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Aggregators are rising to the temporary, delivering the non-negotiables brokers rely on. But as tech evolves at breakneck pace, expectations rise and the necessity for scalable assist grows, these investing in brokers’ long-term success are shaping the subsequent chapter.
MPA’s fifteenth annual Brokers on Aggregators survey exhibits that dealer priorities have barely budged in three years. Accurate, on-time fee funds, lender panel high quality, and dependable IT and CRM assist prime the record. Brokers measure aggregator worth in opposition to these core companies, as their feedback illustrate:
“Excellent fee help”
“Broad lender panel permits us to match purchasers with the correct options”
“Provides instruments to remain aggressive: one of the best CRM, coaching, and numerous merchandise”
That belief hasn’t wavered, however neither has dealer scrutiny. Nearly 79% say they’re ‘extraordinarily unlikely’ to change aggregators, and dealer suggestions on the basics stays constructive. Yet at the same time as loyalty endures, expectations are rising. Brokers are extra alert to underperformance in compliance, coaching and BDM assist, all of which noticed modest dips in satisfaction yr over yr. Meanwhile, lower-tier companies comparable to lead era and advertising and marketing have taken a again seat. Brokers are prioritising reliability, strategic assist and well-integrated enterprise programs.
Partners in progress
The greatest mortgage aggregators are strengthening dealer assist the place it counts, utilizing focused innovation to drive first-class consumer service and outcomes. That stated, MPA’s findings counsel the channel could quickly face a take a look at of its readiness for what’s subsequent.
“Broker insights act as a real-time sign to tell discussions,” says Paul Herbert, AMP Bank’s head of lending and on a regular basis banking distribution. “If there are points round delays, coverage confusion or poor digital instruments, our management staff collaborates straight with aggregators to co-create options that assist our brokers.”
Indigo Finance’s managing director, Melanie Cunliffe, provides, “What units an aggregator aside is their means to behave as a strategic associate, bringing collectively know-how, folks and tailor-made steerage to assist brokerages develop sustainably.”
What separates good from nice in 2025 is execution, strategic course and the desire to develop alongside brokers, not forward of them, plus:
broker-driven service fashions
versatile programs
responsive, private assist
According to the MFAA, brokers settled 76% of recent residential house loans within the December 2024 quarter – over $115 billion, the best quarterly complete ever recorded. Aggregators powered the programs behind that momentum.
MPA’s information exhibits the share of brokers writing over $60 million climbing in 2025, highlighting a widening divide between high-growth dealer companies and people scaling up. Aggregators are enjoying a central position in enabling that progress.
Take a data-backed have a look at who’s main the aggregator pack and the way dealer rankings outlined this yr’s standouts.
BROKERS’ TOP PRIORITIES
Brokers again aggregators that ship on core companies, the place dependable pay, sensible tech and lender alternative outline worth – and loyalty is earned
Brokers have lengthy prioritised getting the fundamentals proper, and aggregators that excel at assist, service and belief are locking in loyalty.
Satisfaction rebounded in 2025, with 79% saying they’re ‘extraordinarily unlikely’ to change aggregators, up from 74%, although nonetheless 1.6 factors beneath 2023. This displays loyal relationships total and indicators that brokers weigh worth and efficiency extra fastidiously.
That extra exacting lens hasn’t gone unnoticed by lenders. Bankwest, for instance, companions with aggregators on studying and training occasions. “In the final 12 months, we’ve supported over 150 aggregator-run skilled improvement alternatives, serving to brokers construct their companies and assist clients all through their lives,” says Ian Rakhit, Bankwest’s normal supervisor of homebuying distribution.
In 2025, 5.7% of brokers stated they had been prone to change aggregators, down from 9% in 2024 however on par with 2023. What’s modified is intent: extra brokers on this group now say they’re extraordinarily prone to depart. This section probably consists of high-performing or growth-focused brokers with rising expectations round service, transparency and strategic assist.
Brokers highlighted what retains them on board:
“Gives us information insights, automation and the instruments to remain aggressive”
“Makes certain I’m throughout all the things and doesn’t intervene in how I run my enterprise. It’s a win-win; they succeed after I do”
The prime three causes brokers contemplate leaving their aggregator have remained constant since 2023, centred on fee accuracy and IT, CRM and BDM assist.
True to type, fee funds have ranked as brokers’ prime aggregator service for 5 years, adopted by lending panel high quality and IT and CRM instruments.
Among aggregators with over 600 brokers, the race was tight for correct and well timed fee funds. After slipping to bronze final yr, National Mortgage Brokers reclaimed gold, and Loan Market held regular with silver. Connective took bronze, whereas final yr’s gold medallist Finsure slid to fifth.
