Australia’s largest mortgage broking groups include AFG, LMG, Lendi Group, Mortgage Choice, Connective, Finsure and YBR Aggregation. They give brokers different ways to build a business, from running their own brand through an aggregator to joining a national franchise.
An aggregator gives broking businesses access to lenders and shared systems. A brokerage group brings consumer-facing broker brands together. Some groups do both, so the size of a lender panel or broker network tells only part of the story.
Broker Market Share and Scale
A 2026 quarterly report from the Mortgage and Finance Association of Australia (MFAA) records a peak broker share of 81.6%. The figure measures new residential home loans facilitated by brokers, using Cotality data commissioned by the MFAA.
Interest-rate movements and housing activity swing settlement volumes between quarters. Rate changes can also prompt existing borrowers to refinance, creating work for brokers even when fewer people buy homes.
Compliance costs following the banking royal commission have pushed volume towards larger groups that can spread those costs across more brokers. Their shared compliance teams and technology reduce the amount each small brokerage must build itself. Brokers still carry their own obligations when recommending a loan.
Compare scale using the same measure. Annual settlements measure new lending during a period, while a loan book measures outstanding loans. A network’s broker count is different again, especially when a published community figure includes support staff or covers both Australia and New Zealand.
Who the Major Players Are
AFG
Australian Finance Group (AFG) is primarily an aggregator for independently branded broking businesses. AFG says it partners with more than 4,300 brokers nationally. Its lender panel and shared technology give those businesses access to infrastructure while each broker manages their client relationships.
AFG also has its own funding arm, AFG Securities, which funds loans through securitisation. The aggregation business and funding business do different jobs within the same group.
Lendi Group and Aussie
Lendi Group brings together Lendi and Aussie after their merger in 2021. Its own group website describes a network of more than 1,300 brokers. Lendi Group is a brokerage group, so placing it in an aggregator settlement ranking mixes different business models.
Aussie Home Loans is Lendi Group’s retail brokerage brand, with stores and mobile brokers. Lendi is its online home-loan brand. Their shared platform supports the application process, while brokers help clients select and arrange finance.
LMG and Loan Market
LMG (Loan Market Group) is the family-owned group behind LMG aggregation and the Loan Market franchise brand. Loan Market belongs to LMG, not Lendi Group.
LMG supports brokers working under their own brand as well as those using the Loan Market name. Its published community spans Australia and New Zealand and includes business owners and team members alongside brokers and advisers. That broader count needs a different reading from an Australian broker-only total.
The Other Household Names
Mortgage Choice
Mortgage Choice is owned by REA Group and has a national franchise network. Mortgage Choice reports more than 1,000 brokers and 750 franchises. Its brokers arrange home loans and can also assist with commercial loans and asset finance.
For a prospective franchisee, the business decision includes the value of the Mortgage Choice brand and its support alongside the franchise agreement’s costs. Ownership by REA Group is separate from the individual franchise business you would run.
Connective
Connective is an aggregator supporting more than 5,000 brokers, according to its own site. Its Mercury Nexus platform manages broking work, and Connective describes two membership plans with different fee structures.
Connective’s model suits a different decision from buying a consumer-facing franchise. You assess the aggregation agreement and platform while retaining your own brokerage brand.
Finsure
Finsure is a large aggregation group with Infynity as its broker customer relationship management (CRM) platform. Its published services include compliance support, marketing and ongoing education. Those services sit behind the brokerage, so compare their practical value with the fees in your proposed agreement.
YBR Aggregation
YBR Aggregation (formerly Vow Financial) is part of the Yellow Brick Road group. Its aggregation business supports brokers using their own brand, alongside the group’s separate YBR franchise model.
YBR’s aggregation site describes more than 1,250 brokers. It lists percentage-based and transaction-based models, making the commission and fee calculation part of the decision for an established book.
What This Means for Working Brokers
A group’s size gives you context, while its agreement determines the economics of your brokerage. Compare commission after aggregator fees against your expected settlements and existing trail. Include recurring technology charges and any franchise or marketing fees.
Panel breadth matters when it covers the lenders your clients need and you can obtain the relevant accreditations. A larger headline lender count alone does not show that fit. Compare the CRM’s deal workflow and reporting with the compliance support and training you will use.
A franchise gives you an established consumer brand with conditions on how you run the business. Your own brand gives you more control over marketing, with the cost and work of generating your own enquiries. In either model, client reviews and responsive service help protect the relationships behind your trail book.
Request written schedules from two or three groups covering commissions, fees, the technology included and lender access. Model each schedule against your current book and a quieter settlement period before choosing where to work.
