Non-Banks Surge as Brokers Write 1 in 9 Australian Mortgages

Half-year results from Finsure and MA Money show non-bank lenders and the broker channel capturing record market share in 2026.

Australia's mortgage market is undergoing a structural shift, and the half-year results from MA Financial Group illustrate it clearly. Finsure, the group's aggregator arm, grew its managed loan book 25% on the first half of 2025 to reach $193 billion at 30 June 2026, surpassing its full-year target ahead of schedule.

The scale of the platform is significant. One in every nine new home loans written in Australia during the second quarter of 2026 was processed on the Finsure platform. Finsure's Middle technology platform now assists over 165,000 consumers and processes approximately $1 billion in loan applications every week, according to Australian Broker.

Revenue per broker on the Finsure platform rose 16% year on year to $13,000 over the same period, a sign that individual broker productivity is improving as the platform matures and scales.

The Non-Bank Lending Surge

The sharper growth story sits in non-bank lending. MA Money, MA Financial's proprietary non-bank lender, recorded a 127% year-on-year increase in its total loan book to reach $7.5 billion at 30 June 2026. The book has since surpassed $8 billion following more than $1 billion in new settlements in the opening months of the second half of 2026.

MA Money maintained a net interest margin of 1.33% — in the upper half of its targeted 1.2% to 1.4% range — which suggests rapid growth is being achieved without loosening credit standards in ways that would compress returns. The lender has upgraded its full-year FY26 net profit after tax guidance to between $25 million and $30 million. The group has also set a three-year target to grow the MA Money loan book to $15 billion by December 2029.

What's driving that non-bank demand? It comes down to credit flexibility. Non-bank lenders can structure loans for borrowers that major banks routinely decline — not because those borrowers aren't creditworthy, but because they don't fit the standardised assessment frameworks that large institutions apply at scale. That typically includes:

- **Self-employed and alt-doc borrowers** who earn well but can't easily produce two years of standard payslips - **Borrowers with irregular income** — including those with salary packaging, freelance or contract income, or seasonal employment - **Investors reassessing their structures** following the federal budget's changes to negative gearing eligibility and the capital gains discount, who may need product flexibility that the major banks have tightened on

MA Money noted its lending momentum had continued "despite a market slowdown following the federal budget and investor-focused tax changes," with the lender expanding market share and mortgage broker relationships through those conditions. The group flagged potential for a slowdown if current market conditions persisted, but the first-half result showed no sign of deceleration.

What This Means for Borrowers

The growth of non-bank lending is practically useful to know about if your borrowing situation is anything other than straightforward. If you've been turned down by a major bank, or if your income situation doesn't fit the standard PAYG mould, the non-bank sector has become a considerably larger and more competitive space than it was even a few years ago.

For investors working through the post-budget environment — particularly those reassessing negative gearing strategy or considering newly built properties to maintain eligibility — non-bank lenders with flexible alt-doc and interest-only options may offer structures that the majors have restricted.

For borrowers who do fit the standard profile, the growth of the non-bank sector and the scale of the broker channel creates competitive pressure that ultimately benefits everyone. A broker working across a large lender panel — including non-bank options — is better positioned to find the right structure and rate than one limited to what the major banks are currently willing to offer.

Use the refinance savings calculator to get a quick read on whether your current rate remains competitive. If you haven't reviewed your loan in the past two years, the non-bank market may offer something your current lender won't match. And if your income situation is complex, exploring the full range of home loan options alongside a broker who works across both bank and non-bank lenders can open up paths that a direct application to a major bank might miss.

Finsure has set a target to reach $300 billion in managed loans by December 2029 — a 55% increase from its current $193 billion base. If the trajectory of the first half of 2026 is any guide, the non-bank and broker channel will continue to grow as a proportion of new Australian mortgages. For borrowers, more competition across more lender types is almost always a good outcome.