Media Statements

Peter White AM, managing director of the Finance Brokers Association of Australia (FBAA) has resigned after 23 years with the association.

FBAA Board chair Brett Spencer has called the decision by Mr White “a difficult one for all”, but said he believes the “time is right for him and the FBAA.” 

“Peter has been a general for this association for over 20 years, and like all retiring leaders, he will be missed by many.”

Mr White said it had been an amazing journey. “I’ve met countless lifelong friends, and I’ve had the privilege of being a part of the tremendous growth and impact of the FBAA.”

“Today our association is a leading voice for our sector, respected by those at the highest levels of government and industry, and sought by national media for commentary due to our credibility and expertise,” he said.

Calling the FBAA’s efforts to combat the “unfair recommendations” of the Hayne royal commission one of the association’s greatest achievements, he thanked “the many who have served on our national board, our state teams, staff, and the thousands of members across the nation who support the association.”

Mr White explained the timing of his decision was based on his belief that he had achieved what he came to achieve in this role, noting that “change is not only good but necessary for any organisation, and brings new ideas and fresh vision.”

FBAA board chair Brett Spencer hailed the success of Mr White’s long tenure and said the FBAA will build upon his legacy to ensure it becomes a bigger and stronger association that represents its more than 14,000 members and the industry as a whole for the future.

He said the board is working closely with Mr White to ensure a seamless transition as they seek a successor CEO, and will provide an update to members next week.

The Finance Brokers Association of Australia (FBAA) has issued a warning to members to ensure all advertising complies with ASIC’s Regulatory Guide 234 – Advertising financial products and services (including credit): Good practice guidance.

In an email distributed across its national membership, the FBAA reminded members to only say things that are completely factual, ensure any claim can be substantiated, ensure that context and details included in any advertising are factually correct, and abide by professional advertising guidelines.

The FBAA has also backed comments by the Mortgage & Finance Association of Australia and its recent submission to ASIC regarding the update, noting that there is an obligation to speak as one voice when it comes to protecting the industry’s reputation and ensuring that finance and mortgage brokers are beyond reproach when it comes to abiding by regulations.

The FBAA’s regulatory compliance specialist David Carson said while he doesn’t expect the regulator to significantly change the guidance, it was a timely reminder to brokers that they are being watched.

“It looks like ASIC’s main objective in revising the guidance was to introduce more examples based on enforcement action they have been successful in,” he said.

Mr Carson said the solution for brokers was simple.

“Remember this simple rule: Only say things that are factually true, and if you say something that you cannot substantiate as factually true, then don’t say it at all.”

The Finance Brokers Association of Australia (FBAA) says a little research on the part of borrowers will help some avoid paying a higher rate even if the RBA lifts interest rates today.

FBAA managing director Peter White AM said many borrowers have no idea if the rate they are paying is the best available.

“Lenders often incentivise new business by offering lower rates to new customers than they provide to existing customers,” he explained.

“It’s their trick to make more money, but you don’t have to be a victim of what we term ‘lender loyalty tax’.”

Mr White outlined three simple steps to ensure you are paying the lowest repayments on offer.

“First see what other lenders are offering and compare this with what you are paying, and the best way to do this is to talk to a mortgage broker.

“There’s no charge for this, and a broker has access to lender options not available to the public direct, including non-bank lenders.”

“If you find a better rate than what are you are currently paying, contact your lender and ask for a lower rate. 

He said many borrowers aren’t aware they can renegotiate a rate during the term of a mortgage, but warned, “they won’t call you; you have to make the approach.”

Mr White said if the lender won’t budge, go back to the mortgage broker and refinance at a lower rate.

“Your broker will do everything possible to source a better deal for you that meets your specific needs, and unlike banks who act in the best interests of their shareholders, mortgage brokers are legally obligated to act in the customer’s best interests.”

He said that even a small increase of 0.25 per cent today will increase annual repayments by over $1300 on a loan of $700K, and more on larger loans.

A rate rise is also likely to pull back housing price increases over the short term.

“Any increase will lessen affordability, particularly as loan applications including refinancing are assessed at the rate plus three per cent due to the current serviceability buffer rate,” Mr White said.

“This means less borrowing capacity and downward pressure on house prices.”

