Mortgage Aggregator Comparison 2026

A mortgage aggregator connects your brokerage to a panel of lenders, administers your commission and supplies software and compliance support under a written agreement. To compare aggregators, test the lenders you can actually lodge with, the help you get on a difficult file, the tools the agreement includes and the trail and exit terms.

A bigger panel total doesn’t settle the choice. As at October 2026, AFG’s lender and partner panel shows service partners such as CoreLogic and Equifax beside its lenders. No aggregator’s panel makes you accredited with any lender on it.

This comparison covers AFG, Connective, Finsure, LMG, SFG, Vow Financial, nMB and outsource Financial on the same criteria. It ends with a way to build a shortlist for a solo broker and for a multi-broker team.

What a Mortgage Aggregator is

In general use, an aggregator is a business that gathers products or services from many providers into one place. In mortgage broking, an aggregator is the intermediary between brokers and lenders. It gives brokers access to a lender panel and the services needed to run a brokerage.

The Mortgage and Finance Association of Australia (MFAA) describes aggregators as intermediaries that typically hold an Australian Credit Licence (ACL) and appoint brokers as credit representatives under it. As at October 2026, the MFAA lists lender access, accreditation support, business platforms, training, compliance guidance and loan processing support among the services aggregators provide.

The aggregator business model runs on that agreement. Lenders pay commission through the aggregator, which keeps a share or charges fees and passes the rest to you.

What the Agreement Supplies and What Stays With You

Joining an aggregator gives you access to its panel, but each lender still accredits you separately. The MFAA lists panel access and lender accreditation as separate requirements for a broker presenting loans.

Area	The aggregator supplies	You remain responsible for
Lender access	A panel of lenders and support applying for accreditation with each one	Meeting each lender’s accreditation requirements and choosing the lender for each client
Commission administration	Collecting upfront and trail commission from lenders and paying your share under the agreement	Checking each payment against the loans you settled
Technology	A customer relationship management (CRM) system and lodgement platform, sometimes with calculators and product data	Keeping complete client records in it
Compliance support	Templates, training and, for credit representatives, monitoring under the aggregator’s licence	The best interests duty to each client and the records that show how you met it

The best interests duty in Part 3-5A of the National Consumer Credit Protection Act 2009 applies to you as the mortgage broker, whichever aggregator you join. ASIC’s Regulatory Guide 273, issued 24 June 2020, explains how ASIC assesses that duty.

If you’re a credit representative, the aggregator as licensee must also monitor and supervise you. ASIC’s credit representative guidance, updated May 2025, sets out that continuing obligation. Supervision adds a second check on your work, and the duty to your client stays with you.

Test Support With One Difficult Scenario

Use one difficult borrower scenario to compare the support each aggregator gives when a file sits outside standard policy. Give every aggregator the same facts and ask the same questions.

For example, take a fictional borrower who has been self-employed for 18 months and earns part of their income as trust distributions. They want to borrow at a 90% loan-to-value ratio (LVR). Ask each aggregator these questions about that file.

1. Who answers the policy question? Find out whether it’s a named lending or policy specialist, a business development manager (BDM) or a general help desk.
2. How does the aggregator escalate the question to the lender’s credit team, and what turnaround does it commit to?
3. Will someone review the file before lodgement, and does the agreement include that review or charge for it?
4. What comes back in writing? A written credit answer or a lender policy reference can go in your file notes, while a phone opinion leaves nothing to keep.
5. Which lenders that suit this scenario are on the panel, and which of those are you accredited with now?

The last question separates panel membership from accreditation you can use. A lender on the panel helps this client only once that lender has accredited you. Strong answers name the person, the turnaround and the written evidence you’d receive.

Compare the Offer

Compare candidate aggregators on the same lender-panel, support, technology and accreditation criteria. No single aggregator is the best mortgage aggregator for every brokerage, so weigh the published facts against the loans you actually write.

Aggregators in Australia

As at October 2026, the MFAA’s aggregator members are AFG, Astute, Brass Aggregation, Centrepoint Alliance Lending, Connective, Finsure, Lendi Group, LMG and MoneyQuest Group. The list continues with Mortgage Choice, Mortgage House, My Local Broker, NewCo Financial Services, nMB, Outsource Financial and Purple Circle Financial Services. It ends with Redrock Group, SFG, Viking Aggregation, Vision Aggregation and YBR Aggregation.

Vow Financial, compared below, belongs to the Yellow Brick Road group behind YBR Aggregation. FAST runs its own arrangement, which the FAST aggregator guide explains.

Published Offers Side by Side

The table compares each aggregator from its own website as at October 2026. Each panel link goes to that aggregator’s current lender list.

