‘Speaking with MPs is working, don’t lose momentum’; Loan Market Chairman

Loan Market Executive Chairman Sam White has urged the industry to ‘maintain the momentum ahead of the Federal election, saying the campaign for the future of broking was ‘having a real impact’.       

Prime Minister Scott Morrison told an industry gathering in Perth this week that he, Treasurer Josh Frydenberg and Attorney-general Christian Porter were working to make a ‘strong and vibrant future’ for the industry.

Mr Morrison told the attendees: “I’ve been in the Parliament now for 12 years and at not one time during that period have I had someone walk into my office and say, ‘I’ve got a real problem with my mortgage broker’.

“Mortgage brokers have enabled competition to come into the Australian banking system … [where] all homeowners can get a better deal.

“These are community-based businesses, basically looking after their communities when dealing with the banks. Their clients are their neighbours.”

Mr Morrison concluded: “We’re going to keep working with you guys about how to get the right answer here, but know that the answer is going to be based on ensuring you have a strong and vibrant future in the industry.”

The gathering was attended by Mr White and Loan Market Ellenbrook’s Brett and Tania Richardson.

Buoyed by the discussions, Mr White said: “What’s become clear is that the work brokers have done, advocating and educating politicians, is working”.

“We have been really heartened by how many politicians are listening to how we work and the value we provide. In particular, we found that the Attorney-general to be aware of the current structure of our industry and the challenges that may be posed to it by Labor’s policy.

“As we have said all along our key ambition is keep our industry sustainable.”

In a private meeting with the PM, Mr White re-iterated why the current model works for customers.

“Myself and Brett (Richardson) stressed the importance of sustainability to our industry. We outlined how Labor’s proposal could potentially change the fabric of our industry and how we look after customers - not just at the point of when they get their mortgage - but ongoing,” Mr White said.

“Trail encourages us look after the client, by fixing a problem with their current bank. And if we are unable to do that, help them move to another.

“The Prime Minister understands the crucial role brokers play in the communities.”

Mr White said he understood the anxiety felt by brokers, but was convinced ‘the work we’re doing in arguing our case is having a real impact’.

“I encourage everyone to continue this great work educating their MPs and communities right up the the election - maintain the rage.

“When combined with the tireless efforts of both MFAA and FBAA, I continue to be confident in the viability and sustainability and our ability to continue to deliver great outcomes.”