The Royal Commission has signalled changes that could threaten your business.
The industry faces potential policy changes that could make the mortgage broker channel unsustainable, drastically reducing competition, choice and access to credit in home lending, while delivering a windfall for major banks.
As Treasury noted in its submission to the Royal Commission’s Interim Report, ‘if mortgage broking activity diminishes, this could have a significant detrimental impact on competition in the mortgage market. The potential beneficiaries of any lessening of competition would be the major banks with established branch networks’.
“In short, without mortgage brokers, finding a home loan would be harder and more expensive for all Australians,” Mike Felton, CEO MFAA said.
So the MFAA and its industry partners have launched Don't Kill Competition, an integrated national advertising and advocacy campaign of public relations, government advocacy, mass media and digital advertising, and grassroots customer activation.
DOWNLOAD: Don't Kill Competition resources at www.brokerbehindyou.com.au/campaign-resources/
See our list of key Royal Commission recommendations with the Government’s response and relevant notes from the MFAA here.
The industry has come together like never before, with aggregators, lenders and other suppliers pooling their resources to fund this campaign, which is designed to utilise the support of everyday consumers and voters to amplify the message intended for decision-makers and politicians.
We are calling on you to get involved to help save our industry by making your voice heard.
We need all brokers to do four things in the coming days:
1. Take action with your local politician: Contact your Federal MP and let them know how you feel, by going to www.brokerbehindyou.com.au and emailing your politicians with the email-your-politician tool.
2. Sign the petition: Sign the petition available at www.brokerbehindyou.com.au to ensure policymakers understand the weight of support behind the channel.
3. Get others involved: Talk to your customers, family and friends and ask them to go to www.brokerbehindyou.com.au to email their Federal MP and sign the petition.
4. Promote the National advertising campaign: Campaign advertising collateral and resources, such as the TV commercial, images and radio ad, are available on www.brokerbehindyou.com.au/campaign-resources for you to use on your own marketing channels or to share with your customers, referral partners and other connections.