Media Statements

The exclusion of mortgage brokers from the federal government’s Help to Buy scheme by Australia’s biggest bank could undermine the initiative’s efforts to support first time buyers, according to the Finance Brokers Association of Australia (FBAA).

FBAA managing director Peter White AM said the Commonwealth Bank of Australia’s (CBA) decision to only accept Help to Buy applications through its own proprietary channels risked “killing the goose that laid the golden egg”.

“The Help to Buy scheme is the game changer many aspiring homeowners have been waiting for, but CBA has slammed the door shut on thousands of buyers who rely on brokers to secure finance,” he said.

“Major banks are simply there to sell a product and, unlike brokers, they’re not obliged to act in the best interests of clients and this gives them enormous power over a scheme that’s meant to be all about boosting home ownership levels.

“If the nation’s biggest bank has an effective of veto over participants in the Help to Buy scheme, how does this support the federal government’s goal of creating a new generation of homeowners?”

Mr White said it was unclear whether CBA notified the federal government that as a participating lender it intended to restrict access to Help to Buy loans through its direct proprietary channels.

“By putting itself forward as a participating lender and then excluding applications from anyone other than direct clients of CBA, it would seem Australia’s biggest bank has taken a national scheme underwritten by taxpayers and turned it into a proprietary marketing tool,” he said.

“The fixation from major banks on excluding brokers from the home loan process comes with a huge downside for borrowers, many of whom won’t be eligible for products they offer.

“Brokers can help borrowers access a far wider range of products than those offered by the banks, products best suited to their own unique individual circumstances.

“There should be a level playing field under the Help to Buy scheme that caters for all borrowers, rather than shoring up the power of major banks to exert further market dominance.”

Finance Brokers Association of Australia (FBAA) regulatory compliance specialist David Carson said:

“This is a very blunt tool that has potential to hurt some groups more than others. APRA has effectively decided you can’t live in a home that costs more than six times your current income unless you have a very large deposit.

“A household with an annual income of $100,000 would be restricted to a loan of $600,000. With national median property prices closing in on the $900,000 mark these rules are definitely going to bite hardest on those seeking to enter the market or looking to upgrade if they don’t have substantial equity.

“It poses a very real risk that APRA may be putting unnecessary barriers in place for aspiring homeowners.

“Aspiring homeowners were recently given some encouragement with the expansion of the 5 per cent deposit scheme, allowing more prospective homeowners to move into the market sooner. The APRA debt to income ratio cap shifts the power back to those with large deposits.  

“The six times limit also overrides the responsible lending rules and consideration of whether a consumer has capacity to service a higher loan based on their expectations of future wage growth, how they manage their household expenses and how much capacity they have to service any proposed loan.

“The obvious question is how banks will determine the lucky 20 per cent they allow to exceed the six-times limit.

 “How will that cohort be chosen by the banks?

 “This has the very real potential to throttle the capability of the ordinary family borrower to buy a property and realise the benefits of home ownership.

“It is a material intervention from APRA, reminiscent of other interventions including the 3 per cent serviceability buffer on home loans and back in 2014 and 2017 respectively, placing limits on banks for the proportion of investor and interest only loans they could hold on their books.  

“It is usually the case that those most heavily affected by these actions are the ones closest to the thresholds. In this case, aspiring homeowners with lower household income and smaller deposits.

“APRA says it has data that suggests this might have a bigger impact on investors than homeowners although it is hard to see this being the case. APRA has also said there aren’t many lenders near the 20 per cent threshold, leading them to believe the immediate effects may be limited.

“With legitimate questions about how accurate their modelling and how robust the data is that these new rules are based on, the value of APRA’s new approach is open to question.”

The mortgage industry has been challenged to increase gender diversity following a recent international broking conference which heard “we cannot afford to leave talent on the sidelines”.

The International Mortgage Brokers Federation (IMBF) conference in Dublin in May 2025 resulted in a white paper highlighting the risks associated with a heavily male-dominated industry.

IMBF Chair and Finance Brokers Association of Australasia (FBAA) managing director Peter White AM said while technology and AI might dominate the headlines, the persistent gender imbalance in mortgage broking continues to hinder progress, innovation, and representation across the market.

Mr White said despite its relationship-driven and often flexible nature, some still have a perception that broking is high-pressure, financially risky, and unsuitable for women seeking balance or re-entering the workforce.

“Men continue to dominate the broking profession,” he said.

“But with more mentoring and sponsorship, we can attract and retain more women to mortgage broking, which stands to benefit from the skills and experience they bring to the profession.”

