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A new poll from Momentum Intelligence (one of the divisions of Momentum Media, the parent company that owns Mortgage Business) has revealed voter preferences from professionals across a number of sectors, including the mortgage lending sector.
The Industry Insight Report: Election Edition involved a survey of 2,842 professionals across seven sectors between 1 and 15 December 2021.
Out of a sample of 372 mortgage lending professionals (including brokers, lenders and aggregators) responding to the poll, 71 per cent have indicated preference for the Liberal-National Coalition, compared to 22 per cent favouring the Labor Party and 7 per cent indicating they didn’t know.
The majority (59 per cent) favoured Scott Morrison as prime minister, while 18 per cent said they would prefer Opposition Leader Anthony Albanese and 23 per cent said they didn’t know.
Alongside real estate agents, the mortgage lending industry had the greatest margin of preference for retaining Mr Morrison in the top spot over Mr Albanese.
In contrast, the Opposition Leader received greater support in the legal services sector, where it was more likely for participants to believe Mr Albanese would be a better prime minister.
Top priorities for mortgage lending industry
The most important consideration when voting for the mortgage lending sector, as confirmed by 74 per cent of respondents, was the economy.
Small-business interests followed, for 60 per cent of voters, as well as taxation for 47 per cent.
Climate change & the environment (as ranked by 42 per cent of respondents) and management of COVID-19 (39 per cent) came in fourth and fifth place, above housing affordability (37 per cent).
Other issues trailed behind, such as:
- Defence and national security (35 per cent)
- Technology and innovation (29 per cent)
- Freedoms of speech, religion, etc (29 per cent)
- Corruption and federal ICAC (16 per cent)
- Humanitarian concerns (14 per cent)
- Sexual harassment and related misconduct (13 per cent)
- Gender, diversity and inclusion was rated the issue of lowest importance, at 10 per cent
Housing affordability has been a broadly discussed issue in the industry as house prices have continued to surge across the country. A recent report from Bluestone had confirmed 2021 was the worst year for affordability.
The recent parliamentary inquiry into the matter has wrapped up, with a final report due to be tabled soon.
However, a significant number of survey participants in the mortgage lending sector also pointed to concerns around the review of broker remuneration and trail commissions.
Several respondents, including a Liberal voter, a Labor supporter and a participant who was undecided, indicated their vote would be determined by the attitude of parties to broker remuneration.
But Stephen Jones, shadow assistant treasurer and minister for financial services and superannuation, recently confirmed the existing arrangements for broker remuneration would remain unchanged under a Labor government.
The party had pivoted after it proposed to ban trail commissions paid to mortgage brokers and to cap upfront commissions at 1.1 per cent in its response to the banking royal commission in 2019.
Meanwhile, Treasurer Josh Frydenberg told Momentum Media late last year that upfront and trail commissions were expected to be reviewed in the second half of 2022.
To read more about industry voter preferences, you can find the report from Momentum Intelligence here.
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