Media Statements

“It is great to see National Australia Bank realigning its fixed home loan rates to a lower and more competitive level.”

“However, it is concerning that NAB still had a margin that allowed it to move its rate down by up to 55 basis points, and we hope it hasn’t left existing borrowers on excessively high fixed rates that have large margins in them.”

“It can be easy for borrowers to be attracted to a new competitive home loan rate that seems more appealing than before, but they must be cautious when looking at fixed rates to ensure their financial needs are being met.”

“It is crucial that borrowers shop around and use a mortgage broker who by law acts in the best interests of the borrower to ensure that they have a lending facility that meets their needs.”

The Finance Brokers Association of Australia (FBAA) has announced its 2021 board members and issued special awards on the back of a challenging year.

Newcastle region mortgage broker and author of two property investing books Felicity Heffernan joins the board, alongside recent appointment Clive Kirkpatrick, chair Tony Carter and company secretary Kim Szigeti – who were both reappointed – and continuing members Steve Rasmussen, Angus Gilkeson and Angelo Lauro.

Announcing the addition of Ms Heffernan, FBAA managing director Peter White AM said she has held past roles with the association including NSW state councillor and state president.

“Felicity continues the FBAA tradition of ensuring that our board always includes many members with a high level of practical broking knowledge,” he said.

He also said it was good to see more diversity on the board, and encouraged other female members to “look at taking an active role within the FBAA as we venture into the years ahead.”

Mr White, who continues on the board as managing director, extended his thanks to outgoing director Rick Nieuwenhoven for his service and contributions both on the national board and as South Australian state president.

Four new fellows of the FBAA have also been appointed, being Tanya Sale from Outsource Financial, David Carson from Compliance One, Mike Israel from NCC and Rick Nieuwenhoven.

“The newest fellow members have all made significant contributions to the association in the manner in which they have assisted and positively impacted our industry,” Peter White said.

Recognising the difficulties of operating and servicing members during the COVID-19 pandemic, the FBAA has issued special commendations from the board to past state president and councillor Brendan Kurtz, and staff members Phillipa Byrne, Mariah Pires and Josie Taamaletoa, for going above and beyond for members and the association.

“I would like to thank all of those on our board and within the FBAA team for their ongoing work for the association and our industry, and we look forward to a strong 2021 after what has been a tough start to the new decade in 2020,” Mr White said.

Inward, personal growth is the most important factor in a successful industry, according to the Finance Brokers Association of Australia (FBAA) which is backing this year’s International Men’s Day on November 19.

FBAA managing director Peter White AM said it’s easy to focus on strategies, policies and marketing while forgetting that real success can only come through strong, healthy and happy people.

Mr White said days like International Men’s Day, on which the association will hold a ‘digital celebration’, are times to pause, change perspective, and build people, which in turn builds an industry.

“We supported the amazing women across our industry earlier this year, and we want to support men in the same way.”

He said the 90 minute online event will take men on a journey of exploration and empowerment that will challenge them to be the best they can and to lead by example.

“Former Nobel Peace Prize winner Albert Schweitzer said, ‘Success is not the key to happiness, happiness is the key to success’, and in 2020 we must ensure that no-one is excluded from the bigger conversation around wellbeing.

“We must help to stop people across our industry from falling into depression or anxieties.”

The event is open to all, and FBAA members will receive 1.5 CPD hours.

Prospa managing director Alex Brgudac will be one of the three key speakers, as will regional property investment expert, former broker and men’s mental health advocate Philip Robison.

In a sobering reality check for an industry where over 70 per cent of brokers are male, Beyond Blue reports that men make up an average six out of every eight suicides every single day in Australia.

“We are not really in the finance business. We are in the people business. We are an industry made up of people who help other people fulfil their dreams,” Mr White explained.

“But we can only do that when we ourselves are motivated, healthy and balanced.”

“Congratulations to Loan Market Group for investing into the industry’s growth and expansion.”

“I believe this will be good for our industry.”

“Finance and mortgage brokers should be encouraged because this investment highlights the confidence the market has in our sector and the potential for growth.”

“It’s time for all of us to start to put 2020 behind us, have faith in our future, and look for new opportunities to expand and promote our services. “

The managing director of the Finance Brokers Association of Australia Peter White AM has called the revelation by the big four banks that they will not be passing on the recent interest rate cut unconscionable in the current COVID climate.

Mr White said in his more than 40 years in the industry, he shouldn’t be surprised at the moves by banks to increase their profits but this decision at this time is “beyond belief”.

“Have they learnt nothing from the royal commission?” he asked.

“Homeowners and small business are struggling across Australia, and the banks should not only immediately pass on the full cut for mortgages but also extend these lower interest rates to small business loans.

“This is the opportunity for the banks to build trust and send a message that they can put people above profits. I challenge them to do just that.”

Mr White said consumers should be aware that the big four banks are not the only options. “Other lenders are passing the reduction on, and borrowers should talk to their broker to consider what is best for their situation.”

The Finance Brokers Association of Australia pays tribute to John Symond for his huge contribution to the mortgage broking industry over the past 30 years and wishes him the very best in retirement. He was a pioneer and started the evolution that has shaped our industry and resulted in most Australians currently using brokers to purchase their homes.

