Quarterly Report Q2 2026

1.Executive Summary

This report analyses movement of Credit Representatives (natural persons) across the top ten Licensee Controllers over the second quarter of 2026, from 1 April 2026 to 1 July 2026. Q2 2026 is defined by broad-based softening at the top of the market, with resignations outpacing appointments across the top ten as a whole.

2.Total Headcount

The top ten's individual-rep headcount fell from 17,854 to 17,748 — a net loss of 106 reps. Business-registered (ABN) reps grew marginally.

3.Top Ten Standings

Ranked by end headcount at 1 July 2026. Loan Market Group leads the table across its six-licensee footprint, Connective delivered the strongest organic growth (+68), and Mortgage Choice sits at 6th with Smartline included. Finsure's steep −152 decline and Astute's −65 (driven by its Centrepoint Alliance Lending wind-down) were the two clear outliers on the downside.

4.Growth Rankings — Net Gains & % Change

Two views of Q2 2026 performance for the top ten Licensee Controllers. Absolute Net Gains highlight the movers by raw broker count; % Change highlights the movers relative to each controller's own book size.

Ranked by Net Gains (absolute)

Ranked by % Change (relative to own book)

5.Appointments & Resignations by Licensee Controller

Gross appointments and resignations for each Licensee Controller across the quarter, rolled up across all Credit Licensees within each controller.

6.Reps by State — Notable Points

NSW and VIC dominate the state-level distribution for nearly every controller. A few standouts across the top ten:

• Australian Finance Group carries a strong VIC and WA presence — 828 and 326 reps respectively.
• Mortgage Choice has a solid VIC and NSW footprint — 564 and 270 reps.
• Connective is the strongest WA performer in relative terms — 383 reps, roughly 11.3% of its book.
• Loan Market Group is the clear leader in the Northern Territory.

7.Key Movements — Direct Broker Transfers

Beyond ordinary appointments and resignations, six direct broker transfers between Licensee Controllers were recorded this quarter.

Connective — net inbound from transfers

Connective transferred out 6 brokers this quarter (3 each to AFG and Loan Market Group) but received 12 in (8 from AFG, 4 from Finsure) — a net +6 from direct transfers alone, on top of its organic +68 net change.

Finsure — compounded decline

Finsure lost 10 brokers to rivals via direct transfer — 6 to Loan Market Group and 4 to Connective — on top of its already-elevated resignation count of 234. The clearest driver of its overall −152 decline.

8.Licensees Under Each Controller

Current (1 July 2026) rep count by individual Credit Licensee, rolled up to each Licensee Controller. The top ten controllers cover 23 Credit Licensees in total.

9.Conclusion

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 across its six-licensee footprint. Connective Credit Services delivered the strongest organic growth and continues to close the gap on Loan Market Group. Finsure and Astute face the clearest pressure — one from elevated organic churn, the other from deliberate licence consolidation.

With gross resignations outpacing appointments across the top ten this quarter, Q3 will be worth watching for signs of whether this is a temporary dip or the start of a broader slowdown.