With rawness and vulnerability, mortgage brokers have revealed the anger, anguish and personal pain they have experienced due to clawbacks.

The comments were provided to CoreData as part of the monthly broker poll conducted for the Finance Brokers Association of Australia (FBAA).

FBAA managing director and industry mental health awareness ambassador Peter White AM said the association has led the fight against clawbacks for some time and has seen small gains, but much of the discussion centres around the financial impact.

“These responses highlight the personal toll of clawbacks and the uncertainty and unfair loss they represent.

“These are real human consequences and I want to ensure that lenders and government read these,” he said.

While much of the feedback from brokers focused on the unfairness of the system, the effect on cash flow and the difficulty in budgeting, 28 per cent reported being negatively affected emotionally.

One broker said, “Apart from the obvious effect clawback has on cashflow, there is also a psychological toll that it takes on both the business owner and the brokers,” while another, “It is a constant worry in my mind.”

“Loss of motivation, loss of productivity, frustration with industry,” was how one broker described their feelings, while another pointed to, “uncertainty in your mental well-being.”

“A very bleak Christmas,” said another, with one broker providing a one word response – “Depression.”

Mr White said while he recognises that change won’t happen overnight, the FBAA continues to advocate for further progress.

The poll also suggested a solution, with eight in ten brokers calling for “proportional and/or reduced clawback” while over half “seeing value in establishing national clawback standards.”

Mr White urged any finance and mortgage broker who is struggling emotionally to seek help.

“This is the reason we established an online Wellness Hub, which provides not only a source of information for brokers, but a way to connect them with someone who can help.”

The FBAA Wellness Hub can be accessed at www.fbaa.com.au/about-4xt3bb/practitioners