The Finance Brokers Association of Australia (FBAA) has congratulated Scott Morrison and the Coalition for their election win and vowed to work with them to ensure borrowers continue to have choice in a healthy financial services industry.

FBAA managing director Peter White said now is the time for brokers to take the handbrake off and hit the accelerator.

“The royal commission findings and the political fallout saw many brokers retreat into a holding pattern, driven by fear about their very financial survival and what that would mean for borrowers.

“Now that the election is over, I want to urge all brokers to commit to doing everything we can to grow our businesses now that banks know we are a force to be reckoned with.

“We currently provide around 60 per cent of home loans and I think brokers have a great opportunity to increase that to 70 per cent in the short to medium term.”

Mr White said the FBAA had worked closely with both the Government and Opposition in the lead-up to the election and had positive and professional support from both.

“On Sunday I communicated with both Labor and the Coalition, conveying thanks and best wishes from all brokers.

“We will continue to be highly engaged with politicians from across the country because our industry is a crucial one as we move into a new era.

“Brokers welcome the first home loan deposit scheme and other policies aimed at giving the property sector a boost. We will certainly do our part to boost competition and be ready to assist when the policy comes into play in January next year.”