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Important lessons from Australia

I was fortunate yesterday to attend some of the Mortgage Finance Association of Australia’s broker conference in Sydney yesterday.

Friday, May 18th 2018, 12:53PM

I was fortunate yesterday to attend some of the Mortgage Finance Association of Australia’s (MFAA) broker conference in Sydney yesterday.

The MFAA’s nearest equivalent in New Zealand is the PAA.

The first session was under Chatham House rules so I can’t disclose the content. However, I can say the CEO, Mike Felton, presented a well-researched, reasoned and passionate defence of mortgage broking in Australia.  Plus he outlined a strategy showing how the association was going to promote and lobby on behalf of its members.

I haven’t seen anything like this from adviser associations in New Zealand. 

Indeed, the difference between what the MFAA was doing and what is happening in our country is stark.

If there is one group that should sit up and take notice of what the MFAA is doing it is arguably the life insurance space considering all the talk and discussion going on around commissions.

Felton's address also hit the right note with brokers in the room.

In time we hope to be able to show you what he revealed to members.

However, a couple of comments he made should resonate in New Zealand with all the changes going on.

The first is that regulation of the industry in recent years had helped lift the standard of advice. The message is don’t fear regulation; embrace it.

The second was an acknowledgement that mortgage broking was not a profession yet. “It’s not even an emerging profession.”

He said a profession is underpinned by education. Again that is a message which is relevant to New Zealand as the Code Working Group develops new standards for advisers.

- Philip Macalister

« Orr’s debut on targetWatch Financial Advice NZ CEO; Name the big issues for mortgage advice »

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Lender Flt 1yr 2yr 3yr
AIA 4.55 2.55 2.69 2.79
ANZ 4.44 3.15 3.25 3.39
ANZ Special - 2.55 2.69 2.79
ASB Bank 4.45 2.55 2.69 2.79
Bluestone 3.49 3.49 3.49 3.49
BNZ - Classic - 2.55 2.69 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.15 3.29 3.39
BNZ - TotalMoney 4.55 - - -
CFML Loans 4.95 - - -
Lender Flt 1yr 2yr 3yr
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Heretaunga Building Society 4.99 3.85 3.95 -
HSBC Premier 4.49 2.45 2.60 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 3.69 ▼2.45 2.65 2.79
Kainga Ora 4.43 2.93 3.07 3.24
Kiwibank 3.40 3.30 3.54 3.54
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.55 2.79 2.79
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Resimac 3.39 3.35 2.99 3.35
SBS Bank 4.54 3.05 3.19 3.25
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 2.55 2.69 2.75
The Co-operative Bank - Owner Occ 4.40 2.55 2.69 2.79
The Co-operative Bank - Standard 4.40 3.05 3.19 3.29
TSB Bank 5.34 3.29 3.45 3.59
TSB Special 4.54 2.49 2.65 2.79
Wairarapa Building Society 4.99 3.55 3.49 -
Westpac 4.59 3.15 3.29 3.39
Westpac - Offset 4.59 - - -
Westpac Special - 2.55 2.69 2.79
Median 4.55 3.00 3.13 3.02

Last updated: 21 September 2020 10:48am

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