Last night's leadership change has thrown Australia’s political landscape up in the air, but is likely to have little effect on mortgage products, despite an almost complete change in the country’s finance leadership.
Kevin Rudd’s dramatic return to head of the Labor Party has seen Wayne Swan resign as Treasurer, but MFAA chief executive Phil Naylor has told Your Investment Property sister publication Australian Broker that the move won’t have a big effect on the lending industry.
"Ministers come and go, whether they're the same party or different parties, and we always learn to deal with them," Naylor said.
Chris Bowen is widely predicted to take Swan's place as Treasurer, though the position could be short-lived as Rudd is expected to call a quick election.
With an election looming in the near future regardless of Rudd's actions, Naylor said it's too early to tell what impact - if any - the leadership change would have on the mortgage industry.
"As always, we'll be working with whoever's in place to get the best deal for our members," he said.
