Resignations outnumbered new appointments across Australia's largest mortgage aggregators
Finsure recorded the steepest broker losses of any of Australia's top ten aggregator licensee controllers in the June quarter, shedding a net 152 credit representatives, according to the Mortgage Broker Movements Q2 2026 report from WealthX and Padua WealthData.
The report, drawn from Australian Securities and Investments Commission (ASIC) Credit Licence and Credit Representatives datasets, found Finsure recorded 82 appointments against 234 resignations between 1 April and 1 July 2026, taking its headcount from 2,776 to 2,624.
The report also logged ten brokers leaving Finsure for rival aggregators – six to Loan Market Group and four to Connective Credit Services.
Finsure's quarter played out against the backdrop of a complicated compliance saga.
In late April 2026, Finsure terminated its contract with sub-aggregator Hai Money, a network that held its own credit licence but relied on Finsure's lender panel — including Commonwealth Bank and ANZ – for an estimated 210 brokers.
The termination was tied to the December 2025 arrest of Andrew W. Hu, a former banker who had been writing loans as a broker under Hai Money's licence and who was alleged to be the ringleader of a criminal network dubbed the Penthouse Syndicate. Hu's arrest triggered an internal investigation at Hai Money into 14 of its brokers, who were subsequently removed.
Hai Money went on to launch legal action against Finsure for the contract termination, and by mid-May the Supreme Court had found Finsure's termination of the sub-aggregation agreement arguably invalid, although the parties later came to a resolution that saw the termination stick.
It's worth stressing that the WealthX report itself draws no link between Finsure's compliance issues and its net broker decline.
The rest of the top ten
Loan Market Group retained top spot by headcount, ending the quarter at 3,763 reps across its six-licensee footprint, a net gain of 27.
Connective was the strongest organic grower in absolute terms, adding a net 68 reps to reach 3,402, helped by a net inbound gain of six from direct broker transfers.
Mortgage Choice sat sixth at 1,154 reps, including 316 under its Smartline licensee.
Astute Financial Management posted the other significant decline, down a net 65 reps, largely due to the wind-down of its Centrepoint Alliance Lending licence, which fell from 65 reps to just seven.
By percentage change, SFG led the field at +3.1%, ahead of Connective (+2%) and Mortgage Choice (+1.9%), while Astute's 15% contraction was the largest relative fall, magnified by its smaller starting base.
Across the top ten as a whole, gross resignations (959) outpaced appointments (853) for a second consecutive quarter, pulling the combined headcount down from 17,854 to 17,748 – a trend the report's authors say will make Q3 2026 worth watching for signs of whether the softening is temporary or the start of a longer slowdown.
