Media Statements

The Finance Brokers Association of Australasia (FBAA) has announced the appointment of financial services expert and former ASIC executive David Carson as part of a new regulatory engagement group that will give brokers an even stronger voice with governments, regulators, consumers and other key industry stakeholders.

FBAA managing Peter White AM said Mr Carson brings superb credentials to the role.

“David will be working closely with me and our leadership team on submissions to all governments – federal, state and territories, and into New Zealand – helping to ensure the FBAA continues to advance the interests of brokers and consumers,” he said.

The FBAA regulatory engagement group, led by Mr White, will also include specialist media, marketing and legal support.

“This team is a ‘force to be reckoned with’ like no other, and will not only deepen our footprint and engagement with regulators and ministerial office staff, but deliver stronger proactive member and industry awareness to what we do in this space,” Mr White said.

“The FBAA represents the majority of individual finance and mortgage brokers across Australia and we will now be harnessing this power and leverage for even greater impact.”

While the appointment of Mr Carson expands and extends on the 10-year working relationship he has enjoyed with FBAA, Mr White will continue the direct advocacy, lobbying and engagement with regulators and senior ministers, as he has done successfully for many years.

Mr Carson, who is a credit specialist with a background in financial services, said he was honoured by the opportunity to lend his many years of experience in regulation and compliance to FBAA’s advocacy efforts.

“This is an excellent opportunity to work more closely with my good friends at the FBAA, building on the already strong relationships the association has forged with government, regulators and other stakeholders,” he said.

“We all benefit when new laws and regulatory requirements are developed off the back of informed discussion and where the interests and full impacts on affected sectors are thoroughly understood.”

A qualified lawyer, Mr Carson has client-facing experience in stockbroking and financial planning and served in ASIC’s financial services enforcement team.

He has also participated in treasury working groups for FOFA and Phase 2 credit reforms.

The Finance Brokers Association of Australia (FBAA) has announced a strong membership surge over the past 12 months, hitting 13,298 members as of 30 June 2025, with that number increasing to more than 13,400 as of 1 August.

FBAA managing director Peter White AM said 2174 new members joined the association with net growth significant despite some members retiring or leaving the industry.

“We are grateful for the confidence our members have shown in us, by making us the nation’s largest industry association for individual finance and mortgage brokers,” he said, pointing out that the FBAA doesn’t “double count” members who are both individuals and companies.

He also revealed that around 95 per cent of members hold only FBAA membership, a figure he called significant, as it “brings some clarity around broker numbers.”

Mr White said 92 per cent of members were customer facing brokers, with the remainder retired members, non-loan writers and students who joined as a result of the association’s proactive efforts to foster the future of the industry.

He said there was much to celebrate in a year that included great gains in educational initiatives and professional development.

“We were pleased to launch the Certified Finance Broker (CFB) program in collaboration with CFMIA, and the “Diploma with a Difference’”, and of course we have just completed our Elevate PD Series which sold out venues around the country, and the Commercial Masterclass series.

Mr White said advocacy for members was always a priority.

“We’ve continued to meet with senior ministers, senators and even had a private dinner meeting with the prime minister as part of our efforts to reduce clawbacks.”

Heading further into 2025-2026, Mr White says the association will continue to engage with regulators and MPs on both sides of politics, and will keep expanding its education platforms to ensure “a solid and relevant base of knowledge is available to members at the highest professional capabilities available.”

Thanking members for giving the FBAA such high member satisfaction ratings, he revealed the association was currently developing “improved technology driven systems solutions to better assist members with engagement and access to enhanced services and products soon to be launched.”

“Thank you to all FBAA staff, board members and volunteer state representatives of the FBAA across Australia for the exceptional job you’ve done to advance the industry over the last 12 months,” Mr White said.

“It’s been a very big year investing in our team, and an even bigger year ahead investing into our business and members.”

