Media Statements

In order to provide brokers across Australia with more support, the Finance Brokers Association of Australia (FBAA) has created the new role of state manager for Western Australia, South Australia and Northern Territory.

Announcing the appointment of Mark Windram in the new role, FBAA managing director Peter White AM said with so much on the table in terms of regulatory changes and compliance, the association wants to ensure brokers have even more access to assistance and professional development.

Mr White said Mr Windram, who worked with Keystart Home Loans in Western Australia, brings an extensive knowledge of credit policy and is accustomed to negotiating between brokers and credit departments, as well has having a strong customer service focus.

“Mark fits our requirement of ‘broker for broker’ through his extensive knowledge of both lender and broker businesses, and he understands what our members need.”

During his time at Keystart, Mr Windram also served a four year term as a councillor for Town of Victoria Park in Western Australia.

“This helped Mark understand the needs of a community from individuals to large business,” Mr White explained.

He said the FBAA has also acknowledged the need for brokers in all states to be equally supported and that Mr Windram’s appointment will help members in some of the more regional and remote areas of Australia.

“As we enter this new decade, brokers need to be more vigilant, particularly in an era where consumer advocates and activists have agendas and many new brokers are joining the industry.”

Mr Windram commences his new role with the FBAA on March 30.

To complement the new appointment, the association’s business development manager Leah Renwick has moved into the new role of state manager for Queensland, New South Wales, Victoria and Tasmania.

The Finance Brokers Association of Australia (FBAA) will hold a high tea to celebrate International Women’s day on Friday March 6.

FBAA managing director Peter White AM said it’s important to acknowledge the role women play in the success of the broking sector, and to encourage more women to join the industry.

“Finance broking doesn’t discriminate and has equal pay for all, and we are fortunate that in many ways our industry has set the standard for gender equality, but we must also ensure that we let women know that there are opportunities for them to join us and celebrate being successful in broking,” he said.

Mr White said that due to the after-hours work, finance broking hasn’t always appealed to women, particularly those with families.

“However many women are now involved in finance broking because it offers flexible hours and can fit the busy lifestyle of modern day families.

“There are women who oversee some very big groups within the industry which we want to acknowledge and continue to support.”

He said it’s important to raise awareness and attract more women so they can be a part of the camaraderie with the women that are already in our industry.

“Connecting to others in our industry family is vital and women, like others across our sector, should never feel like they are alone as we take everyone’s mental health seriously.”

The high tea will feature speakers who will focus on gender equality, inclusion, diversity and challenge traditional thinking.

“The FBAA wants to truly recognise the important role women play in finance broking as well as everyday life.”

The high tea is being held at the Prospa Rooftop venue on Yurong street in Sydney from 12-2pm.

More information is available at: http://www.cvent.com/d/3hq5wr

The recently launched “bankless” business overdraft offered by non-bank lender GetCapital is an example of new products finance brokers need to be aware of and be recommending to clients, according to the Finance Brokers Association of Australia (FBAA).

FBAA managing director Peter White AM says the lending market is changing rapidly and the big banks are no longer the primary go-to source for loans and mortgages.

“Finance and mortgage brokers have access to products that consumers and the business market don’t know about, so it’s our role to make sure we understand clients’ needs and make the most informed and appropriate recommendations that are in their best interest,” he said.

“Brokers who are still “order-takers” will be left behind as both the market and consumer expectations change.”

Mr White said that brokers must know the options available to all customers across all products including mortgages, motor vehicles, capital equipment and business loans.

“Some of the greatest innovations are happening in areas like business lending, and this is also a way to grow our market share.”

He also encouraged banks and other lenders to offer a greater range of products.

“Brokers are looking for products that meet the needs of clients, so it’s also time for lenders to look beyond what they have traditionally offered.

“I want to congratulate GetCapital and look forward to other companies bringing new products into the marketplace, so that customers’ needs can be serviced even better.”

The Finance Brokers Association of Australia (FBAA) has urged anyone affected by the bushfires to immediately contact their bank, lender or mortgage broker if they cannot meet their mortgage repayments.

FBAA managing director Peter White AM said while people who have sadly lost their properties will automatically be speaking to lenders and their insurers, there are many others whose properties were not touched by fire but have been impacted in other ways.

“Maybe you’ve had to evacuate, maybe you are a small business owner who hasn’t been able to earn an income because your area has been blocked off, or possibly you’ve had to sacrifice your earnings to help others,” Mr White explained.

“Lenders are currently allowing people to momentarily stop their repayments, and while each situation is different, they are listening and helping and working with all borrowers.”

