Brokers reflect on the Federal Election results

It’s almost incontestable. If there’s one group of professionals who are as delighted with the election turnout as the Liberal-National Coalition, it would be brokers.

“The Coalition’s win is a huge relief and means that I can continue the path I had originally intended for my business,” More Than Mortgage director and 2018 Top 100 Brokers finalist Deanna Ezzy told MPA.

“The ‘not knowing’ was the most difficult thing to deal with; future plans were in limbo until I got an idea which direction the industry is headed.”

Ezzy added that with broker remuneration, negative gearing and the CGT staying as they are, the election result is a “huge win for all businesses in the property industry”.

Big fat reminder
Speaking to MPA, Birdie Wealth director Nathan Smith said with the election finalised, the broking community feels a sense of certainty after 18 turbulent months as broker sentiment will likely go up and confidence in the industry will return.  

According to Smith, while the Coalition’s win will allow brokers to develop strategies in the medium-long term, which was previously difficult to accomplish, it will allow Birdie Wealth to continue to increase in manpower and marketing spend.

The last few months since the commission released its report have been “an extremely difficult time” not only for brokers but also for their staff and family, Ezzy said. She hopes now, as things seem to be returning to some sort of normal, brokers become more grateful for what they do for their clients and remuneration. 

“It’s easy to take your job, business, career, clients, etc. for granted, but when it’s almost taken away from you overnight, well…I think it’s a big fat reminder to appreciate what you’ve got!” Ezzy said.  

“I hope that the broking industry holds its head up high, breathes a great big sigh of relief and remains mindful of the fact that what we do is a privilege. We fought to keep our industry, and we won. Let’s protect it by continuing to put our clients first and building our businesses with integrity and transparency.”

A win for FHBs
According to Smith, the Coalition’s policies on property, on the surface, look like a win for FHBs. They’re great initiatives to help the FHB market compete with seasoned investors with equity, but it’s a question of how many FHBs will be able to access the scheme.

“SMEs are such a vital part of our economy and are seeking stability and certainty that they can continue investing in their businesses,” Smith said.

For Ezzy, the Coalition’s win means consumers will have a choice as the big four “will be kept in line because they know there’s competition out there.”

“Eligible first home buyers will be able to avoid paying LMI with the First Home Loan Deposit scheme and they can continue to save using the First Home Super Saver scheme. There are a bunch of promises by the coalition that will benefit SMEs, including tax cuts, instant asset write-offs for up to $30k,” Ezzy said.  

“I think the year ahead is going to be a great one for mortgage broking businesses. I’m looking forward to it!”