New mortgage adviser association now officially open for membership

The Finance and Mortgage Advisers Association of New Zealand (FAMNZ) is now up and running proper and is now accepting membership applications from advisers.

FAMNZ managing director Peter White said the association has already welcomed its first members and expects many more finance and mortgage advisers to officially join over the coming days after being “overwhelmed by enquiries.”

“New Zealand mortgage advisers have suffered for a long time through public confusion of the many different adviser roles,” he said.

“It’s time to let the nation know who mortgage advisers are, what we do and how we can help them.”

White said the association brings more than 30 years’ experience advocating for mortgage advisers in Australia under the Finance Brokers Association of Australia (FBAA) name.

“We are the largest finance and mortgage broker association in Australia, with 12,000 members and growing, and most importantly over 90% of our members are customer-facing brokers,” he explained.

He said the FBAA has a close relationship with the Australian federal treasurer and other senior ministers with finance portfolios, and has been instrumental in assisting governments of all political colours to implement legislation and regulations –and prevent adverse decisions - that assist the broking sector and bring better outcomes for borrowers.

“FAMNZ plans to do the same in New Zealand and be a fierce advocate for the interests of finance and mortgage advisers.”

However he said the interests of the sector were intertwined with the best interests of consumers.

“Educating the public that we act in their best interest and can offer them more choice and expert advice is a priority.”

He also predicted an increase in competition and the introduction of new lenders into the New Zealand market as a direct result of FAMNZ’s presence.

“Non-bank and second tier lenders know us and they know the benefits of working with us, so I believe this is an exciting time to be a mortgage adviser.”