The first advertising campaign following the Banking Royal Commission’s final report has been launched by the Mortgage & Finance Association of Australia.
Backed by major broking companies including Aussie, Mortgage Choice and Pepper Money, the ‘Your Broker Behind You Campaign’ points out the Royal Commission’s recommendations to abolish certain types of payments to brokers will hurt consumers and benefit the big four banks.
The campaign, which launched with an insert in the Australian Financial Review this morning, invites consumers to join the campaign and lobby their local MPs to fight the changes before they are bought before Parliament in coming months.
Mumbrella has contacted the MFAA about which media the organisation will be running its campaign across.
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In a statement, MFAA CEO Mike Felton said a blanket ban on commissions would have a devastating effect on the broking industry, kill competition and drive up the cost of borrowing for millions of Australians.
“Brokers are critical to competition in home lending. As such, the MFAA is leading a campaign to call attention to this issue and help Australians understand that low interest rates, competition and the services they receive from brokers for just under six out of every ten new home loans are under threat,” Felton said.
“We have launched a national advertising campaign this week, and we are calling on everyday Australians to join us in a grassroots campaign to protect competition by letting their local representatives know they support the broker channel.
“Consumers can visit our campaign website to register their support with their Federal MP. I urge all Australians to click the link below and show support for an industry that underpins and helps sustain our entire home lending market,” he added.
Other backers of the campaign include Connective, Loan Market, Choice Aggregation, Fast, Plan Australia, SmartLine, Specialist Finance Group, Astute Financial, National Mortgage Brokers, Finsure Finance and Insurance, Liberty, NextGen.Net, Resimac Group, ALI Group and Bluestone.