MFAA awaits new Minister of Financial Services; reacts to election

The Mortgage & Finance Association of Australia (MFAA) is preparing for the next three years, which will include one more round of Australian Prime Minister Anthony Albanese in the nation's top seat and a new minister of financial services.   

“We will be working very closely with the new minister for financial services to ensure there’s clarity and progress on the CSLR [Compensation Scheme of Last Resort], that there’s an easier way for first home buyers to get on the property ladder, and that Australians will continue benefit from the guidance, financial education, and competition and choice that brokers provide," MFAA's Chief Executive Officer Anja Pannek told Australian Broker. 

Albanese will need to select a new person to fill the seat after current Minister for Financial Services Stephen Jones told Parliament in January that he would resign following the election. 

Meanwhile, Pannek urged the Labor party — which campaigned on a number of promises to first-time homeowners and said it would address the housing shortage — to focus on the nation's housing supply. 

“There’s been a number of policy promises made during this campaign,” she said. “We look forward to seeing election commitments being implemented in due course. 

“We will advocate for further reform to improve home ownership access, strengthen competition in lending, and support small broking businesses. Our priorities also include payroll tax reform, digital adoption incentives and fit for purpose regulation," Pannek continued. 

The executive went on to describe the critical role mortgage and finance brokers play in helping so many Australians enter the property market. At present, approximately 76% of borrowers Down Under turn to a mortgage broker for their financial and housing concerns. 

The Help to Buy Scheme — which was Central to Albanese's re-election platform and would allow up to 40,000 first-home buyers to co-purchase homes with the government — will also "provide certainty" to brokers, Pannek said. 

"We will work closely with the government and Housing Australia to support this roll out," she said, adding that the MFAA hopes to build on its strong working relationship with the government — one that was established during Albanese's last term and proved highly effective in supporting the finance broking sector.

Albanese's second term comes amid rising prices, higher interest rates, a housing shortage and geopolitical tensions, including US President Donald Trump's tariffs. Current market dynamics have left many Australians uneasy about housing affordability and cost-of-living pressures, Pannek pointed out.  

The CEO added that small businesses should be a focal point for Albanese's camp during his second stint in office. 

“With the majority of our members being small business owners, we also encourage the government to continue to expand on support for small businesses," Pannek said. "The re-elected government will need to deal with these issues, as well as broader economic challenges including lifting productivity." 

Implications for brokers

The re-election of the Albanese Government has several key implications for mortgage brokers. Australian Broker has highlighted a few. 

1. Policy continuity brings certainty
   Brokers can expect a stable policy environment, particularly around the Help to Buy shared equity scheme. This certainty allows brokers to plan ahead and assist eligible clients in navigating the program as it rolls out.
    
2. Increased focus on housing supply
   The Labor party's continued focus on boosting housing supply may gradually improve property accessibility. Brokers could see increased activity as more homes enter the market and more first-home buyers seek finance.
    
3. Support for small businesses
   With so many brokers operating as a small business, the MFAA’s push for expanded government support, such as payroll tax reform and digital incentives, could ease cost pressures and improve operational efficiency.
    
4. Advocacy for better lending competition
   The MFAA intends to push for policies that encourage competition among lenders. For brokers, this could mean a wider range of loan products and better deals to offer clients, enhancing their value proposition.
    
5. Collaboration with government agencies
   As the MFAA works with Housing Australia and financial services ministers, brokers may benefit from clearer guidelines, more training opportunities and direct input into how major housing policies are implemented.