In the boutique aggregators group, Purple Circle Financial Services made a gold-medal debut, knocking final yr’s champ MoneyQuest right into a silver tie with Astute Financial Management. Liberty Network Services stored its maintain on bronze.
While satisfaction with charges and fee splits stays beneficial total, with practically 68% ‘very completely happy’ in 2025, contentment rose amongst prime writers and fell amongst newer brokers. Tailored assist is clearly important throughout enterprise phases, not simply on the prime finish.
“Aggregators are the brokers’ strategic compass,” says Mat Rehayem, Pepper Money’s head of white label and strategic partnerships. “Best-practice assist removes the guesswork. Brokers want instruments that floor the correct lender quick and a panel that displays the variety of borrower wants. When tech and coverage depth come collectively, brokers can ship seamless options, even when the state of affairs is out of the field.”
As inflation cools and uncertainty lingers, brokers say the correct mix of instruments and assist helps them adapt and develop. Highlighting the assist offered by their aggregator, one stated: “Ensures I’ve the correct instruments to streamline processes, generate leads and supply higher consumer outcomes”.
Among aggregators with over 600 brokers, Loan Market’s three-year climb paid off with a gold win for IT and CRM assist, unseating two-time champ outsource Financial, which took silver. National Mortgage Brokers returned to the rostrum with a powerful end, displacing final yr’s bronze medallist, Specialist Finance Group.
Two boutique aggregators, Purple Circle Financial Services and Nectar Mortgages, final yr’s silver medallist, tied for gold, ending MoneyQuest’s three-year run on the prime. MoneyQuest took silver, whereas Liberty Network Services retained bronze.
HIGHLIGHTS: MONEY AND IT SUPPORT
ACCURATE AND ON-TIME COMMISSION PAYMENTS
Aggregators
National Mortgage Brokers
Loan Market
Connective
Purple Circle
Financial
Services
MoneyQuest
and Astute
Financial
Management
(tie)
Liberty Network Services
ADDITIONAL INCOME STREAMS
Aggregators
outsource
Financial
Loan Market
National
Mortgage Brokers
Purple Circle
Financial
Services
and Nectar
Mortgages (tie)
MoneyQuest
Liberty Network Services
IT AND CRM SUPPORT
Aggregators
Loan Market
outsource
Financial
National
Mortgage Brokers
Purple Circle
Financial Services
and Nectar
Mortgages (tie)
MoneyQuest
Liberty Network Services
HIGHLIGHTS: LENDING PANEL AND SUPPORT
QUALITY OF LENDING PANEL
Aggregators
Loan Market
outsource Financial
LMG
(consists of Plan,
Choice, Fast)
Purple Circle
Financial
Services
and Nectar
Mortgages (tie)
MoneyQuest
Liberty
Network
Services
COMPLIANCE SUPPORT
Aggregators
Loan Market
outsource
Financial
National
Mortgage Brokers
Purple Circle
Financial
Services
and Nectar
Mortgages (tie)
MoneyQuest
Liberty
Network
Services
WHITE LABEL OFFERING
Aggregators
Loan Market
Connective
Australian
Finance Group
MoneyQuest and
Astute Financial
Management (tie)
Purple Circle
Financial
Services
Nectar
Mortgages
Wish lists and frustrations
Personalised service hits the mark, however execution, tech and price gaps stay
Brokers admire aggregators that mix expanded lender entry with personalised assist, ongoing training and client-based state of affairs discussions.
Right behind commissions, brokers proceed to rank lender panel high quality, IT and CRM assist, and compliance and BDM assist as their next-most-important companies.
While lender panel high quality has constantly positioned second for 4 consecutive years, it solely lately rose into the highest 4 causes for dissatisfaction, edging forward of compliance assist in 2025. That could replicate brokers’ heightened expectations round lender entry in a extra rate-sensitive atmosphere.
Survey respondents famous the place aggregators make the best affect:
“They help with partaking referral companions, and my partnership supervisor is all the time able to assist and accompany me to conferences”
“Ongoing coaching with lender companions to be present on lender merchandise, insurance policies and niches”
Simplify Finance director Fabio de Castro says the connection between sensible instruments and strategic assist is indispensable. “Aggregators who take the time to grasp the intricacies that make every dealer and enterprise distinctive – together with their area of interest markets, inside workflows and long-term objectives – are much better positioned to supply significant, aligned assist,” he provides.
For AMP Bank, dealer insights more and more form strategic aggregator partnerships. “We have seen the developments aggregators have made in adopting applied sciences to streamline the applying course of,” says Herbert.
