Brokers Drive Mortgage Growth

According to research group comparator mortgage brokers were responsible for 61% of the growth in the mortgage market comparing FY 2013 and FY 2014. The research commissioned by the Mortgage and Finance Association of Australia (MFAA)...

Members to directly elect MFAA Board

Announcement from the President and Board I am pleased to announce that the MFAA Board has unanimously agreed on a proposed restructure of the MFAA Board to enable members: - to directly elect...

MFAA Free Marketing Supports Proves To Be A Winner

Mortgage & Finance Association of Australia's free marketing support for members announced last month has proved to be a winner with its members, with more than 100 businesses so far taking up its exclusive offer. Last month the...

MFAA Announces Free New Marketing Service For Members

The Mortgage & Finance Association of Australia (MFAA) has announced a new free service to help its 10,300 members in their marketing initiatives for new and existing customers. The new measures include regular, professionally written content that members...

Mortgage Brokers Lift Lending Volumes 41.5 Per Cent For The March Quarter

Published 21/05/2014 Mortgage brokers continue to build their market share and achieved a 41.5 per cent lift in loans provided across Australia to $34.1 billion during the March quarter, compared with $24.1 billion in the previous...

MFAA CEO Phil Naylor Decides to Move on

Published 14/05/2014 The Board of the Mortgage and Finance Association of Australia (MFAA) today announced that Phil Naylor has advised that he will finish his role as Chief Executive Officer of the Association on 24th December...

MFAA Signs Landmark Partnership Agreement with National Australia Bank

Published 09/04/2014 The Mortgage & Finance Association of Australia has announced a landmark, two year partnership agreement with National Australia Bank. The major bank will be the Industry Principal Partner of the MFAA over...

Mortgage and Finance Industry Group's Submission to Financial System Inquiry Calls for More Competition in the Lending Sector

Published 1 April 2014 The Mortgage and Finance Association of Australia (MFAA) has called for greater competition and funding of alternative lenders, according to the association’s submission to the Financial System Inquiry. The MFAA submission...

MFAA Welcomes ACCC Draft Authorisation of Disciplinary Rules

Published 27 March 2014 The Mortgage & Finance Association of Australia (MFAA) has welcomed the draft determination of the Australian Competition and Consumer Commission proposing to grant authorisation to the MFAA for its Disciplinary Rules...

ASIC Joins Mortgage Industry for Discussion about NCCP at National Convention in May on the Gold Coast

Published 25 March 2014 The Mortgage & Finance Association of Australia's annual convention will be held on May 14-16, 2014, featuring a keynote address by Mr Peter Kell, deputy chairman of the Australian Securities and Investment...

Mortgage Brokers Lift Volumes to Now Provide 47.3 Percent of all Home Loans in Australia

Published 25 February 2014 Mortgage brokers have now achieved a 47.3 per cent market share of all home loans provided in Australia in the December 2013 quarter, with loan volumes reaching $123 billion during 2013...

We're looking for your clients

Published 20 February 2014 We're looking for your clients! We're going to be creating real-life consumer case studies to share with our Essentials of Borrowing community, and we need your help. If you have...

Seven West Australian Businesses Selected As Finalists In Mortgage and Finance Association of Australia (MFAA) Annual National Excellence Awards

Published 10/02/2014 The Mortgage & Finance Association of Australia (MFAA) today announced seven West Australian businesses had been selected as finalists for the 2014 MFAA National Excellence Awards. The West Australian finalists for the...

Eleven Victorian Businesses Selected As Finalists In Mortgage and Finance Association of Australia (MFAA) Annual National Excellence Awards

Published 10/02/2014 The Mortgage & Finance Association of Australia (MFAA) today announced 11 Victorian businesses have been selected as finalists for the 2014 MFAA National Excellence Awards. The Victorian finalists for the awards are:...

Seven South Australian Businesses Selected As Finalists In Mortgage and Finance Association of Australia (MFAA) Annual National Excellence Awards

Published 10/02/2014 The Mortgage & Finance Association of Australia (MFAA) today announced seven South Australian businesses had been selected as finalists for the 2014 MFAA National Excellence Awards. The South Australian finalists for the...

Six Queensland Businesses Selected As Finalists In Mortgage and Finance Association of Australia (MFAA) Annual National Excellence Awards

Published 5 February 2014 The Mortgage & Finance Association of Australia (MFAA) today announced six Queensland businesses had been selected as finalists for the 2014 MFAA National Excellence Awards. The Queensland finalists for the...

Eighteen NSW Businesses Selected As Finalists In Mortgage and Finance Association of Australia (MFAA) Annual National Excellence Awards

Published February 5 2014 The Mortgage & Finance Association of Australia (MFAA) today announced 18 NSW businesses had been selected as finalists for the 2014 MFAA National Excellence Awards. The NSW finalists for the...

Record number of finalists announced in the 2014 MFAA Excellence Awards

Published February 5 2014 The Mortgage & Finance Association of Australia (MFAA) has announced a record line-up of 59 finalists for its 2014 MFAA National Excellence Awards. The independently judged awards will be presented...