The Finance Brokers Association of Australasia (FBAA) has disputed the claim by APRA chair John Lonsdale that “the current level of the buffer rate has not been restrictive on new credit to the household sector”, made to justify regulator’s decision on Wednesday to retain the 3 per cent buffer.

FBAA managing director Peter White AM said the comments aren’t consistent with the association’s research that found reducing the serviceability buffer by 0.5 per cent could boost borrowing capacity by $276 billion nationally.

“We welcome APRA’s decision to review the serviceability buffer more regularly, which is what we’ve been calling for, but see this decision as a missed opportunity to widen the path to homeownership for more Australians.”

Mr White said research commissioned by the FBAA and conducted by global research consultancy CoreData, found that a reduction of the buffer rate by 0.5 per cent would mean that around 270,000 more people could access median home loans.

The research also showed that almost 400,000 first home buyers aged between 25 and 34 would benefit, with those using a five per cent deposit seeing the greatest access gains for loans under $900,000.

“This small reduction would unlock loans for borrowers we know can afford to service them,” he said.

“In the light of all this, it’s very difficult to accept APRA’s claim that credit continues to flow where it’s needed.”

He said the 3 per cent buffer was also “forcing thousands of Australians to remain in ‘mortgage prison’ leaving them unable to refinance loans for a lower rate, despite them having proven their ability to service a loan at a higher rate.

Mr White said that he will be bringing the issue up again directly with senior government ministers.

The Finance Brokers Association of Australasia (FBAA) has announced the appointment of former Tasmanian state president Justin Delanty to the national board, replacing Barry Honey who is departing for personal reasons.

Managing director of Lending4U, Mr Delanty has been involved in the broking sector since 1995 and currently serves on the Yellow Brick Road Aggregation advisory board.

“Having seen the exponential growth of the FBAA’s membership over the past few years, I am excited to be involved with its ongoing transformation to the pre-eminent financial services membership body in Australia,” Mr Delanty said.

FBAA managing director Peter White AM said the association was privileged to have people of the calibre of Mr Delanty who can step into a board role.

“We appreciate Justin’s great work as a state president, and his significant experience on boards over many years means that members can be confident that he will fit seamlessly into the role of a national director,” he said. 

Mr White also praised Mr Honey’s contribution to the FBAA board since 2021.

“With his expertise in forensic accounting and experience as a director and chairman of numerous boards, Barry has played a major part in leading the FBAA through expansion and increased complexity.

“We wish him the very best and know he will always be part of the FBAA family.”

The FBAA has also announced the appointments of new state presidents and vice presidents, effective from July 1.

In Tasmania, current councillor Rhianna Farnan from Derwent Finance has taken on the role of acting state president while Toby Mahoney from Urban Money Australia continues as vice president.

Nectar Mortgages general manager Stephen Harris has been appointed the new state president in NSW and ACT, with Brad East of Dealify the new vice president.

In South Australia and Northern Territory, Flint director Sergio Stefano has commenced as state president with Kym Russell from Nieuvision moving to vice president.

While Scott Beattie from Cube Home Loans continues his term as the Queensland state president, the state’s new vice president is aviation finance specialist Regan Lacey.

There are no changes in Victoria with state president Marios Rokka of Lending Centre Australia and vice president Nathan Taddeo of RedZed continuing, while in Western Australia, Luke Bray from Freo Finance continues as state president.

Managing director of the Finance Brokers Association of Australia (FBAA) Peter White AM has congratulated Dr Daniel Mulino MP following his appointment as assistant treasurer and minister for financial services, saying that he looks forward to continuing the positive dialogue that commenced with his predecessors.

“The FBAA has enjoyed a close relationship of mutual respect with the Federal Government over many years, which has resulted in significant progress for the finance and mortgage broking industry.”

“The minister of course will have access to the data that the FBAA has provided across areas like clawbacks, buffer rates and many other important issues.