Loan Market clinched its fourth straight gold for lending panel high quality amongst aggregators with over 600 brokers in a nail-biting end, edging out silver medallist outsource Financial. LMG (Plan, Choice, Fast) took the bronze, bumping final yr’s third-place winner, Specialist Finance Group, off the rostrum.
Among boutique aggregators, Purple Circle Financial Services rose from final yr’s bronze to share the gold with Nectar Mortgages, which repeated its prime end. MoneyQuest stayed within the medal rankings, tying for silver with Astute Financial Management, whereas Liberty Network Services returned to the rostrum with bronze after lacking out final yr.
Broker sentiment round aggregator transparency recovered in 2025, with 81% saying hidden prices aren’t an issue, a return to 2023 ranges after final yr’s dip to 76% and approaching the excessive watermark of 90% in 2021. Minor complaints additionally eased to 14%, whereas main issues edged down to five%.
The view suggests that the majority aggregators have improved charge readability and communication, serving to reassure brokers after a shaky 2024. But with practically one in 5 citing points, there’s room to spice up transparency additional. For these brokers, execution stays the true take a look at:
“There are hidden charges and shock audits, and the worth doesn’t match the price”
“Poor fee break up, particularly for knowledgeable brokers”
“The feeling of not being included or acknowledged”
Broker satisfaction with aggregator-led skilled improvement hit 91% in 2025, the best degree in three years. That marks an uptick from 2024’s dip to 88%, suggesting aggregators have refined their strategy in response to dealer suggestions.
The share of brokers who felt unsupported dropped to simply 9%, reinforcing a renewed focus on training, diversification and enterprise progress. Many aggregators are serving to brokers discover new revenue streams, together with industrial lending, via focused coaching and assets.
As brokers face a extra complicated lending atmosphere, aggregators investing in capability-building are more and more seen as strategic companions.
Indigo Finance’s Cunliffe says, “This might imply creating tiered assist fashions that transcend mortgage writing and compliance, offering brokers with entry to insights relative to the place they’re, comparable to management improvement or operational optimisation.”
That sentiment is echoed by Robyn Russo, director and mortgage dealer at Foster Russo & Co., who says one of the best aggregators provide training and instruments, but in addition one thing extra human.
“What units an aggregator aside is the non-public contact,” she says. “The proprietor of our aggregator stepped in to assist with an advanced state of affairs. That degree of care makes an enormous distinction.”
Compliance assist, BDM assist and dealer communication once more rank fourth via sixth on brokers’ precedence record. But every noticed a modest year-on-year dip in satisfaction, suggesting brokers could really feel some aggregators aren’t holding tempo with expectations.
Training and training slipped barely in rankings to 4.37 out of 5 in 2025, down from 4.42 in 2023. While nonetheless thought of important, their downward pattern could replicate a necessity for extra tailor-made applications.
Lower-tier companies, comparable to further revenue streams, advertising and marketing assist and white label choices, stay flat in scores and clustered on the backside of the rankings.
Ranked final once more, lead era holds a stagnant 3.0 ranking, indicating brokers could worth it however favor to supply it elsewhere.
How gold-winning aggregators earned their spots on the prime
Loan Market – aggregator >600
Loan Market stands out by delivering on its guarantees to maintain brokers protected, save them time and assist them develop stronger, extra worthwhile companies. That means giving them the instruments and confidence to construct larger books, lead high-performing groups and ship extra for his or her purchasers, all with the energy of a trusted shopper model behind them.
“Being voted No. 1 by brokers and incomes a medal in each class means extra to us than any trophy on a shelf. It tells us we’re doing the issues that matter to brokers, not simply speaking about them,” CEO David McQueen says.
Purple Circle Financial Services – boutique aggregator
Purple Circle’s success comes all the way down to its possession mannequin. Every dealer can earn fairness within the enterprise based mostly on the worth they contribute via mortgage settlements. That creates lasting alignment and provides brokers a voice, dividends and a shared stake within the enterprise.
“We’ve operated on the assumption that brokers shouldn’t simply be clients of their aggregator; they need to be co-owners,” says director Greg Pennells.
“It’s our cause for being and the inspiration of all the things we do.”
BROKER PULSE: IS THE AGGREGATOR
MODEL EVOLVING FAST ENOUGH?
MODEL EVOLVING FAST ENOUGH?
Brokers had been divided. Some say their aggregator is assembly the wants of recent brokerages, whereas others pointed to lagging tech, restricted flexibility, or boilerplate assist.