Finance Brokers Association of Australia (FBAA) managing director Peter White AM has been named one of the world’s top 100 mortgage leaders.

Mortgage Professional Australia bestowed the prestigious accolade on Mr White in its Global 100 – Mortgage 2025 list.

Mr White said he was honoured to be recognised for his years of industry service.

“Mortgage brokers play an essential role in modern economies by helping people to build wealth and financial resilience through property,” he said.

“I’m proud to represent a profession that is in the engine room of economic opportunity for countless Australians.

“We have some of the world’s very best mortgage professionals right here in Australia and the FBAA will continue to advocate on their behalf.”

Mr White is also chairman of the Global Board of Governors of the International Mortgage Brokers Federation, which recently released a White Paper focused on future opportunities in mortgage broking.

Now in its seventh year, the Global 100 report showcases mortgage professionals from Australia, New Zealand, Canada, the United States and the United Kingdom.

It recognises individuals who are driving their organisations forward amid heightened competition, regulatory pressure and rapid technological change.

Mr White’s career in finance began in 1979 and spans major banks, finance companies, specialist brokerages and the non-bank sector.

He was appointed a Member of the Order of Australia in the 2019 Queen’s Birthday Honours List for significant service to the finance industry and the community, particularly in mental health advocacy and support for parents and carers of children with special needs.

“The FBAA will maintain its focus on elevating standards in mortgage broking amid a rapidly changing industry adapting to technological disruption,” he said.

“Along with the challenges we face, there are also huge opportunities in mortgage broking and we’re determined to ensure our members can seize them with both hands.

“Training, education and professional development are our cornerstones and we’ll continue to deliver the very best for our members in these areas.”

Finance Brokers Association of Australasia (FBAA) managing director Peter White AM has hailed the ongoing work of the Seniors Equity Release Industry Forum (SERIF), saying it highlights the need for collaborative national solutions to one of Australia’s biggest structural challenges.

“Not only do older Australians require funding for a dignified, secure retirement, but reverse mortgages present finance and mortgage brokers with a great opportunity to diversify,” he said.

However he pointed out that reverse mortgages are different to a typical home loan, and “specific knowledge is required by brokers on how to successfully tap into this growing market.”

SERIF convened most recently in November, bringing together key sector stakeholders including the FBAA, reverse mortgage lenders, equity release providers, specialist broker groups, UNSW Sydney, an aged-care advisory expert, the AIOFP and Deloitte.

“Through SERIF, the FBAA is intensifying efforts to educate government, brokers, and the broader industry on reverse mortgage lending and seniors’ equity release products, while also raising public awareness of their benefits,” Mr White said.

Delegates at the November meeting were presented with demographic data indicating strong future demand for these products, with Darren Moffatt, Director of Seniors First, pointing out that equity release should be recognised as a powerful national tool—not a niche product.

Chair of SERIF Stephen Rasmussen said Australia is facing a retirement savings shortfall of unprecedented scale, yet many retirees are sitting on millions of dollars in home equity.

“Our message to government, industry and the community is that responsible equity release can close that gap without forcing older Australian homeowners to downsize, let alone struggle in funding their retirement,” he said.

“FBAA is proud to be part of an industry leading forum at the forefront of efforts to protect and maintain standards in lending and broking in the reverse mortgage and equity release markets.”

Mr Rasmussen said that with the support and guidance of the FBAA, SERIF will continue to play a key industry leadership role, as the reverse mortgage and equity release sectors embark on a new era of growth.

The exclusion of mortgage brokers from the federal government’s Help to Buy scheme by Australia’s biggest bank could undermine the initiative’s efforts to support first time buyers, according to the Finance Brokers Association of Australia (FBAA).

FBAA managing director Peter White AM said the Commonwealth Bank of Australia’s (CBA) decision to only accept Help to Buy applications through its own proprietary channels risked “killing the goose that laid the golden egg”.

“The Help to Buy scheme is the game changer many aspiring homeowners have been waiting for, but CBA has slammed the door shut on thousands of buyers who rely on brokers to secure finance,” he said.

“Major banks are simply there to sell a product and, unlike brokers, they’re not obliged to act in the best interests of clients and this gives them enormous power over a scheme that’s meant to be all about boosting home ownership levels.

“If the nation’s biggest bank has an effective of veto over participants in the Help to Buy scheme, how does this support the federal government’s goal of creating a new generation of homeowners?”

