FBAA Invited to Attend Negative Gearing Lobby Group

The Finance Brokers Association of Australia (FBAA) will be representing the nation’s mortgage and finance brokers tomorrow when a newly formed national lobby group convenes to begin its fight against the ALP’s proposed changes to negative gearing. The Negative Gearing Action Group (NGAG) has been established by the directors of the Property Investment Professionals of Australia (PIPA) and wants to hear the views of many industry stakeholders, like the Real Estate Institute of Australia (REIA) and the Australian Bankers’ Association (ABA), as well as the FBAA. The FBAA’s Peter White will attend the initial agenda meeting in Sydney on Tuesday April 12 and will outline the association’s views of Labor’s proposed reforms to the negative gearing policy on new housing. “We must stand as one and voice our major concerns about changes to the policy which just don’t stack up economically and will in fact worsen home affordability.” Mr White says the FBAA believes Labor’s push simply distracts from the bigger hurdle of home ownership, which is “ridiculously high stamp duty costs and ongoing land restrictions”. Media Contacts: Ben Dobson – 0434 791 084 // Lyall Mercer – 0413 749...

FBAA Announces New Employee Loan-Writer Membership

Employees who write loans at broking companies which hold a corporate membership with the Finance Brokers Association of Australia (FBAA) have been given the unique opportunity to gain an individual membership at a heavily discounted rate. The FBAA is now offering a deal in which employees can become a corporate employee member for only $137.50, a saving of more than $280 per year. The FBAA’s Peter White says the initiative is an industry first and ensures that the association remains at the forefront of putting brokers and their business first. “New members who sign up under the scheme are all entitled to the many benefits the FBAA offers, including access to leading marketing technology, free personal development courses, and of course being part of the industry’s leading association for brokers and direct lenders.” Mr White says brokers who do business with firms holding FBAA corporate membership are not entitled to the discount. “This offer is only available to those who are fully tenured PAYG employees.”  Media Contacts: Ben Dobson – 0434 791 084 // Olivia van Dalsen – 0432 112...

“Billion Dollar” Tradie Prompts Bogus App warning from Finance Brokers

The national peak industry body representing finance brokers has called on their members to remain vigilant in the face of possible financial record fraud. The recent high profile case of a Queensland tradesman accused of falsely showing his bank balance to be almost $600 million in credit, serves as a warning for brokers when assessing financial records of customers, according to Peter White of the Finance Brokers Association of Australia. It’s claimed the tradesman likely used an app or bogus online bank application to distort his financial status. “This appears to be a poor joke but the underlying problem here is just how sophisticated and genuine looking fake online apps can appear, and how they may attempt to deceive lenders. “It’s not new for someone to dummy up a fake pay slip and other information that misrepresents their true worth and income streams, and nowadays these items of proof can look genuine when in fact they are not.” Mr White says genuine customers may be scrutinised more, as brokers and loan writers become more sensitive to the possibility of anomalies and check suspicious looking financial details. “When people do the wrong thing, it unfortunately affects all those who act legally and ethically, but in the end, those who are truthful will always be looked after as their information will check out.” He advised those seeking a loan to ensure they had the documentation that could easily back up their claims. Media Contacts: Ben Dobson – 0434 791 084 // Olivia van Dalsen – 0432 112...

Bank Hoax Serves as a Warning to Brokers

The recent case of a Queensland tradesman accused of falsely showing his bank balance to be nearly 600 milllion dollars in credit, highlights the need for brokers to remain vigilant about financial records. The warning from Peter White of the Finance Brokers Association of Australia follows the claim that the tradesman likely used an app or bogus online bank application. “This turned out to be a poor joke but the underlying problem here is just how sophisticated and genuine looking fake online apps can appear, and how they may attempt to deceive lenders.” “It’s not new for someone to dummy up a fake pay slip and other information that misrepresents your true worth and income streams.” Mr White says brokers and loan writers must have their radar tuned in at all times and investigate anomalies and suspicious looking financial details. “If in doubt and you have suspicions, always ask questions and seek out other avenues to double check what the customer is telling you.” “In this era of identity theft and online fraud, the days of using a simple pay slip for proof of income have disappeared.” Media Contacts: Ben Dobson – 0434 791 084 // Lyall Mercer – 0413 749...

FBAA Warns of Rising Home Loan Interest Rates

Wholesale funding costs, pressure on profit margins and looming regulatory changes may soon force banks to increase home loan interest rates. That’s the warning from Peter White of the Finance Brokers Association of Australia (FBAA) who believes rate rises could begin shortly and continue over the next 12 months. “This is really the perfect storm for interest rate rises as banks look at softening the jump in the wholesale cost of funds that they lend out, like mortgage-backed securities and bonds. “Those with money deposited in banks should be happy their interest rates have risen slightly but the flipside is the borrower will possibly have to carry the cost with an increase in home loan mortgage rates.” Mr White has advised brokers to continually educate customers about the likelihood of interest rate movements and perhaps discuss the possibility of refinancing under a fixed interest rate. “Brokers should be aware of what may happen and assess the most suitable outcome for customers if banks do increase the variable rate. “There also is an argument to for splitting the loan and we know some lenders offer discounts with this type of package.” The rising Australian dollar and increased compliance costs are other factors which seem set to force banks to increase home loan rates, according to Mr White. Media Contacts: Ben Dobson – 0434 791 084 // Olivia van Dalsen – 0432 112...

National Office

Hours: 8:30am – 5pm Monday to Friday
Phone: 07 3847 8119 Email: info@fbaa.com.au

National Office

Street: Level 1, 116 Ipswich Road, Woolloongabba, QLD 4102
Post: PO BOX 177, Coorparoo, QLD 4151

Finance Brokers Association of Australia Limited

ACN: 094 784 040 ABN: 22 094 784 040
Privacy Policy  |  Terms of Use  |  Complaints