The IMBF call to increase female representation coincides with the release of the FBAA 2025 Broker Density Report, which reveals the number of women entering the industry is rising.

While the report shows males continue to dominate the industry, the number of female brokers increased to almost 6,500, representing a gender split of 70/30, compared to 72/28 in 2024.

The IMBF conference heard that some countries have started to formalise mentoring programmes for brokers, however many still depend on informal networks which are often male dominated.

One conference participant noted, “There are plenty of women entering the field, but few stick with it. Mentoring is what helps you stay.”

From the conference roundtable conversation, five clear recommendations emerged to advance the industry:

1. Make women visible: Use industry campaigns to highlight diverse, genuine stories of women excelling in broking across various life stages, roles, and business models.
2. Mentor and sponsor intentionality: Formalise structured mentoring programmes and incentivise senior mortgage brokers to support new female entrants by providing access to networks, leads, and opportunities.
3. Monitor what matters: Mortgage broker associations should publish data on participation and progress by gender and region, establish benchmarks, and celebrate achievements.
4. Support the transition: Reduce financial and psychological barriers to entry.
5. Rebrand the profession: Change the story from hustle culture to professional independence, relationship-building, and significant impact—values that resonate widely, including with women.

Mr White said it must be noted that the representation of women varied between countries and referenced the number of female brokers nominated for awards at the association’s recent national conference.

“It was pretty clear that while women might represent 30 per cent of our industry, they also represent a much larger percentage of higher performing brokers,” he said.

The Finance Brokers Association of Australia (FBAA) says Macquarie Bank’s surging home loan book shouldn’t come as a surprise, as brokers connect even more borrowers to its innovative offerings.

FBAA managing director Peter White AM said the fresh Macquarie results, which reveal the lender grew its share of the mortgage market from 5.7 per cent to 6.5 per cent over the last six months, is a sign of healthy marketplace competition and increased consumer choice.

“Brokers are bound to represent the best interests of their clients, and it’s clear they’re backing Macquarie because it’s delivering results,” Mr White said.

“Ninety-five per cent of Macquarie home loans are now being originated through its broker channel, indicating that borrowers are becoming increasingly discerning amid growing product innovation.

“Unlike the major banks, Macquarie isn’t relying on the same old products to drum up business – instead, they’re responding to consumer-driven demand, and it’s paying dividends.

“Brokers recognise a good deal when they see it and will only take the very best offers to their clients, whether it’s from Macquarie or any other lender.”

According to Mr White, the fixation from some major banks on increasing branch lending and reducing support for broker channels is short-sighted and “misses the point.”

“The home loan market is more competitive than ever and increasingly driven by innovation, yet bizarrely some banks want it to be a closed shop, where they carve up the spoils,” he said.

“Increased competition is giving consumers more choice than ever and it’s clear they’re overwhelmingly putting their trust in mortgage brokers.

“It never ceases to amaze me that some banks view brokers as competitors, given the volume of loans brokers originate for them.”

The ranks of Australia’s finance and mortgage brokers continue to swell according to new research from the Finance Brokers Association of Australia (FBAA), which also reveals the number of women entering the industry is on the rise.

According to the 2025 FBAA Broker Density Report, there are 10.9 brokers per 10,000 adults in Australia, with the ratio rising 1.87 per cent from the previous report.

The report, based on a survey conducted by leading researcher CoreData, found there are 22,000 brokers in Australia with the broking industry growing 3.66 per cent since 2024.

Currently 13,000 customer-facing finance and mortgage brokers are members of the FBAA, representing around 59 per cent of Australian brokers.

FBAA managing director Peter White AM said the report “paints an optimistic picture for the future of Australian broking.”

“The number of brokers is on the rise, both in absolute terms and as a proportion of the overall population,” he said.

“Consumers keep turning to brokers because they know they’re best placed to help Australians secure better rates, more flexibility, and lending solutions tailored to their circumstances.

“Increased competition between lenders is driving demand for brokers among consumers seeking tailored advice, better deals and guidance in navigating lending markets.”

While the report shows males continue to dominate the industry, the number of female brokers increased to almost 6,500, representing a gender split of 70/30, compared to 72/28 in 2024.

High population states Victoria and New South Wales have the highest ratio of brokers, with lower ratios in outer metro and regional areas marking a “real growth opportunity”, according to Mr White.

“Emerging opportunities persist around the fringe regions of major cities, where housing prices and populations continue to rise faster than broker presence,” he said.

“Broker expansion into these areas will be an ongoing focus for the FBAA.

