Last month, 15,000 mortgage brokers received an email from their industry association reminding them of the growing power they hold over the major banks. The numbers tell the story. Brokers settled a record $380 billion of home loans over the year to last September, according to the Mortgage and Finance Association of Australia’s research.

That figure is set to pass $400 billion this year, and in June, the association said mortgage brokers had settled 76.8 per cent of all new residential home loans in the March quarter – the highest market share recorded.