“I am looking forward to bringing him up to date on all of these issues and believe the transition will be seamless due to our strong standing with many senior members of the Government including treasurer Jim Chalmers, prime minister Anthony Albanese and finance minister Senator Katy Gallagher who visited our office some time back to discuss policy that impacts the industry,” Mr White said.

Mr White also took the opportunity to congratulate new opposition leader Sussan Ley, emphasising that the FBAA regularly communicates with both the government and opposition.

“I particularly honour her as the Liberal Party’s first female federal leader.”

He said the Labor Government has been trusted by Australian consumers to implement policy that improves the lives of Australians and ensures that home ownership is not just a dream but a reality.

“There is no doubt that the ability to own a home and secure a mortgage played a significant role in the decisions of Australians at the election.

Mr White said the FBAA has led the national debate around the buffer rate, “and we have provided the government with a way to make a huge difference in the lives of hundreds of thousands of borrowers, at no cost to taxpayers.

“This is just one of the issues that we will be discussing with Dr Mulino and other senior ministers that will focus on the best outcome for borrowers and our industry.”

Hundreds of thousands more Australians, including many aged 25 to 34, could access an affordable home loan if the serviceability buffer rate was reduced from 3 per cent to 2.5 per cent, according to new research commissioned by the Finance Brokers Association of Australia (FBAA).

The research, conducted by global specialist research consultancy CoreData, found that reducing the serviceability buffer by 0.5 per cent could boost borrowing capacity by $276 billion nationally.

Around 270,000 more people could access median home loans and almost 400,000 first home buyers aged between 25 and 34 would benefit, with those using a 5 per cent deposit seeing the greatest access gains for loans under $900,000.

FBAA managing director Peter White AM said both major parties should now make a pre-election commitment to reduce the rate, acknowledging that the Coalition has already done so.

“We’ve said for a very long time that this simple move would make a massive difference to the housing market because we are talking about people who can afford to service these loans,” he said.

Mr White said that the research also confirmed that the reduced buffer may “ease loan stress among current mortgage holders….as more are freed up to refinance.”

“This will, as we have stated before, free mortgage prisoners who are locked into higher rates unable to refinance due to the serviceability rate.”

Mr White acknowledged that the research found the move could unintentionally drive-up property values, but that it was generally thought amongst economists that the commitments made by both sides of politics to boost the housing market would do this already.

“Any initiative to make housing more accessible has the potential to result in property values increasing due to supply and demand, but the bottom line is that this is a very effective way to help hundreds of thousands of people enter the market, and remain in the market.”

Mr White said a reduction in the buffer will also ease pressure on the rental market from both ends, allowing more people to buy and ensuring those with existing loans don’t end up renting again due to the current unrealistic serviceability assessment rate.

He said the FBAA had given the research to both the Government and Opposition.

“We’d also like to see the government of the day regularly review the buffer rate so it remains relevant, fit for purpose and suits the state of the economy at any given time.”

-End-

Key findings:

• 269,862 more individuals to access a median valued house
• Borrowing capacity increased by 5 per cent, unlocking $276 billion
• Most beneficiaries aged 25-34
• Close to 400k young buyers to see more borrowing capacity
• Looser lending to boost demand, raising prices, yet relieving loan stress

Recent interest rate cuts, mixed messages around housing prices, cost of living increases, the Australian election and even US tariffs are fuelling an increase in uncertainty from existing borrowers and those wanting to enter the market, according to the peak body representing Australia’s finance and mortgage brokers.

Managing director of the Finance Brokers Association of Australia Peter White AM says feedback from members indicates that perceived political and market instability is creating confusion as borrowers weigh up options.

“Wider issues can affect decisions around a property purchase, so when our members tell me they are suddenly receiving a myriad of questions, I’m not surprised.”

However he said one of the most common questions has the easiest answer.

“One question is whether ‘now’ is a good time to buy, but when you look at the history of real estate prices, now – whenever that ‘now’ may be – is always the best time to buy, because it’s easier to stay in the market than enter it.