“It’s also encouraging to see more women entering a broking industry keen to utilise the unique skills and experience they bring to the profession.”

Mr White added that, “in an era of technological change, ongoing CPD will be crucial for all brokers and we’ll continue to offer world-class training and professional development opportunities.”

According to the report, there are 4,668 Australian Credit Licensees in operation.

A white paper released by the peak international mortgage broker body predicts personalised human advice will keep brokers at the centre of the profession as it enters a “decade of unprecedented change”.

The report from the International Mortgage Brokers Federation (IMBF) is the result of dialogue in Dublin earlier this year among mortgage brokers from the USA, UK, Canada, Ireland, Australia, New Zealand and other European nations.

The Finance Brokers Association of Australia (FBAA) is the only Australian association represented on the world body, which enables each global region to openly discuss their journeys with regulation and industry development, and consider how this may impact other regions.

FBAA managing director Peter White AM, who is also the current chair of the IMBF, said optimism about the future of broking underpins this year’s white paper which focused on the critical question of ‘How will we remain relevant in 2030 and beyond?’

“The FBAA will be using this paper at board level, and it will enable us to not only compare our progress and priorities to associations on other jurisdictions across the world, but better understand where the industry is headed,” he said.

While Mr White said that the white paper refers to “advice” and that Australia has “an assistance not advice model”, it was still highly relevant to the future of the local industry.

Stating that “artificial intelligence, embedded finance, regulatory shifts, and changing consumer expectations are transforming how—and where—advice is provided,” the white paper identified five signals that will shape the mortgage broker of 2030:

1.  Advice (professional guidance in Australian terms) is what sets you apart: in a world of embedded finance, mortgage brokers must prioritise personalised and ethical advice (guidance in Australia) as their core value.

2. Technology and trust must coexist; AI functions as support, not a replacement. Mortgage brokers should combine digital skills with human insight.

3. Education must evolve: Future-proof mortgage brokers need technological proficiency, emotional intelligence, and business insight—not just compliance expertise or training.

4. Inclusion fuels innovation: Gender diversity isn’t just a moral concern— it’s essential for reach, resilience, and relevance—and is increasingly demanded by many customers.

5. Mortgage brokers must be co-creators: Innovation, policy, and platform design must be developed in collaboration with mortgage brokers, utilising their unique insights into customer journeys.

-End-

About IMBF:

The IMBF is the leading global forum for bringing the international mortgage broking community and its suppliers together to collaborate on shaping market practices, while influencing regulation and legislation through global advocacy.

Managing director of the Finance Brokers Association of Australia Peter White AM said recently announced plans by ANZ to dramatically increase its branch lending sales force should not come as a surprise.

He said mortgage brokers have been hearing similar rhetoric from other major banks for some time and it’s part of their playbook.

“I’m not referring specifically to ANZ, but let’s just say a few of the majors have been obsessed for a while about increasing their direct business and in some cases reducing support for the broker channel, but they are missing the point.”

“It’s not about brokers and it’s not about the banks. It’s about the customers and they are overwhelmingly putting their trust in mortgage brokers.”

Mr White said he understands that banks are focused on profits for their shareholders, but is continually amazed at how such large organisations with smart people “often can’t see the forest for the trees.”

“While technology is rapidly advancing, the attitudes of some of the larger banks remain stuck in the past, and they can’t seem to embrace today’s competitive and customer-driven environment.”

“Let’s make it real – the big banks hate competition and if they had their way they’d go back to the old days when a few of them controlled the market.

“But the losers back then were consumers, and this was highlighted not so long ago at the royal commission, which we must remember was set up to investigate misconduct of the banks.

Mr White said recent actions by the big banks including re-establishing practices that were criticised by the royal commission, makes him doubt that they have learnt their lesson.

“Meanwhile mortgage brokers are adhering to Best Interests Duty and acting in the best interests of the customer.”

He said he finds it “somewhat humorous” that some banks still see brokers as competition.

“Borrowers are still customers of the lenders, so this is all just silliness to me.”

His message to brokers was to “keep doing what you are doing and providing excellent customer service.

“Hopefully soon the big banks will get it, as other lenders already do, and focus their energy on working with the broking channel in the best interests of our mutual customers.”

Job satisfaction among finance and mortgage brokers is high with 71 per cent satisfied, according to a recent Finance Brokers Association of Australia’s (FBAA) Bi-Monthly Broker Poll.

However despite this, while almost all brokers surveyed (90 per cent) viewed broking as a long-term career when they started, over half (54 per cent) admit they have considered leaving the industry at least once in their career.

