The Royal Commission has signalled changes that could threaten your business. We have been preparing for this since the release of the Interim Report in September 2018, and now it is time to act.
For the last few months, we’ve been working with agency and industry partners on the Don’t Kill Competition campaign, an integrated national campaign of public relations, government advocacy, mass media and digital advertising, and grassroots customer activation. Now, we are calling on you to get involved to help save our industry.
The industry has come together like never before, with aggregators, lenders and other suppliers pooling their resources to fund this campaign, which is designed to utilise the support of everyday consumers and voters to amplify the message intended for decision-makers and politicians.
Over the past three weeks, the MFAA has been working to convince journalists and commentators that a ban on broker commissions would kill competition, reduce access to credit and make getting a home loan harder and more expensive. This PR campaign was aimed at laying the foundation for the larger Don’t Kill Competition campaign - it has driven significant positive media coverage and an improved understanding of our industry.
But the real battle begins now.
The Royal Commission has recommended policy changes that would greatly damage our industry, and each of us must now take action.
Industry Defence Campaign
Today, we launch our defence of the mortgage broking industry, with a national campaign - Don’t Kill Competition - designed to show consumers and politicians what a world without mortgage brokers would look like.
The campaign comprises advertising across newspapers, radio, outdoor (billboards), television and digital platforms and is designed to demonstrate that banning commissions would be a great outcome for large lenders with branch networks, but a terrible outcome for everyday Australians.
The campaign kicks off with full-page advertisements in national newspapers (the Australian Financial Review and The Australian), before leading into television and the other outlets over the weekend. It also features a microsite at www.brokerbehindyou.com.au which has the relevant facts and content for you to share and promote, including pre-populated letters for both brokers and consumers to send to their local MP to show their support – our website will automatically populate an email to your local Federal MP, based on your postcode.
What can you do?
We are now calling on you to support the cause by making your voice heard. This means we need all brokers to do four things in the coming week:
1. Take action with your local politician: Contact your Federal MP and let them know how you feel, by going to www.brokerbehindyou.com.au, clicking the link and sending the pre-populated letter to your local MP. This will take you less than one minute and has a significant impact.
2. Get others involved: Talk to your family, friends and your customers and ask them to go to the site and contact their Federal MP as well – there is a separate letter of support designed for consumers to send.
3. Sign and share the petition: There is a petition available at www.brokerbehindyou.com.au – please sign and share the petition to ensure policy makers understand the weight of support behind the channel.
4. Share the campaign: Additional campaign advertising collateral will be made available on the website for you to share and promote on your social media platforms daily over the next week and beyond.
Now, more than ever, we must unite as an industry and remind our politicians and policy makers that mortgage brokers are vital for healthy competition in the home lending market, are highly valued by their customers and are out there, every day, driving great outcomes for Australians.
This campaign is going to be a marathon, not a sprint, and as it develops we’ll be making new resources available to you that we hope you can utilise to promote the campaign and activate your customers. I urge each of you to take the time this week to support this campaign.