Aggregator	Published panel	Lending categories named	Platform named	Agreement models
AFG	80+ lenders and partners	Residential, commercial, asset and personal finance, plus AFG Home Loans products from four lenders	Suite360 and BrokerEngine Plus	Not published on the panel page, so quote required
Connective	70+ lenders	Separate residential, commercial and asset finance lists	Mercury Nexus	Maximiser flat monthly fee or Variable commission split, with your own ACL at no extra cost
Finsure	75+ lenders	Home loan, commercial and asset finance lenders, plus Finsure Loans products	Infynity CRM	Quote required, with Commission Now paying commission up to 90 days earlier
LMG	100+ lender panel	Residential, commercial and asset finance, plus the Loan Market franchise	MyCRM	Models from flat fee to full service
SFG	60+ lenders	Residential, commercial and asset lenders among its partners	SFGconnect	Monthly fee, annual fee, percentage or transaction agreement, each with agreed fees, so quote required
Vow Financial	No total published	Residential, with asset, commercial and personal lending	VOWNET	Competitive Percentage Model or Transaction Model, as your own ACL holder or a credit representative
nMB	More than 30 residential and commercial lenders	Residential and commercial	Mortgage Broker Suite and nMB Pro	Quote required
outsource Financial	No total published	Residential, commercial, asset, motor and equipment, personal and private funding	ioutsource on Salestrekker, with ApplyOnline and Simpology lodgement	Broker, Referrer or Combination model

Read Each Panel by Category

Compare each lender panel from the aggregator’s own list, and count the residential, commercial, asset, specialist and white-label names separately. A headline total adds categories together and can include businesses that aren’t lenders.

Connective’s panel pages show how far the categories can differ from the headline. As at October 2026, Connective states 70+ lenders, then lists 50 residential names, 43 commercial names and 45 asset finance names, with many names in more than one list. Ten of the 50 residential names are Connective-branded loan products, such as Connective Select and Connective Elevate.

AFG’s 80+ figure covers lenders and partners. Its logo grid places the insurers Allianz and QBE and the data providers CoreLogic and Equifax beside banks and non-banks.

nMB’s figure of more than 30 lenders combines residential and commercial lenders in one count.

Why the Widest Panel Isn’t Automatically the Best Fit

Of the published totals in this comparison, LMG’s 100+ lender panel is the widest, followed by AFG’s 80+ lenders and partners. The widest panel helps only when it includes the lenders your clients need and you hold accreditation with them.

Check the panel against the scenarios your practice writes. List the lenders behind your last year of settlements and the lenders your difficult files need. For each aggregator, mark which ones are on the panel, which offer the products you use and which are missing.

Then add the support evidence from the scenario test. A smaller panel with a fast, written answer on your difficult files can serve a residential practice better than a larger panel with a general help desk. A broker who writes asset finance as well needs that category’s panel, which the asset finance aggregator guide compares.

Settlement Thresholds and Access Conditions

Volume bands and eligibility rules show where a headline offer stops fitting your brokerage. Connective’s pricing page, with fees effective from 1 November 2023, shows the pattern.

Connective’s Maximiser plan pays you 100% of upfront and trail commission for a flat monthly fee per partner group of up to five brokers, with no volume requirement. Its Variable plan pays 80% of upfront commission in the lowest settlement volume band, up to $1M, rising to 95% from $3M. The 100% headline suits a brokerage whose settlements reliably cover the flat fee, while a brokerage with low settlements can keep more under the split.

Other aggregators set different conditions, as at October 2026:

• Vow Financial’s Competitive Percentage Model sets tiered upfront commission rates by the volume you write. Its Transaction Model charges a fee for each settled loan and each trail payment, which Vow says suits businesses unsure of their future volumes.
• SFG’s monthly and annual fee agreements pay 100% of commission for an agreed fee, while its percentage and transaction agreements charge per loan or per payment. SFG agrees each fee with the broker, so the cost needs a current quotation.
• outsource Financial’s Broker Model is for accredited brokers who write their own loans. Its Referrer Model lets professionals such as accountants refer clients to outsource Financial’s Lending Managers without writing loans, and its Combination Model allows both.

Cost is one fit factor among the criteria here. The aggregator fee comparison works through the fees on one scenario.

How Each Aggregator Compares

These notes apply the same criteria to every aggregator, using each one’s website as at October 2026. Each profile covers the provider’s own due diligence in more detail.

AFG’s panel spans residential, commercial, asset and personal finance, plus a white-label AFG Home Loans range from four lenders. Brokers work through Suite360 and BrokerEngine Plus, with broker support teams and training on lender policy changes. The AFG profile covers its agreement.

Connective publishes separate residential, commercial and asset finance panels and runs on Mercury Nexus. It publishes its membership plans and lets brokers use their own ACL at no extra cost. The Connective profile covers the rest.

Finsure’s 75+ lenders cover home loans, commercial and asset finance, with Finsure Loans as its own product range. Its services include Infynity CRM, Commission Now and a Broker Support Service that handles CRM entry, lender forms and tracking to settlement. The Finsure profile covers its terms.