FBAA managing director Peter White AM said he was pleased that the vast majority loved their job, but wasn’t surprised that the top reason given for wanting to leave the profession was “aggressive lender practices” like clawbacks.

Work-related stress and financial strains were also high on the list.

“This feedback demonstrates the impact these issues have on brokers and their willingness to stay in the industry, and is the reason why the FBAA has been so vocal and continues to advocate for change,” Mr White said.

“It’s a long journey but we have started to see breakthroughs that some never thought we would see, which encourages us to continue the fight against practices that are unfair.”

The poll also revealed that younger brokers are feeling more stress impacts and less workplace support, listing better pay and conditions as the keys to incentivise them to stay.

According to the poll, 7 in 10 brokers who are satisfied plan to continue for five years or more, which Mr White said was a vindication of the FBAA’s focus on advocacy and professional development.

“Our message to members is to talk to us about how they can improve and succeed, as we exist to help brokers thrive in all aspects of their business and CPD,” he said.

Quotes from surveyed brokers who have considered quitting the industry:

“Clawbacks and ongoing demands of the job affecting mental health.” – Mortgage broker, 38, Female

Banks, especially Big 4, are pulling their support from brokers by establishing their online banking channels, giving customer extra rate discount if they reach through direct channel, openly discouraging customers to go to brokers etc.” – Finance broker, 46, Male

Aggregators have too much control and seem to only focus on the bigger groups that bring them in more money. ” – Mortgage broker, 45, Male

The Finance Brokers Association of Australia (FBAA) says a pledge from ASIC last week to enhance its technological platforms and slash red tape is “too little, too late” for many brokers and small businesses.

FBAA managing director Peter White AM said the “multi-year program of work” announced by ASIC was hugely frustrating for brokers, who say immediate improvements are what’s needed.

“Governments and regulators have been talking for decades about cutting red tape and yet we are still singing the same old song, but that’s no substitute for meaningful action,” he said.

“Brokers and small businesses often find it exceptionally difficult to navigate meeting their compliance requirements online because of poorly designed websites.

“The ASIC and ATO websites might make sense to regulators, but users find them confusing and impenetrable.

“We need better websites based on current technology and operating platforms, and far clearer and ‘plain English’ communication now, not years into the future.”

The ASIC statement says “a Simplification Consultative Group formed late last year with key leaders across business, industry and consumer groups (has) been focused on simplifying how we regulate.

“They still don’t seem to grasp the basic issues,” Mr White said.  

The Finance Brokers Association of Australia (FBAA) is warning the federal government against imposing higher levies on unrelated sectors to cover shortfalls in the national Compensation Scheme of Last Resort (CSLR).

In a submission to Commonwealth Treasury, the FBAA stated brokers shouldn’t be forced to bear the brunt of financial advice failures which they had no part in.

FBAA managing director Peter White AM said repeated warnings to government about the scheme’s funding model had gone unheeded, with brokers now potentially facing higher levies.

“When the CSLR was first proposed, the FBAA warned it wasn’t appropriate to take funds from unrelated sectors to cross-subsidise failings in another sector,” he said.

“We were also concerned the model prioritised payments of fees to the scheme administrators and external dispute resolution scheme ahead of anyone else”.

“Why should brokers be forced to pay towards AFCA fees and higher scheme administration costs for shortcomings in another sector?

“The forecast increase in payments relates to failings in the financial advice sector, not the broking sector, and I don’t want to see our industry unfairly penalised.”

Assistant treasurer Dan Mulino was notified in July that estimated claims costs relating to personal advice in 2025-26 under the CSLR were $67.3 million, exceeding the $20 million limit on levies that can be applied to the advice sub-sector to fund the claims.

Mr Mulino subsequently issued a public consultation paper seeking stakeholder feedback and is considering options under the CSLR legislation to raise a special levy to pay for the excess costs.

FBAA regulatory compliance specialist David Carson said the financial burden of unpaid determinations should not go beyond relevant stakeholders, one being the government. 

Mr Carson recommended government must make a financial contribution, saying it already collects too much money from industry through fees and levies.

“Government can’t continue to look at industry as a bottomless supply of money,” Mr Carson said.

“We recognise there are consumers who are affected by the actions of bad actors, and we support measures designed to assist them”.

“However, this scheme is barely 12 months old and we already have a problem. We don’t want to see honest, hardworking businesses deprived of vital income, especially when the failures in this scheme substantially lie at the feet of government and regulators.”