MFAA Expels Member After Disciplinary Tribunal Meeting

Published 4 February 2014 The Mortgage & Finance Association of Australia (MFAA) has announced it has expelled one of its members immediately, Mr Shiv Prakash Sahay, following a determination by the MFAA’s Disciplinary Tribunal. ...

MFAA SUPPORTS ASIC BANNINGS OF MORTGAGE BROKERS

Published 23 January 2014 The Mortgage & Finance Association of Australia (MFAA) today supported the Australian Securities and Investment Commission’s banning of two mortgage brokers who had submitted loan applications that contained false or misleading...

Privacy Act amendments – MFAA releases new Privacy Module

Published 20/01/2014 The MFAA has released its new Privacy Module containing example Privacy Consents, Privacy Policy, and Compliance Plan. The Module also contains a summary of the law as changed from 12 March 2014. ...

MFAA national office Christmas hours

The MFAA national office will be close for the Christmas holidays from COB 24 December and will reopen on 2 January 2014. Merry Christmas everyone and a Happy New Year! Regards, MFAA team.

MFAA Re-Launches Mentor Program with Lower Cost and Shorter Timeframe

Published 26 November 2013 The Mortgage & Finance Association of Australia’s popular train-the-mentor program has been re-launched in a new concise and more cost-effective format for its members. The MFAA train-the-mentor program provides experienced brokers...

Three Leading Mortgage and Finance Professionals Appointed to MFAA National Board

Published 25 November 2013 Three of Australia’s leading mortgage and finance industry professionals have been appointed this week to the Board of the Mortgage and Finance Association of Australia (MFAA). The three new directors are...

Mortgage Brokers Set Records During September Quarter

Published 19 November 2013 Mortgage brokers and aggregators have continued to set records with the provision of $32 billion worth of mortgages during the September quarter, with their market share reaching a new high of 46.4...

MFAA Receives Boost With New State Council Elections

Published 29 October 2013 The Mortgage & Finance Association of Australia has been significantly bolstered with the election of experienced and well qualified industry professionals to the association's state councils. The election of the new...

More than 130 Credit Advisers Now In MFAA SMSF Lending Training Program

Published 15 October 2013 More than 130 of Australia's top credit advisers are now in the Mortgage & Finance Association of Australia (MFAA) training program to obtain their MFAA Self-Managed Superannuation Fund (SMSF) lending accreditation. ...

MFAA Calls for Nominations to Enter 2014 Excellence Awards

Published 26 September 2013 Australia’s leading mortgage and finance industry players can now nominate for entry into the 11th annual Mortgage and Finance Association of Australia (MFAA) Excellence Awards, to be held in Sydney on February...

The Mortgage & Finance Association (MFAA) Launches Major Spring Campaign And New Brand Identity For Its 10,000 Members

Published 17 September 2013 The mortgage and finance industry's peak body, The Mortgage & Finance Association of Australia (MFAA), today launched a major spring campaign to drive consumers and businesses to its 10,000 members. The MFAA...

The Mortgage & Finance Association (MFAA) Launches Major Spring Campaign To Help Consumers Find the Credit Advice They Need

Published 17 September 2013 More than 10,000 members of the mortgage and finance industry have teamed up with four major brands to launch a national marketing campaign urging consumers to speak to an MFAA Approved Credit...

MFAA CALLS FOR NOMINATIONS FOR STATE COUNCIL ELECTIONS

Published 12 September 2013 The Mortgage & Finance Association of Australia (MFAA) has called on its 10,000-strong membership community to get involved in the upcoming elections of state councils of the MFAA, to be held in...

The Mortgage & Finance Association (MFAA) Posting Strong Influx Of New Members

Published 19/08/2013 The Mortgage & Finance Association of Australia (MFAA) is experiencing strong growth in membership numbers, with 1,158 new members signing up to the peak industry body during the 2012-2013 financial year, with a...

MFAA urges West Australian Government to reconsider short sighted first home owners grant move

Published 13 August 2013 The Mortgage and Finance Association of Australia (MFAA), representing about 1,300 mortgage and finance brokers in Western Australia and 10,000 across Australia, today criticised the West Australian Government for punishing the majority...

Market share figures show mortgage brokers spur lending competition

Published 12 August 2013 The latest home loan industry market share figures show mortgage brokers are key to driving competition in the mortgage market. The figures, produced exclusively by comparator for the Mortgage and...

Mortgage and finance brokers expelled from MFAA drop in 2012-2013

Published 8 August 2013 The numbers of mortgage and finance brokers expelled from the Mortgage & Finance Association of Australia dropped 50 per cent from eight to four during the 2012/2013 financial year. The MFAA...

Mortgage and finance industry lists demands to major parites in the lead-up to September 7 federal election

Published on 7 August 2013 The Mortgage Finance Association of Australia (MFAA) - representing about 10,000 mortgage brokers and finance professionals across Australia – has listed its demands to the major political parties in the lead-up...

Abrupt FBT change creates additional burden and confusion

19 July 2013 The Mortgage & Finance Association Australia (MFAA) today warned the government's planned changes to the fringe benefits tax (FBT) claims for cars would increase costs and the administrative burden for financial...