LMG states a 100+ lender panel across residential, commercial and asset finance, with its own MyCRM platform. It offers models from flat fee to full service, plus the Loan Market franchise. The LMG profile covers those options.

SFG states 60+ lenders and runs its own SFGconnect CRM. Its four agreement types carry fees agreed with each broker, and SFG describes itself as private and family owned. The SFG profile covers its agreement in detail.

Vow Financial states over 1,250 brokers and a loan book of $45 billion, and its brokers work in the VOWNET CRM. Vow lets brokers hold their own ACL or become credit representatives, with a dedicated compliance team either way. The Vow profile covers its models and VOWNET.

nMB’s panel has more than 30 residential and commercial lenders, and nMB is a fully owned subsidiary of Liberty Financial, a lender. Its Mortgage Broker Suite includes a CRM, loan tools and a Lending Centre with product and policy information for each nMB supplier. The nMB profile covers its programmes and agreement.

outsource Financial states it is independently owned, and its panel covers residential, commercial, asset, motor and equipment, personal and private funding lenders. Its ioutsource platform runs on Salestrekker, with lodgement through ApplyOnline and Simpology. The outsource Financial profile covers its broker, referrer and combined models.

Read the Agreement

Compare client-data control, trail rights and post-termination restrictions in the same terms for every aggregator. Ask each aggregator for its draft agreement and compare these clauses side by side.

Term	Question for each agreement	Published terms
Client data	Who owns the client records in the aggregator’s CRM, and can you keep using them after you leave?	Request the clause with the draft agreement
Trail rights	Does trail on your settled loans keep paying to you after you leave, and do fees still come out of it?	Connective’s pricing page, with fees effective from 1 November 2023, says you own your trail book and it goes with you
Loan book sale	Can you sell your loan book, and does the aggregator help fund a sale or purchase?	Vow Financial’s Broker Investment Program covers selling a business or loan book on exit, as at October 2026
Post-termination restrictions	Does a lock-in period, exit penalty or restraint on your clients apply after you leave?	Connective says it has no lock-in contracts and brokers can leave anytime without penalty

Where an aggregator publishes none of these terms, record each one as “contract required” on your comparison and compare the clauses once the drafts arrive. The steps for moving between aggregators, including notice and accreditation, are in the aggregator switching guide.

Services Inside the Quote

Identify which services sit inside the quoted agreement and which need another subscription. Check policy research, servicing tools, loan processing and training separately, because each aggregator bundles them differently.

As at October 2026, nMB’s Mortgage Broker Suite includes loan tools that check eligibility, borrowing capacity and servicing against the policy of suppliers on the nMB panel.

AFG says its broker support teams and training help brokers follow lender policy changes. Vow Financial’s training covers policy developments. outsource Financial’s loan processing runs through xSource, part of its software provider Salestrekker.

Mark each service as included, charged per seat or per use, or a separate subscription. Where the quote leaves an inclusion or price out, record it as “quote required” rather than estimating it.

Policy research can also sit outside the aggregator agreement. Bulma answers lender policy questions and plans client scenarios across 52+ residential lenders, quoting the policy wording behind each answer. No lender, aggregator or broker group owns Bulma, so the same policy research stays with your brokerage if you change aggregators.

Make a Defensible Shortlist

Match the final shortlist to your practice size, support needs and the exit constraints you can accept. A defensible shortlist is two or three aggregators whose scenario answers, panel gaps and agreement terms you can explain line by line.

A solo practice and a multi-broker team weight the same factors differently. Rank each aggregator factor by factor, in your practice’s order of priority, instead of giving it one overall score.

Factor	Solo practice	Multi-broker team
Supervision	No colleague reviews your files, so weight the aggregator’s file review and compliance support	A principal reviewing several loan writers needs reporting that shows each writer’s pipeline and file status
Record access	One login is enough, so weight your right to keep client records if you leave	Several writers use the CRM, so weight shared access and business-level ownership of client records
Lender coverage	Weight depth with the lenders your niche uses	Weight coverage across every writer’s niche, including commercial or asset finance if anyone writes it
Agreement model	Weight a per-loan or percentage model when your volume varies	Weight a group model, such as Connective’s Maximiser fee per partner group of up to five brokers, effective from 1 November 2023

Supervision changes most with team size. A brokerage that holds its own ACL must monitor and supervise its own credit representatives under ASIC’s guidance, so it needs reporting across every writer’s files. A solo broker who is a credit representative relies more on the aggregator’s monitoring and file review.

Record access matters for a team because a departing loan writer can leave with client relationships. A team that controls its client records at the business level keeps those records when one writer leaves.

Request final contracts only from the aggregators that passed your scenario test and carry the lenders you need, with exit terms you can accept. If you’re in your first year of broking, the new broker aggregator guide covers the different priorities at that stage.