“Prices will always, over the long term, increase, and there are many Aussie millionaires today who created that wealth simply by purchasing a home when it was worth a lot less.”

Mr White said borrowers who are uncertain about their situation should first ask themselves what they want to achieve, take a rational approach and see a mortgage broker to discover the options, even if they have been rejected by a lender.

“Remember that a bank can only offer you its own products, and if that product doesn’t meet your needs or if you don’t meet that bank’s criteria, you may be rejected or get a loan product that is unsuitable,” he said. 

“If you are rejected by a lender don’t think this excludes you from the market, as mortgage brokers can offer many pathways to home ownership.”

He said the specifics of the loan must come down to what is best for that borrower at the time and emphasised that “as finance and mortgage brokers are legally obliged to act in the borrower’s best interests, you can be confident in the outcome.”

“If you’ve been rejected or are just uncertain about current options, I’d encourage you to get the right guidance.”

The managing director of the Finance Brokers Association of Australia (FBAA), who has led the industry’s campaign for a reduction in the mortgage serviceability buffer rate, has backed the Federal Opposition’s commitment to bring the rate down if elected.

Peter White AM has previously labelled the decision by the Australian Prudential and Regulation Authority (APRA) to leave the buffer at 3 per cent as nonsensical, saying it is “preventing thousands of Australians from purchasing a home and forcing thousands more to remain in ‘mortgage prison’ unable to refinance.”

He said the FBAA, as well as speaking publicly about the issue, has advocated for this change directly to both the government and opposition, “and we are pleased to see that our efforts are paying off and progress is being made.”

“This rate is preventing first home buyers from securing a home in the middle of a housing crisis, putting more pressure onto the rental market.”

He echoed today’s comments by Federal Opposition ministers.

“While a 3 per cent buffer was appropriate in the past because interest rates were at an all-time low and were always going to rise significantly, today it is a barrier to home ownership for people who can actually afford the repayments.”

Mr White said he hopes the Federal Government will match this commitment to reform the APRA lending requirements and will bring this up with the government directly.

He also emphasised that reducing the buffer is “not about relaxing lending requirements but about common sense.”

“We have a scenario being played out across Australia right now where people who have been paying their mortgage without default are being prevented from refinancing to a loan with a lower monthly payment.

“The current rate is hurting Australians and this is why the FBAA has been, and will continue to be, the leading voice on this issue.

The Finance Brokers Association of Australia (FBAA) says it is concerned that some banks are attempting to stop mortgage brokers using certain automated rate tracking and repricing systems to analyse their back books, in order to prevent existing customers from accessing lower rates.

FBAA managing director Peter White AM said the FBAA is aware that some banks are threatening brokers with de-accreditation if they use certain tracking programs.

“They appear to be claiming it is a privacy issue, and while this may be legitimate in some cases, I don’t accept this is the entire reason or even the reason at all in some cases,” he said.

“If banks are using this as another way to increase profits, it would be quite unconscionable as it means customers are being intentionally disadvantaged.”

Mr White said mortgage brokers have a responsibility to work in the best interests of their clients, and part of this commitment is to review rates.

“Any attempt to outlaw automated rate tracking and repricing systems prevents mortgage brokers from properly servicing their customers.

“We all know that many banks love rate creep for their existing clients while they offer great incentives to new customers.

“But when back book pricing isn’t being reviewed it’s the customer who loses out, and over the long term the amount could be significant.”

He said brokers should be embracing technology because manual tracking is not as effective, and “the banks know this.”

Banks are sending the wrong message to customers and instead should be embracing price reviews, according to Mr White.

“Lenders must understand that doing the right thing generates customers for life.”

He said some banks only try and look after customers when they receive a discharge authority.

“Time and time again we see banks offering better rates only when the customer is considering, or starts the process of, refinancing.”

“I’d urge banks to instead encourage back book reviews by whatever way is best for borrowers and the most professionally proficient for the broker, and maybe the customer won’t need to consider refinancing.”

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