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In a bid to recruit young, new-to-industry blood, the Mortgage & Finance Association of Australia (MFAA) is in talks with state and federal governments about introducing a new traineeship program.
Speaking to The Adviser, MFAA chief executive Phil Naylor said the industry body was currently in “talks with the various governments to introduce a traineeship program that is adapted to suit the contracting nature of the mortgage broking channel”.
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“We believe a traineeship program would assist young people coming into the industry by providing them with much needed funds. It would also assist employers, by providing them with funds. While we aren’t there yet, it is definitely an avenue we are looking at,” he said.
Mr Naylor said the MFAA was “understandably concerned” about the low number of young people entering the industry.
“Only six per cent of our industry is under 30, while 37 per cent is over 50,” he said.
“While we are not concerned about our over-50s brokers right now, as they are continuing to do a great job servicing borrowers across Australia, we are concerned about the long-term future of the industry. If we do not have young people coming in, I wonder what the industry will look like in five or 10 years' time.”
Speaking to The Adviser, MFAA chief executive Phil Naylor said the industry body was currently in “talks with the various governments to introduce a traineeship program that is adapted to suit the contracting nature of the mortgage broking channel”.
“We believe a traineeship program would assist young people coming into the industry by providing them with much needed funds. It would also assist employers, by providing them with funds. While we aren’t there yet, it is definitely an avenue we are looking at,” he said.
Mr Naylor said the MFAA was “understandably concerned” about the low number of young people entering the industry.
“Only six per cent of our industry is under 30, while 37 per cent is over 50,” he said.
“While we are not concerned about our over-50s brokers right now, as they are continuing to do a great job servicing borrowers across Australia, we are concerned about the long-term future of the industry. If we do not have young people coming in, I wonder what the industry will look like in five or 10 years' time.”
Mr Naylor said that in addition to the traineeship talks with government, the MFAA has been making its presence known at university careers days and national school shows.
“We have been present at a few university careers days and school shows across the states, and while there is no doubt young people are interested, there is a disconnect between interest and take-up because they do not want to enter an industry where they will not be paid anything for the first few months.”
