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The Mortgage and Finance Association of Australia (MFAA) has invested “millions of dollars” in a nation-wide advertising campaign, as part of its continued efforts to defend the nation’s broking channel.
Intended to remind Australia of the benefits brokers bring, the campaign – which launches on July 7 – will cover adverts across print media, radio, billboards, online and social channels, with the tag line “your broker behind you”.
The association has even filmed a TV advert, fronted by the campaign’s celebrity ambassadors, Kyal and Kara Demmrich from The Block.
Kyal and Kara, who have used brokers to achieve their own property goals, star alongside award-winning broker, Marissa Schulze, founder and director of High Rise Financial Solutions.
“There is no doubt our reputation as an industry has been challenged through repeated regulatory reports, inquiries and negative media coverage over the past year, but we have a wonderful story to tell. Brokers drive competition, value and choice, which creates positive customer outcomes and fairness for all Australians,” MFAA CEO, Mike Felton said.
Funded through the association’s reserves, the campaign is positioned to be seen by the general public across key locations.
Billboard adverts will be positioned in selected areas including within and on the approach to major airports. The billboards will be supported by a nation-wide press campaign, a regional TV advertising campaign and print, social and radio adverts in metropolitan areas.
The campaign materials will also be available to share through a dedicated online portal, allowing brokers across Australia to post clips, pictures and their own messages of support, using the campaign hashtag #findafairerdeal.
“While we are continuing our ongoing efforts in advocacy and education, through such actions as our involvement in the Combined Industry Forum, this campaign will highlight more publicly the value of the mortgage broking industry,” Felton continued.
“In creating this campaign, the MFAA tested and shaped the message with the help of an advisory panel made up of brokers, aggregators and lenders, which allowed us to make some important adjustments as we progressed to reflect the views of the entire industry. Now that it's ready, I am calling on all members of the industry to be advocates and to support the campaign,” he added.
The campaign is the MFAA’s latest exercise to remind Australia of the value brokers bring to the marketplace and follows the release of industry data and B2C marketing materials, shared with members last month.
According to the figures, in the first three months of 2018, the broker share point increased 1.7% year-on-year, from 53.6% to 55.3%. Further, in 2017, the major lender paying the highest commission received the lowest market share of Smartline’s business among the four majors.
Further, complaint volumes to major bodies declined sharply. While brokers represent 91% of Credit and Investment Ombudsman (CIO) membership currently, complaints against them account for only 6.1% of the total volume received last year – a near 50% reduction on 2008 figures.
“We’re focused on the positives. The message is, ‘Your broker is behind you all the way, providing you with a choice of lenders and products, and support for the life of the loan. Your broker is on your side’,” Felton said.
Announcing the campaign in a letter to members, he wrote, “We believe this campaign will be effective in defending and promoting the industry at a time when all Australians need to be reminded of the incredible value the broking channel delivers on a daily basis. I hope you find it valuable, and please share this as often and as widely as possible.”
The campaign will run until September 2018.
