The Real Estate Institute of Australia (REIA) president David Airey has said the lack of competition in the mortgage lending sphere is having an adverse affect on the real estate profession.
Speaking with Housing Minster Tanya Pilbersek, Mr Airey said he was concerned small business would be impacted by the lack of competition in the market.
“REIA has been overwhelmed by the response to a survey of members seeking information about the lack of access and the cost of finance to run real estate businesses,” Mr Airey said.
Minister Plibersek invited the REIA to forward to her specific information relating to access to finance for small business, and restricted and changed lending practices in the mortgage market.
The President said REIA would continue to advise the Minister on the problems faced by the property profession. REIA has formally submitted its concerns to the Government in the form of a Pre-Budget Submission, including the indexation of the First Home Owner’s Grant (FHOG) to median house prices.