chief executive Nuno Matos told investors in October 2025 that the bank would prioritise in-house mortgage origination under its ANZ 2030 strategy — but in practice, ANZ's proprietary lending share slipped to 31% of new loans in the latest half, down from 33%.

At Macquarie, the approach is unambiguous. More than 95% of new mortgage originations were sourced through the broker channel in the past year. Wendy Brown explained the strategic logic clearly: "What our results show is that it is possible to be profitable lending via the broker channel. We see a sizable and sustainable growth opportunity as more and more Australians partner with a broker when buying a home. While many of our competitors are looking to build their direct channels, we're backing brokers."

For borrowers, a lender that competes aggressively for broker-introduced business has strong commercial incentives to sharpen its rates, service standards and turnaround times. Macquarie was named Bank of the Year in the 2025 MPA Brokers on Banks survey for the fourth consecutive year, and MFAA Major Lender of the Year for the sixth consecutive year — a track record that reflects sustained operational investment in the broker experience rather than a one-year anomaly.

Chief executive Shemara Wikramanayake said Macquarie "remains well positioned to deliver superior performance in the medium term," citing the bank's diverse income streams, conservative balance sheet and ongoing platform investment. Brown added that over the past year the bank has increased investment in BDM coverage, credit assessment teams and digital capabilities — investments that translate into faster turnaround times for broker-submitted applications.

What This Means If You're Shopping for a Home Loan

For borrowers currently comparing lenders, the practical takeaway from Macquarie's result is that broker-sourced competition in the mortgage market remains genuinely active — even as some major lenders pull back from that channel.

A lender that originates 95% of its loans through brokers and has built its entire business model around the broker relationship has a fundamentally different incentive structure to one building out a direct channel. That competition benefits borrowers directly through rates, service and product variety.

If you're exploring [investor home loan options](/home-loans/investor) or looking for a [competitive refinance rate](/home-loans/refinance), speaking to a mortgage broker who has access to lenders across the market — including those that primarily originate through the broker channel — gives you a wider view of what's genuinely available.

You can also use our [borrowing power calculator](/calculators/borrowing-power) to understand what you're able to borrow at current rates, or [compare the cheapest home loans in the market today](/home-loans/cheapest) to see where the most competitive rates currently sit.

[Source: MPA Australia](https://www.mpamag.com/au/news/general/macquaries-broker-led-mortgage-machine-surges-28/574478)