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Mortgage advisers to be offered another association choice

The Finance Brokers Association of Australia (FBAA) is planning to set up shop in New Zealand.

Monday, November 6th 2023, 10:06AM 1 Comment

Its decision means mortgage advisers will have a choice of associations to belong too, FBAA or Financial Advice NZ.

The Finance Brokers Association of Australia (FBAA) describes itself as "Australia's leading national association for finance and mortgage brokers, representing more than 11,000 members."

FBAA managing director Peter White told members at its annual meeting last week it will be “going across the ditch to New Zealand”.

It plans to open a local branch but the name of the New Zealand brand has not yet been finalised.

The Adviser reports that the move has been in the works for the past eight months after the association saw the “opportunities for brokers” in New Zealand and for those in Australia who want to expand into other markets.

White said: “It’s very exciting times and we’re very much looking forward to that and supporting you further, supporting those our neighbours [in NZ] who are not that far away from us … we’ve always got to look to what is next and I’m always looking forward to what is next.”

“There are Australian brokers already who have a footprint over there, and we’re here to support you and your businesses in those kinds of initiatives. So if this is on your radar, then we’re going to be there with you,” he said.

 

Source: The Adviser

Tags: Mortgage Advisers

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Comments from our readers

On 6 November 2023 at 2:15 pm Amused said:
Over the last 20 years what have associations actually done for the New Zealand mortgage adviser industry? Sweet fanny adams. With clawbacks now as long as 28 months, the banks introducing a digital refix process to sever the adviser’s relationship with their client and the panel valuation ordering service destroying advisers’ relationships with experienced valuers the mortgage adviser industry has been on a continual losing streak for several years now.

The fact is ladies and gentlemen associations have not been in our corner when we needed them the most. They have demonstrated that they have no teeth. This is probably why then none of the advisers I know are members anymore. The associations have next to “zero” presence with the NZ consumer who don’t see any advantage in dealing with a mortgage adviser who is a member. When did you last have a client approach you just because you belonged to an association? With licensing’s arrival it’s telling that the FMA haven't made membership of an association compulsory and none of the lenders require an adviser to be an association member to hold accreditation with them.

Given all the above what is the value then in a mortgage adviser now belonging to an association? Between annual licensing costs, dispute resolution scheme levies and professional indemnity insurance premiums mortgage advisers have enough to fund annually without also having to pay to belong to a voluntary association who frankly won’t be doing anything for our industry based on their track record to date. As far as our industry goes associations are now struggling to remain relevant.

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AIA - Back My Build ▼4.94 - - -
AIA - Go Home Loans ▼7.49 ▼5.79 ▼5.49 ▼5.59
ANZ ▼7.39 ▼6.39 ▼6.19 ▼6.19
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - ▼5.79 ▼5.59 ▼5.59
ASB Bank ▼7.39 ▼5.79 ▼5.49 ▼5.59
ASB Better Homes Top Up - - - 1.00
Avanti Finance ▼7.90 - - -
Basecorp Finance 9.60 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One ▼7.54 - - -
BNZ - Rapid Repay ▼7.54 - - -
BNZ - Std ▼7.44 ▼5.79 ▼5.59 5.69
BNZ - TotalMoney ▼7.54 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - ▼5.69 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ ▼6.95 ▼5.79 ▼5.59 5.69
Co-operative Bank - Standard ▼6.95 ▼6.29 ▼6.09 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - ▼5.99 ▼5.89 -
First Credit Union Standard ▼7.99 ▼6.69 ▼6.39 -
Heartland Bank - Online ▼6.99 ▼5.49 ▼5.39 ▼5.45
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.60 ▼6.65 6.40 -
ICBC 7.49 ▼5.79 ▼5.59 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank ▼7.25 6.89 6.59 6.49
Kiwibank - Offset ▼7.25 - - -
Kiwibank Special ▼7.25 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society ▼7.94 5.95 6.09 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank ▼7.49 6.95 6.29 6.29
SBS Bank Special - 6.15 5.69 5.69
SBS Construction lending for FHB - - - -
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SBS FirstHome Combo ▼4.94 5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank ▼8.19 6.49 6.49 6.49
TSB Special ▼7.39 5.69 5.69 5.69
Unity 7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society 8.10 6.05 5.79 -
Westpac ▼7.39 ▼6.39 ▼6.09 ▼6.19
Westpac Choices Everyday ▼7.49 - - -
Westpac Offset ▼7.39 - - -
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Westpac Special - ▼5.79 ▼5.49 ▼5.59
Median 7.49 5.99 5.79 5.69

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