Article Summary
The Mortgage & Finance Association of Australia (MFAA) awaits the new Minister of Financial Services and outlines key areas of focus, including the Compensation Scheme of Last Resort (CSLR), helping first-home buyers, and promoting financial education.
What This Means for You
- Expect improvements in the CSLR, making it clearer and more accessible for those in need.
- First-home buyers may receive additional support in entering the property market.
- Financial education and competition are likely to increase, benefiting consumers through greater choice and better financial literacy.
- The MFAA’s close collaboration with the new Minister of Financial Services may lead to positive changes in the mortgage and financing sector.
Original Post
The Mortgage & Finance Association of Australia’s (MFAA) Chief Executive Officer Anja Pannek told Australian Broker: “We will be working very closely with the new minister for financial services to ensure there’s clarity and progress on the CSLR [Compensation Scheme of Last Resort], that there’s an easier way for first home buyers to get on the property ladder, and that Australians will continue benefit from the guidance, financial education, and competition and choice that brokers provide.”
Key Terms
- Compensation Scheme of Last Resort (CSLR)
- First-home buyers
- Financial education
- Competition and choice
- Mortgage and financing sector
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