Younger members also report better support
In the lead-up to the end of the financial year, brokers across Australia reported lower levels of work-related stress, according to the latest bi-monthly poll by the Finance Brokers Association of Australia (FBAA).
Conducted from May 26-29, the survey gathered responses from 100 FBAA members. Just over half said they had not been affected by mental or physical stress in the past six months – a noticeable increase from 38% in April. The FBAA observed a similar trend among mortgage brokers, with the proportion impacted by stress falling from 66% in March to 45% in May.
Alongside the drop in stress levels, the poll also found that brokers are feeling better supported in the workplace. Only 25% of respondents in May said they felt unsupported in managing stress, down from 41% the previous month and 62% in March. Brokers under 50 years old reported even better outcomes, with just 20% feeling unsupported.
Finance brokers also reflected this shift. The share who said they felt unsupported dropped to 17% in May, compared to 40% in March and 42% in January.
Despite signs of improvement, some brokers pointed to persistent industry issues contributing to stress. Several highlighted lender clawback policies as a significant pressure point.
“The emotional, financial and overall psychological effect of clawback shouldn’t be underestimated. It is the one focus the FBAA should be advocating for the brokers to the politicians to rectify. To have a universal clawback policy for all financial lending institutions,” said a 59-year-old mortgage broker.
Two other mortgage brokers expressed frustration with how brokers are treated by the banks they help generate business for.
“Interesting how brokers give 70% of business to the banks and they treat us like second class citizens, theý’re the kings sitting on all the gold coins deciding who they hand one out [to].”
“I think there is still not enough push back on banks, aggregators, costs to brokers. I’m writing more and more each year but taking home the same pay.”
