Quarterly Report Q3 2026

1.Executive Summary

This report analyses movement of Credit Representatives (natural persons) across the top ten Licensee Controllers over the September quarter, from 1 July 2026 to 1 October 2026. After a soft June quarter the top ten grew again, with seven of the ten controllers adding reps. QED Credit Services has moved into the top ten, replacing Astute Financial Management.

2.Total Headcount

The top ten's individual rep headcount rose from 17,736 to 17,833, a net gain of 97 reps.

3.Top Ten Standings

Ranked by headcount at 1 October 2026, with appointments and exits rolled up across all Credit Licensees in each controller, and the change since 1 January.

4.Growth Rankings: Net Gains & % Change

Net gains rank the movers by broker count; % change ranks them against each controller's own book size. Both views are shown for the September quarter and for 2026 to date.

This quarter, ranked by net gains

This quarter, ranked by % change

Since 1 January, ranked by net gains

Since 1 January, ranked by % change

5.Key Movements: Moves Between Top Ten Controllers

6.Reps by State: Notable Points

• Queensland led the top ten's state gains this quarter, +37 (+1.3%), helped by QED Credit Services (+18) and Loan Market Group (+11). Queensland is now 34.6% of QED's book.
• Connective added 40 reps in VIC, the largest single state move of any top ten controller. It is up 82 in VIC and 56 in NSW since January.
• Since January, NSW added the most reps, +79 (+1.3%). Tasmania grew fastest from a small base, +15 (+11.8%), and SA is up 51 (+5.0%).
• Finsure is down 54 in VIC and 49 in NSW since January, and Lendi is down 44 in NSW.
• Connective holds the most WA reps (382), Australian Finance Group the highest WA share of its book (13.4%). Loan Market Group holds 48.1% of the top ten's NT reps and 40.3% of SA, and Yellow Brick Road Group has 67.6% of its book in NSW.

7.Outside the Top Ten

All 34 aggregator controllers held 19,929 individual reps at 1 October, up 113 for the quarter and 99 since January.

• Viking Asset Aggregation had the largest and fastest gain outside the top ten, +22 (+14.4%), with Fintelligence close behind on +21 (+11.1%).
• National Mortgage Brokers had the largest and steepest decline, −21 (−6.8%), followed by Beagle Finance, −19 (−5.6%).
• EzFunds Holding held 243 individuals at 1 January and none by 1 July. At 1 October, 210 held no credit licence, 28 were at licences outside an aggregator and 5 had moved to other aggregators. This is why all aggregators are up only 99 since January, against 279 for the top ten.

8.Licensees Under Each Controller

Rep count at 1 October 2026 by individual Credit Licensee, rolled up to each Licensee Controller. The top ten span 22 Credit Licensees.

9.Conclusion

The September quarter returned the top ten to growth after a soft June quarter, with seven of the ten controllers adding reps.

Connective Credit Services continues to set the pace by count, for the quarter and the year, while QED Credit Services and SFG are growing fastest from smaller bases.

Across 2026 the pressure sits with Lendi Group Distribution, down in every quarter, and Finsure Finance & Insurance, whose June quarter fall of 152 drives its decline since January. Movement between the large aggregators remains steady, and Connective is the most frequent destination for brokers changing groups.