Media Statements

Over 60 per cent of Australians finance their home through finance and mortgage brokers.

The Finance Brokers Association of Australia (FBAA) is the peak body representing finance and mortgage brokers. FBAA managing director Peter White AM is available for media comments and information.

Mr White is a 40-plus year finance industry veteran and accomplished in dealing with media across TV, radio, print and digital. Following the Hayne banking royal commission he appeared across every major news platform and was instrumental in putting the case forward for the finance broking sector.

A wealth of knowledge, Mr White is available to speak on all mortgage and finance related topics (including obtaining a mortgage, home affordability, interest rates, credit cards, responsible lending and other legislation, mortgage lenders insurance, banking and more) to provide information beneficial to your audience.

As a national body, the FBAA deals across all states and can speak from a national perspective. Please keep these details and contact us if we can assist you.  

Media Contact:
Lily Trotman – 0434 791 084

The Finance Brokers Association of Australia (FBAA) will once again hold an International Women’s Day event, with the theme #ChooseToChallenge reflecting the 2021 international theme.

Celebrated on March 8 globally, the day celebrates women’s achievements but also promotes equality and gender parity, objectives that are important to the finance broking sector, according to FBAA managing director Peter White AM.

“Our industry across the board, from lenders to aggregators and brokers themselves, champions women and as an industry association we are always striving for greater female representation,” he said.

“This day should never be tokenistic but should remind us that we still have a long way to go, while providing us with an opportunity to shine the spotlight on the many talented and important women across our industry.”

The lunch event, which will be held at Mary Mae’s at the Brisbane Powerhouse, will be livestreamed and the FBAA is encouraging all across Australia to register.

Speakers include Suncorp’s Renee Blethyn, Nadine Davis-Atma from Affordable Staff, Prospa’s Alex Brgudac, Joanna James from MEZY and Donelle Brooks from Lend Capital, while inspirational speaker and award-winning Australian youth advocate Jules Allen will present the keynote address.

Ms Allen, who has been a foster mother to 29 children over the past 15 years, said her message to those gathered is simply that, “adversity as a women is our greatest asset and with the right tools and mindset women can become unstoppable.”

“We need to learn to be greater advocates for each other and one thing we must be mindful of and ask ourselves as women is; who is actually standing in our way?”

The event commences at 11:30 and is open to everyone across the industry. The cost for those attending in person is $22 with money raised going to the Lady Musgrave Charity. Online registration is free: https://zoom.us/webinar/register/WN_dqb1yE4JQgSwOl7pfsuaPQ

Australia’s peak body representing finance and mortgage brokers has sought to reaffirm its position around proposed amendments to responsible lending laws, following comments in Parliament during the second reading of the National Consumer Credit Protection Amendment (Supporting Economic Recovery) Bill 2020. 

Responding to conflicting claims of industry support by both Government and Opposition MPs, managing director of the Finance Brokers Association of Australia (FBAA) Peter White AM, confirmed that finance brokers support the legislation in principle, however the role of ASIC is a major stumbling block.

“We agree with the Government that consumer lending is too complicated and the process is difficult for borrowers who can genuinely afford finance,” he said.

“However there is a serious concern about the lack of consistency around regulation, as it is proposed that banks are to be regulated through APRA, while non-banks are governed by ASIC.”

He said ASIC has continually shown that it attempts to overrule the law and go beyond its mandate rather than simply regulating the law as written.

“APRA governing banks on responsible lending is fine, but ASIC giving guidance to non-banks as proposed, is an issue that may cause an imbalance in the marketplace.

“Non-banks will risk being in an anticompetitive position compared to the banks because of ASIC’s guidance in the future.”

He said the FBAA has a similar issue with the extension to Best Interest Duty (BID) which is also on the table.

“ASIC is already showing they are uplifting the laws on the extension of BID before it happens, and will collapse the consumer asset broking sector which includes car loans,” Mr White explained.

The biggest problem with the legislation is the inconsistency, according to the broking body who believes that the extension of BID will leave consumers in the hands of car dealers and banks without competition or best interests being given by a broker.

“Responsible lending has always been in place with banks, but we fear consumers will be disadvantaged under this legislation as banks will have one rule and non-banks – who have bought competition to the marketplace – will be under another rule from ASIC, making it harder to get a loan from a non-bank.”

“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.”