Mortgage Brokers - Review of the ASIC Data - June quarter 2026
We’ve started analysing the Mortgage Broking industry. Like financial advisers, mortgage brokers must register with ASIC. Mortgage brokers do so as Credit Representatives, which puts their details in the ASIC Credit Representative dataset. ASIC also maintains a separate dataset for Credit Licensees.
Unlike the dedicated dataset for financial advisers, mortgage brokers are included with all credit providers. For our first reports, we focused on the larger Credit Licensees and, where possible, linked them to major groups we call Licensee Controllers. These Licensee Controllers, often called aggregators, provide services to credit licensees and individuals who provide mortgages.
This is our first release of this data. We welcome feedback to improve its usefulness.
Note: The Dashboards used for this post are available for free at our website and users can change the time-frames and number of top Licensee Controllers
This report analyses movement of Credit Representatives across the top ten Licensee Controllers over the second quarter of 2026, from 1 April 2026 to 1 July 2026.
Key Findings:
The top ten Licensee Controllers' combined individual (No ABN) headcount fell from 17,854 to 17,748 — a net loss of 106 reps (-0.6%).
Loan Market Group was the largest controller by headcount, ending the quarter at 3,763 reps, ahead of Connective Credit Services on 3,402.
Connective Credit Services posted the strongest organic growth of any controller, adding +68 reps (+2.0%).
Finsure Finance & Insurance recorded the steepest decline, losing 152 reps (-5.5%), driven by high resignations and several direct broker transfers to rival controllers.
Astute Financial Management saw a significant internal restructuring, with its Centrepoint Alliance Lending licence shedding 58 reps as brokers were migrated to its primary Astute Fin Management licence.
Business-registered (ABN) reps across the top ten grew modestly, from 12,836 to 12,872 (+36, +0.3%).
The Top Ten Licensee Controllers - Click To See Full Dashboard
Below is a chart highlighting the top ten Licensee Controllers and the change in Credit Reps over the June quarter
Top 10 licensee controllers — click chart to view dashboards, select dates, and show all credit licensees for each controller
Loan Market Group holds the top spot by headcount, with Connective Credit Services close behind and posting the strongest quarterly growth rate of any controller. Finsure's -152 decline and Astute's -65 (driven by its Centrepoint Alliance Lending wind-down) were the two clear outliers on the downside.
Reps by State — Notable Points - See Dashboards 4 and 5
NSW and VIC remain the two largest states for nearly every controller. AFG carries a strong VIC and WA presence (828 and 326 reps respectively), and Mortgage Choice has a solid VIC and NSW footprint (564 and 270). Connective remains the strongest WA performer in relative terms (383 reps, ~11.3% of its book), and Loan Market Group is the clear leader in the Northern Territory (28 reps, ~48% of the top ten's NT total).
Key Movements
Some of the notable key movements between Licensee Controllers include:
Australian Finance Group with six departing to join Connective Credit Services
Connective Credit Services with three departing to join Australian Finance Group and another three joining LoanMarket Group
Lendi Group Distribution with five leaving to join Australian Finance Group
Finsure Finance and Insurance with six leaving to join Loan Market Group and another 5 joining Connective Credit Services.
Summary
Q2 2026 was defined by broad based softening at the top of the market, with resignations outpacing appointments across the top ten as a whole. Loan Market Group holds the largest headcount, Connective Credit Services delivered the strongest organic growth, and Finsure and Astute face the clearest pressure, one from elevated organic churn, the other from deliberate licence consolidation.