Mr White said it was unclear whether CBA notified the federal government that as a participating lender it intended to restrict access to Help to Buy loans through its direct proprietary channels.

“By putting itself forward as a participating lender and then excluding applications from anyone other than direct clients of CBA, it would seem Australia’s biggest bank has taken a national scheme underwritten by taxpayers and turned it into a proprietary marketing tool,” he said.

“The fixation from major banks on excluding brokers from the home loan process comes with a huge downside for borrowers, many of whom won’t be eligible for products they offer.

“Brokers can help borrowers access a far wider range of products than those offered by the banks, products best suited to their own unique individual circumstances.

“There should be a level playing field under the Help to Buy scheme that caters for all borrowers, rather than shoring up the power of major banks to exert further market dominance.”

Finance Brokers Association of Australia (FBAA) regulatory compliance specialist David Carson said:

“This is a very blunt tool that has potential to hurt some groups more than others. APRA has effectively decided you can’t live in a home that costs more than six times your current income unless you have a very large deposit.

“A household with an annual income of $100,000 would be restricted to a loan of $600,000. With national median property prices closing in on the $900,000 mark these rules are definitely going to bite hardest on those seeking to enter the market or looking to upgrade if they don’t have substantial equity.

“It poses a very real risk that APRA may be putting unnecessary barriers in place for aspiring homeowners.

“Aspiring homeowners were recently given some encouragement with the expansion of the 5 per cent deposit scheme, allowing more prospective homeowners to move into the market sooner. The APRA debt to income ratio cap shifts the power back to those with large deposits.  

“The six times limit also overrides the responsible lending rules and consideration of whether a consumer has capacity to service a higher loan based on their expectations of future wage growth, how they manage their household expenses and how much capacity they have to service any proposed loan.

“The obvious question is how banks will determine the lucky 20 per cent they allow to exceed the six-times limit.

 “How will that cohort be chosen by the banks?

 “This has the very real potential to throttle the capability of the ordinary family borrower to buy a property and realise the benefits of home ownership.

“It is a material intervention from APRA, reminiscent of other interventions including the 3 per cent serviceability buffer on home loans and back in 2014 and 2017 respectively, placing limits on banks for the proportion of investor and interest only loans they could hold on their books.  

“It is usually the case that those most heavily affected by these actions are the ones closest to the thresholds. In this case, aspiring homeowners with lower household income and smaller deposits.

“APRA says it has data that suggests this might have a bigger impact on investors than homeowners although it is hard to see this being the case. APRA has also said there aren’t many lenders near the 20 per cent threshold, leading them to believe the immediate effects may be limited.

“With legitimate questions about how accurate their modelling and how robust the data is that these new rules are based on, the value of APRA’s new approach is open to question.”

The mortgage industry has been challenged to increase gender diversity following a recent international broking conference which heard “we cannot afford to leave talent on the sidelines”.

The International Mortgage Brokers Federation (IMBF) conference in Dublin in May 2025 resulted in a white paper highlighting the risks associated with a heavily male-dominated industry.

IMBF Chair and Finance Brokers Association of Australasia (FBAA) managing director Peter White AM said while technology and AI might dominate the headlines, the persistent gender imbalance in mortgage broking continues to hinder progress, innovation, and representation across the market.

Mr White said despite its relationship-driven and often flexible nature, some still have a perception that broking is high-pressure, financially risky, and unsuitable for women seeking balance or re-entering the workforce.

“Men continue to dominate the broking profession,” he said.

“But with more mentoring and sponsorship, we can attract and retain more women to mortgage broking, which stands to benefit from the skills and experience they bring to the profession.”

The IMBF call to increase female representation coincides with the release of the FBAA 2025 Broker Density Report, which reveals the number of women entering the industry is rising.

While the report shows males continue to dominate the industry, the number of female brokers increased to almost 6,500, representing a gender split of 70/30, compared to 72/28 in 2024.

The IMBF conference heard that some countries have started to formalise mentoring programmes for brokers, however many still depend on informal networks which are often male dominated.

One conference participant noted, “There are plenty of women entering the field, but few stick with it. Mentoring is what helps you stay.”