He said borrowers who stop payments without consultation with their bank will risk their credit rating and possibly their property.

“Unless you are in an obvious fire affected area, chances are the bank won’t come knocking on your door because they don’t know who is being impacted and who isn’t.

“It’s up to borrowers to take the first step, and if you financed through a mortgage broker you are welcome to contact them and they will help you.”

Mr White said that brokers who are aware of clients in danger areas are working proactively to help them.

“Finance brokers are part of their local community and we know many of our clients and their families personally, so it’s taken a toll on our members too. We’ve reached out to help brokers who have lost properties themselves or been impacted in various ways.”

Following the launch of the Broker Bushfire Appeal yesterday, the Finance Brokers Association of Australia (FBAA) has gone a step further and wants to directly help brokers who have been personally impacted by the bushfires that are still raging across Australia.

FBAA managing director Peter White described the broking sector as family, pointing out that family supports each other during times of need.

“I recognise there are many wonderful appeals across the country, and we didn’t hesitate to be a part of the broader campaign launched by brokers, but we also know that in many cases, it takes time for appeal money to get to those in need and some needs are immediate.

“Across the country right now there will be finance and mortgage brokers who have lost property or maybe even worse, and we want to stand with them and support them personally.”

Mr White said the association will rally members to help once they know the needs.

“There may be a broker who needs office accommodation, housing, personal items, mental health support or a helping hand in other areas.

“So our message to brokers across Australia is to contact the FBAA immediately if you have been affected, or if you know another broker who has been.”

He emphasised that he wants to include all brokers, not just FBAA members.

“Of course we want to help our members, but this is a time to be an industry not an association, and the broking fraternity share a special bond and understanding. This is a shout out to all brokers everywhere.”

If you have been impacted by the bushfires, or you know a broker who has, email the FBAA at mroberts@fbaa.com.au.

Finance brokers need to become familiar with the details of the Government’s First Home Loan Deposit Scheme, which came into effect on January 1, according to the Finance Brokers Association of Australia (FBAA).

Managing Director Peter White said the scheme has created an enormous amount of interest but there are hurdles and limitations that brokers must be aware of before providing assistance to borrowers.

He explained that the FBAA has been working closely with the Government and this collaboration has resulted in a special information kit being created just for brokers.

“It is important to note that the scheme will not be available to everyone and is limited to 10,000 people per financial year, so brokers need to do some research before walking potential borrowers down this path,” he said.

Mr White also pointed out that not all lenders are participating and there are geographical restrictions that limit the amount available to borrow.

“There are two major banks involved being the NAB and CBA, plus 25 non-major banks of who Government advises they will receive not less than 50 per cent of the allocations for places in the scheme.

“Brokers should also be aware that the price cap varies according to postcode; for example in Sydney and Newcastle the maximum amount someone can borrow is $700K whereas in many regional NSW centres it decreases to $450K.”

The FBAA has made the information flyers available on its website, or brokers can access them via the Government site https://www.nhfic.gov.au.

Finance Brokers Association of Australia (FBAA) managing director Peter White has announced that Irish industry association, Brokers Ireland, has joined the International Mortgage Brokers Federation (IMBF) as the newly formed federation continues to expand into more nations.

Mr White was in Ireland recently and said Brokers Ireland understood the benefits of standing together and learning from one another in an increasingly globalised market.

“The recent banking royal commission highlighted just how governments and regulators are looking at overseas models for guidance on how to tackle issues in Australia, so we must be ahead of the curve, learning about other markets so we can understand what is working and what isn’t.”

The IMBF was formed last year by associations from Canada, USA, New Zealand, UK and Australia which is represented by the FBAA. Mr White chairs the Global Board of Governors.

He also revealed that Netherlands was a part of the IMBF as an associate, an important step given recent publicity around the ‘Netherlands model’.

“During the coverage of the royal commission, the Netherlands model was brought up in questions by the media, and some people in our industry had no idea what it was.

“This is unacceptable if we are to represent our industry to government.”

Mr White also said the IMBF was planning the world’s first international conference, even though dates and details are still being considered.

“The industry in Australia is better positioned than many other countries, but as we’ve seen recently, there is no room for complacence, as one major regulatory change can affect us all.

“Now more than ever before it is vital for the industry to be innovative and the FBAA is determined to be at the forefront, and we are proud to represent Australian brokers to the world.

“The IMBF works together and is reviewing best practice procedures to bring a global focus to the benefits of mortgage and finance brokers across the globe.”

The peak body representing Australia’s finance brokers says some Australians will unknowingly destroy their ability to get a mortgage in the near future through wrong decisions made over the coming Christmas period.