Tech strikes ahead, simply not quick sufficient
“They all have extra room to progress, particularly with
integrating AI, however they’re doing an excellent job up to now”
Compliance is strong, however progress assist varies
“The present mannequin is about up for historic smaller brokerages, not bigger companies. This doesn’t replicate the change from ‘one-man bands to brokerages’ that’s happening”
Flexibility and repair win loyalty
“Yes, it offers me a platform that allows effectivity
via automation, leaving extra time for a personalised expertise with purchasers”
MARKET MOMENTUM: WHO’S DRIVING BROKER GROWTH?
Not everybody agrees on whether or not aggregators deserve credit score for the dealer channel’s rise or in the event that they’ve even performed a lot of a task in any respect.
Growth is broker-led, not aggregator-driven
“I don’t suppose aggregators affect market share. They do little to draw purchasers to their brokers. It’s brokers and poor perceived service from banks that’s behind the rise”
Solid assist, however extra is feasible
“My aggregator offers sturdy foundational assist. However, to push past the 76% [broker market share], extra emphasis is required on instruments that drive consumer retention, digital lead era and scalable enterprise fashions”
Aggregators might present market-leading management
“In isolation, my aggregator and others are doing sufficient; nevertheless, as an trade, all of the aggregators, MFAA and FBAA must work higher collectively to publicly advocate for the broader use of brokers”
HIGHLIGHTS: LEAD GENERATION AND MARKETING
LEAD GENERATION
Aggregators
outsource
Financial
Loan Market
National Mortgage Brokers
MoneyQuest
Purple Circle
Financial
Services
Liberty Network Services
MARKETING SUPPORT
Aggregators
Loan Market
outsource
Financial
National
Mortgage Brokers
Nectar Mortgages
Purple Circle
Financial
Services and
MoneyQuest (tie)
Liberty Network Services
HIGHLIGHTS: COMMUNICATIONS AND TRAINING
COMMUNICATION WITH BROKERS
Aggregators
outsource Financial
National Mortgage Brokers
Loan Market
Purple Circle
Financial Services
and Nectar
Mortgages (tie)
Liberty Network Services
MoneyQuest
outsource Financial
National
Mortgage Brokers
Loan Market
Purple Circle Financial Services and Nectar Mortgages (tie)
MoneyQuest
Liberty
Network
Services
TRAINING AND EDUCATION
Aggregators
outsource Financial
Loan Market
National
Mortgage Brokers
Purple Circle
Financial Services
and Nectar
Mortgages (tie)
Liberty Network Services
MoneyQuest
With rates of interest falling and optimism rising, MPA requested brokers how their aggregator was serving to them regulate to an more and more aggressive dealer market
“They have been a supportive power behind my enterprise. The staff is approachable, responsive and genuinely invested in serving to brokers succeed. Whether it’s compliance, tech or simply realizing somebody has your again, they ship”
“Creating new income streams and upskilling in areas the place technical competency lacks”
“They aren’t doing something completely different. Marketing assist is an extra value, and I’ve trialled it earlier than with out success”
“Great coaching, assist and superior communication”
“Keeps me updated with issues that have an effect on my enterprise, encourages me to advertise my enterprise and ensures I’m holding compliant”
“Consistently retains brokers well-informed and proactively sends emails to purchasers, encouraging them to evaluate their loans for higher offers”
“Token makes an attempt have been made, however nothing compelling”
“They are holding us conscious of any rate of interest changes which are coming via, affords from completely different lenders, and reviewing our present loans to make sure we’re on prime of the consumer’s wants first”
“They’re not serving to, however that partly has to do with my present focus. I’m a small dealer, so I’m not on their radar”
“Access to senior leaders to debate points and achieve tricks to arrange enterprise shifting ahead”
“They have lately began enterprise builder PD days fairly than simply lender product PD”
“Proactively searching for various and aggressive product choices inside the present lending panel”
MPA presents the ultimate rating of Australia’s prime aggregators and boutique aggregators in 2025 based mostly on brokers’ votes throughout 11 award classes
AGGREGATORS
BOUTIQUE AGGREGATORS
In MPA’s fifteenth annual Brokers on Aggregators survey, brokers had been requested to rank their aggregators throughout 11 classes: correct and on-time fee funds; IT and CRM assist; high quality of lending panel; communication with brokers; BDM assist; compliance assist; coaching and training; further revenue streams; advertising and marketing assist; white label providing; and lead era. Brokers might rank their aggregator with a rating out of 5 in every class.
Due to the various sizes of aggregator teams and disparities within the variety of respondents, solely those who achieved a response charge of at the least 10% from their dealer community had been included within the ultimate record.
MPA additionally requested brokers an extra query about their aggregator’s service and assist, which didn’t affect the general rating.