From the conference roundtable conversation, five clear recommendations emerged to advance the industry:

1. Make women visible: Use industry campaigns to highlight diverse, genuine stories of women excelling in broking across various life stages, roles, and business models.
2. Mentor and sponsor intentionality: Formalise structured mentoring programmes and incentivise senior mortgage brokers to support new female entrants by providing access to networks, leads, and opportunities.
3. Monitor what matters: Mortgage broker associations should publish data on participation and progress by gender and region, establish benchmarks, and celebrate achievements.
4. Support the transition: Reduce financial and psychological barriers to entry.
5. Rebrand the profession: Change the story from hustle culture to professional independence, relationship-building, and significant impact—values that resonate widely, including with women.

Mr White said it must be noted that the representation of women varied between countries and referenced the number of female brokers nominated for awards at the association’s recent national conference.

“It was pretty clear that while women might represent 30 per cent of our industry, they also represent a much larger percentage of higher performing brokers,” he said.

The Finance Brokers Association of Australia (FBAA) says Macquarie Bank’s surging home loan book shouldn’t come as a surprise, as brokers connect even more borrowers to its innovative offerings.

FBAA managing director Peter White AM said the fresh Macquarie results, which reveal the lender grew its share of the mortgage market from 5.7 per cent to 6.5 per cent over the last six months, is a sign of healthy marketplace competition and increased consumer choice.

“Brokers are bound to represent the best interests of their clients, and it’s clear they’re backing Macquarie because it’s delivering results,” Mr White said.

“Ninety-five per cent of Macquarie home loans are now being originated through its broker channel, indicating that borrowers are becoming increasingly discerning amid growing product innovation.

“Unlike the major banks, Macquarie isn’t relying on the same old products to drum up business – instead, they’re responding to consumer-driven demand, and it’s paying dividends.

“Brokers recognise a good deal when they see it and will only take the very best offers to their clients, whether it’s from Macquarie or any other lender.”

According to Mr White, the fixation from some major banks on increasing branch lending and reducing support for broker channels is short-sighted and “misses the point.”

“The home loan market is more competitive than ever and increasingly driven by innovation, yet bizarrely some banks want it to be a closed shop, where they carve up the spoils,” he said.

“Increased competition is giving consumers more choice than ever and it’s clear they’re overwhelmingly putting their trust in mortgage brokers.

“It never ceases to amaze me that some banks view brokers as competitors, given the volume of loans brokers originate for them.”

The ranks of Australia’s finance and mortgage brokers continue to swell according to new research from the Finance Brokers Association of Australia (FBAA), which also reveals the number of women entering the industry is on the rise.

According to the 2025 FBAA Broker Density Report, there are 10.9 brokers per 10,000 adults in Australia, with the ratio rising 1.87 per cent from the previous report.

The report, based on a survey conducted by leading researcher CoreData, found there are 22,000 brokers in Australia with the broking industry growing 3.66 per cent since 2024.

Currently 13,000 customer-facing finance and mortgage brokers are members of the FBAA, representing around 59 per cent of Australian brokers.

FBAA managing director Peter White AM said the report “paints an optimistic picture for the future of Australian broking.”

“The number of brokers is on the rise, both in absolute terms and as a proportion of the overall population,” he said.

“Consumers keep turning to brokers because they know they’re best placed to help Australians secure better rates, more flexibility, and lending solutions tailored to their circumstances.

“Increased competition between lenders is driving demand for brokers among consumers seeking tailored advice, better deals and guidance in navigating lending markets.”

While the report shows males continue to dominate the industry, the number of female brokers increased to almost 6,500, representing a gender split of 70/30, compared to 72/28 in 2024.

High population states Victoria and New South Wales have the highest ratio of brokers, with lower ratios in outer metro and regional areas marking a “real growth opportunity”, according to Mr White.

“Emerging opportunities persist around the fringe regions of major cities, where housing prices and populations continue to rise faster than broker presence,” he said.

“Broker expansion into these areas will be an ongoing focus for the FBAA.

“It’s also encouraging to see more women entering a broking industry keen to utilise the unique skills and experience they bring to the profession.”

Mr White added that, “in an era of technological change, ongoing CPD will be crucial for all brokers and we’ll continue to offer world-class training and professional development opportunities.”

According to the report, there are 4,668 Australian Credit Licensees in operation.