#keepcompetitionalive

The Government is going to be making some very important decisions regarding regulation and remuneration of Australian mortgage brokers.

Some, including a representative from one of the big banks, have called for commissions paid to brokers by banks and lenders to be scrapped and for everyday Australians to instead foot the bill.

As a collection of small businesses and everyday Australians, the voice of brokers risks being lost in the conversation.

It’s time to speak up, be heard and keep the competition alive.

Australians want brokers

Right now, 55% of Australian borrowers1  choose to secure their loan from one of the 27,0002 people working in the mortgage broking industry.

Brokers provide outstanding customer service

The Net Promoter Score (NPS) customer satisfaction measure of Mortgage Brokers is in excess of +703 which is outstanding and industry leading.

Brokers bring choice and competition to the table

Over the past 30 years, brokers have contributed to the fall in net interest margin for banks of over 3 percentage points4. This means a saving of over $300,000 on a $500,000 thirty-year loan (based on an interest rate fall from 7% to 4% pa).

The numbers all add up

Mortgage brokers keep lenders competitive, bring borrowing costs down and as vital small businesses they contribute $2.9 billion5 to the Australian economy.

Don’t give the big banks the power

The only winners from less competition are the big banks.

Let’s keep competition alive.

What you need to do

It’s time to contact your local MP.

Contacting your local Federal Member of Parliament to show your support for the mortgage broking sector is a very effective way of ensuring that you are heard.

There are a number of parliamentarians representing you in Canberra that will pop up on this page. The MPs from the House of Representatives are from your local area, and then there are also a number of Senators who represent your entire state.

The local MP will be the most sensitive to your approach, followed by the Senators. Both sides of politics, Liberal and Labor are important, as are the cross benchers from the other parties. We encourage you to see as many as you can to ensure your voice is heard.

Search for your postcode below and to send a pre-drafted email in support of your local brokers.

If you’re a broker, it’s time to set a meeting. Select ‘Make an appointment’ to send a pre-drafted email requesting an appointment.

If you’d like to respond in your own words, this is also a great option.

Who is AFG?

AFG was established in 1994 and has grown to become one of Australia’s largest mortgage broking groups, with around 2900 finance brokers around Australia.

Brokers with AFG have the ability to offer their customers a choice of over 3,800+ finance products from a range of Australia’s lenders.

Each month our brokers will help around 10,000 Australians get a loan that’s right for them.

  1. MFAA IIS Report 5th edition, produced by CoreLogic
  2. Deloitte Access Economics The Value of Mortgage Broking Report July 2018
  3. MFAA’s The Australian Mortgage Broking Industry: Through a Different Lens
  4. Deloitte Access Economics The Value of Mortgage Broking Report July 2018
  5. Deloitte Access Economics The Value of Mortgage Broking Report July 2018

Contact us

General enquiries
keepcompetitionalive@afgonline.com.au
1300 130 987

Media enquiries
mdmedia@afgonline.com.au

Australian Credit Licence 389087
ACN 066 385 822