Managing director of the Finance Brokers Association of Australia, Peter White, explained that new credit policies by banks not only consider spending choices but consumers who choose to utilise the increasingly popular ‘buy now pay later’ options may lower their chances of being approved for a mortgage.

“The credit policies of banks, particularly after the royal commission, are more intrusive than ever, and they make it very hard even for many who can legitimately and comfortably afford the mortgage repayments they seek.”

Mr White, who recently called for a more considered approach to credit policy lest current lower interest rates be wasted and ineffective, said potential borrowers must be aware of what they need to do in this new credit age and warned that the Christmas period is the most dangerous.

“Banks still have a large buffer between the actual rate and the rate they use to calculate affordability, so this means you have to prove that you can service repayments far in excess of what you will be paying.

“But they also now look more closely at bank statements and discretionary spending, which can involve for example looking at cash withdrawals, gambling expenditure and what goods and services you are purchasing.

“The combination of both the buffer and an analysis of spending patterns means that overspending at Christmas, which is a very easy thing to do, can set you back years.”

He said using Afterpay or similar companies may imply that you can’t manage your money and are over-committing your finances.

“In short, if you are thinking of a mortgage, don’t buy small items on any sort of credit, avoid spending that may be seen as extravagant or unnecessary, ensure your bank statements show regular savings, and pay your bills on time.

“Christmas is a time of excess in many ways, but potential borrowers will do themselves a huge favour by showing restraint over the coming weeks.”

While the banking royal commission was a challenging time for finance brokers, it helped the industry develop a united purpose, according to the managing director of the Finance Brokers Association of Australia (FBAA).

Peter White said the royal commission highlighted some of the major issues that will affect brokers into the future and believes the key to future success is to stand together with a common, industry-wide objective.

He said the recent FBAA National Industry Conference held on the Gold Coast, and other events like it, are vital to the sector’s health and believes the conference will be even more important on both professional and personal levels in the future.

“There is no doubt that while the industry collectively has worked hard to overcome recent challenges, different issues will arise and this is when a collaborative and unified approach is necessary.”

Reflecting on the recent FBAA conference – the first since the royal commission – he said the theme, “challenge the future”, was more relevant than ever before.

“The conference keeps our members and industry connected and removes the fragmentation of geography as brokers from all around Australia come together, but it also allows brokers to support each other and this cannot be underestimated in the current environment.”

He said the association intentionally took a holistic approach at the conference, because personal and business support go together.

“The address by mental health advocate Anthony Hart was possibly the most interactive and popular we’ve ever had, and this tells us what brokers need right now.

“Most brokers are small businesses and don’t have a large support network, and let’s remember that many have spent a lot of this year worried about their futures.”

Mr White said the importance of togetherness was highlighted at the association’s annual Awards of Supremacy, part of the conference’s gala dinner.

“Recipients were more emotional this year and it was clearly a big deal to be recognised for hard work and success.

“Standing with one another, championing one another – this is what our industry is about and I believe we must continue to build unity and a common focus.”

The Finance Brokers Association of Australia (FBAA) has revealed its 2020 board members, state presidents, vice presidents and councillors.

Announcing the board, FBAA managing director Peter White said the association is well placed to tackle any challenges the future may bring, and is fortunate to have a large talent pool of experienced and knowledgeable people who can steer the FBAA in the right direction.

At the recent AGM, Tony Carter was reappointed as chairman and Chris Szigeti as vice chairperson and DRS chair. Kim Szigeti was reappointed as company secretary while Rick Nieuwenhoven, Steve Rasmussen and Angus Gilkeson remain directors. Angelo Lauro was appointed as a new director and Mr White also continues on the board as managing director.

“This is a team who understands our members and their needs because they are all successful brokers themselves. Our newest member Angelo Lauro will slot in with ease after many years of broking in the motor sector and his involvement with various committees,” Mr White said.

We welcome two new state presidents being Nick Wormald for New South Wales and Bernard Desmond for Victoria. Continuing in their existing state president roles are Christine Green for Queensland, Trent Carter for Western Australia, and Joff O’Shannessy for South Australia.

Mr White said the industry continues to evolve and the expansion of online options, as well as increased scrutiny following the royal commission will present plenty of challenges to the industry.

“I am proud that the FBAA was born over 26 years ago as a grass-roots, member-focused organisation that understands the needs of members, and I can assure all members that as your board we are committed to serving you and championing your needs in the years to come.”

He said the FBAA will continue to take a national industry-wide approach to ensure that brokers in all states benefit from personal development and other initiatives.