The launch of the Finance and Mortgage Advisers Association of New Zealand (FAMNZ) heralds a significant opportunity for Australian brokers to tap into an underutilised market, according to the Finance Brokers Association of Australasia (FBAA).
With only 50% of mortgages in New Zealand being managed by finance and mortgage advisers – commonly referred to as brokers in Australia – there’s a ripe landscape for expansion.
FBAA has successfully initiated its sister organisation, FAMNZ, which is now welcoming new members. This follows months of groundwork with regulators, government bodies, and local advisers to solidify its presence and purpose in the New Zealand market.
According to Peter White (pictured above), managing director of FBAA, the enthusiasm from local advisers has been formidable.
“The moment the application page on our website went live, advisers were eager to join,” White said.
See LinkedIn post here.
New Zealand's mortgage advisers have historically struggled with public confusion and a lack of robust advocacy, which FAMNZ aims to rectify.
White stressed the importance of FAMNZ in enhancing understanding and representing advisers’ interests aggressively.
“We have already made great inroads into helping key government agencies better understand the role of mortgage advisers and to be honest, I was shocked that not even the country's Commerce Commission knew how our industry operated,” he said.
This burgeoning market in New Zealand represents an opportunity for Australian brokers.
“This may be the perfect time for Australian brokers who want to increase their business to consider operating within New Zealand,” White said, adding that as New Zealanders become more accustomed to working with brokers, they not only become repeat customers but also powerful sources of referrals.
FAMNZ’s focus will also include public education on the benefits of working with mortgage advisers, who are positioned to offer greater choice and expertise to their clients.
Get the hottest and freshest mortgage news delivered right into your inbox. Subscribe now to our FREE daily newsletter.