Aussie Home Loans was the founding industry brand and developed much of the product innovation and industry competitiveness that has resulted in benefits to Australian consumers who in times past, were forced to deal within an uncompetitive and monopolised banking sector. What John started is now carried on by his nephew James Symond as CEO, with the brand still enjoying a high profile across the lending landscape.  

I would also like to recognise the great work Aussie does in the charitable space, which is a great blessing to people in need and highlights the contribution that finance and mortgage brokers make to the community. I know John will continue to contribute in many ways to society in this new chapter of this life.

“The RBA’s interest rate cut will support the property market but even more importantly it will help small businesses, and this will flow to other sectors.”

“It is crucial for banks to extend these lower interest rates to small business loans. Small business needs this assistance during the current time.”

“Banks are not to profit from this, it would be unconscionable in these times for banks to retain any part of a decrease.”

“Banks must immediately pass the reductions on to existing customers as well as new ones, and unquestionably pass onto small business owners.”

Managing director of the Finance Brokers Association of Australia (FBAA) Peter White AM says recent figures showing more than half of the 500,000 mortgage holders who deferred their repayments have not resumed them, should prompt brokers to “have an important conversation with their clients”.

He said while the news is good for those who have started paying again, it emphasises the sad expected consequence of the impact of COVID-19.

“I get that there is an upside to the economy and the property market with this news, but as brokers we must also think of those clients who are a part of the majority of people who still haven’t been able to recover.

“We have a role to play to ensure that our clients don’t default, and time is running out for those who are still struggling.”

Pointing out that the payment holidays will end soon, he explained that as time moves forward, options for borrowers who can’t pay become more limited, particularly given the Government’s consistent comments that it will discontinue JobKeeper and JobSeeker early in the new year.

“I’d ask a client to be realistic about their situation and their prospects of being able to ger a new job, or increasing their business revenue or whatever the situation is for them.

“If they can’t see anything changing, they may need to talk to their lender about further extensions, or in the worst scenario seek specialist advice from their accountant, financial planner or lawyer and look at whether it is better to get out of the property market momentarily until they get back on top and can re-enter it.”

Mr White stressed that while this would be a drastic measure, the alternative of defaulting on a mortgage and being placed into mortgagee in possession is far worse.

“I know that brokers will be there for clients in difficult times as well as good times, and it seems like now is a perfect time for the industry to provide even greater expertise and guidance.”

Finance and mortgage brokers across the country will be taking part in a series of important training days this week as the industry counts down to January 1, 2021 when the Best Interests Duty (BID) will come into force.

From Wednesday October 21 to Tuesday October 27 brokers in every state and territory will participate in this digital educational course that will ensure they are BID compliant.

Finance Brokers Association of Australia (FBAA) managing director Peter White AM warned brokers not to take the legislation lightly and pointed out that ASIC’s Regulatory Guide 273, which outlines the steps that should be taken to minimise the risk of non-compliance, is 52 pages long.

“There is a lot to know and much to comply with. Like any regulation, it’s easy to miss the detail and get into trouble,” he explained.

The “Get BID Ready” series will train brokers in the compliance guidelines, something Mr White said may require structural process changes to practices for some brokers.

“Some within the industry will need to change the way they approach giving credit assistance to consumers and others will need to improve their record keeping,” he said, adding that compliance with the new BID has a heavy emphasis on good record keeping.

“The royal commission has shown us that we can’t be complacent about compliance.”

Upon completion of the course, participants will receive a certificate and the only regulatory expert-written BID Compliance Pack, as well as three CPD hours.

The BID Compliance Pack contains the only content of its kind in the industry, as developed by the leading regulatory and educational experts in Australia. It includes a BID obligation flow chart, obligation record keeping tool and compliance self-assessment tool.

Mr White said he hoped the entire industry would join for important training like this as it is open to all brokers not just FBAA members.

There is still opportunity to book at https://www.fbaa.com.au/upcoming-webinars.

The peak body representing Australia’s finance brokers has called for bipartisan support for the Federal Government’s announced changes to lending regulations.

Hailing the announcement as a move that will stimulate the industry and the economy at large, the Finance Brokers Association of Australia (FBAA) said that many borrowers who can afford mortgages have been locked out of the housing market due to overly restrictive criteria.

FBAA managing director Peter White AM said the changes were sensible and he hopes the Opposition and minor parties back them.

“Anything that puts the accountability back onto the borrower is just common sense.”

He explained the current situation which makes banks accountable for information provided by a borrower has resulted in overzealous investigations as banks try to mitigate the borrower’s wrongdoing.

“It’s become an exercise by lenders to pass judgment on a borrower’s discretionary spending, which isn’t the role of a lender.

“All a lender should care about is the capacity of the borrower to service the loan and they already have many criteria on which to base that. This won’t change.”

He said that banks will still be thoroughly checking information but ultimately if a borrower is deceptive, it is the borrower who should be held accountable and pay the price.

Mr White also emphasised that this was a small part of the overall responsible lending regulations and there should be no concern about banks lending to those who can’t afford it.

“I notice that some consumer groups have already been critical of the move but this is unwarranted.

“The Government has also announced changes to better protect vulnerable consumers, and the industry supports this.” He said the changes will simply allow people who can genuinely afford to service a loan the opportunity to achieve this without restrictive red tape getting in the way, and speed up approval times which have dramatically and unfairly blown out to many weeks.