Australia's Top Mortgage Brokers Sign Up For Training Program In SMSF Lending

Published 10 July 2013 Many of Australia's top mortgage brokers have signed up to Mortgage & Finance Association of Australia's training program to be able to further assist clients in the quickly expanding market of Self Managed Superannuation...

MFAA warns of youth shortage in mortgage and finance broker profession

The Mortgage & Finance Association of Australia (MFAA) today warned that there is a growing shortage of young people entering the mortgage and finance broking profession. Research of the MFAA’s membership shows that the proportion of its membership...

MFAA Victoria Convenes Economic Forum on June 6, 2013

The Victorian arm of The Mortgage & Finance Association of Australia will convene a forum on the economy and the future of mortgage and finance broking on June 6, 2013. To be chaired by finance commentator Michael Pascoe,...

MFAA South Australia convenes Economic Forum on June 19, 2013

The South Australian and Northern Territory Council of The Mortgage & Finance Association of Australia will convene a forum on the economy and the future of mortgage and finance broking on June 19, 2013. To be chaired by...

MFAA Launches Training Programs in SMSF Lending For Credit Advisers Next Week

Mortgage & Finance Association of Australia will on June 3 commence training programs for credit advisers to extend their services into the fast expanding Self Managed Superannuation Fund (SMSF) Sector with Limited Recourse Borrowing. The MFAA has launched...

Mortgage brokers continue to enjoy strong market share during March quarter in 2013

Mortgage brokers continued to hold their market share above 40 per cent of the $24.1 billion worth of home loans written during the March quarter and are on track to break through the $100 billion barrier of home loans...

Confidence Levels Rise In Real Estate Prices And Activity

Home buyers in Australia are quickly growing in confidence about the property market recovery and are looking to invest in greater numbers than two years ago, according to a survey commissioned by the Commonwealth Bank/Mortgage & Finance Association of...

The Commonwealth Bank/Mortgage & Finance Association (MFAA) Survey Shows Brokers In The Box Seat

The Commonwealth Bank and The Mortgage & Finance Association of Australia (MFAA) Home Finance Index survey of 1,361 respondents shows that mortgage brokers are now recognised as being the best group to get the lowest interest rate home loan...

John Howard to speak to mortgage and finance industry next week in Sydney

The Mortgage & Finance Association of Australia's annual convention in Sydney will be held next week from May 8-10, 2013, featuring a keynote address by former Prime Minister John Howard. Mr Howard will share his insights on...

MFAA Announces Details Of Training Programs In SMSF Lending For Credit Advisers

Published 24 April 2013 Mortgage & Finance Association of Australia has announced details of their training approach to train credit advisers into the quickly expanding market of self-managed superannuation funds (SMSFs). The MFAA estimates that direct property...

Australia's Mortgage and Finance Industry Meets in Sydney Next Month to Hear Top Line Local and International Speakers

Published 16 April 2013 The Mortgage & Finance Association of Australia's annual convention in Sydney will be held from May 8-10, 2013, featuring a keynote address by former Prime Minister John Howard. Mr Howard will share...

MFAA seeks clarity for brokers on loan variations

Published 15 April 2013 The Mortgage and Finance Association of Australia (MFAA) has made a submission to the Federal Government's Department of Treasury seeking a resolution of the potential breach by brokers of NCCP because of the way...

Self Managed Super Funds Present Great Opportunity For Mortgage Brokers To Assist Clients

Published 8 April 2013 Lending to Self Managed Superannuation Funds (SMSF) represents a great opportunity for mortgage brokers across Australia to assist their clients and also expand their skills base, according to Phil Naylor, Chief Executive Officer of...

MFAA Responds To News Ltd Stories

Published 26 March 2013 The Mortgage & Finance Association of Australia today responded to reports by News Ltd following the MFAA's termination of 1,100 broker members, who have failed to meet the educational standard (Diploma in Financial Services...

MFAA Terminates 1,100 Members Who Have Failed To Meet Standards

Published 25 March 2013 The Mortgage & Finance Association of Australia (MFAA) today terminated the membership of 1,100 broker members who have failed to meet the educational standard (Diploma in Financial Services (Finance/Mortgage Broking Management or equivalent) necessary...

MFAA Urges Same Consumer Credit Protection For All

Published 20 March 2013 The Mortgage and Finance Association of Australia (MFAA), representing 10,500 credit advisers, has urged the current Federal Government review of credit protection legislation to include retailers in the same laws that apply to all...

The Mortgage & Finance Association (MFAA) Confident Of Growth In Equipment and Commercial Broker Sector This Financial Year

Published 13 March 2013 The Mortgage Finance Association of Australia (MFAA) expects strong growth in the equipment and commercial finance sector over the next year. The MFAA, which represents 2,500 equipment and commercial finance brokers, believes the...

The Mortgage & Finance Association (MFAA) Joins Deloitte In Expecting Growth in Mortgage Broker Sector In 2013

The Mortgage Finance Association of Australia (MFAA) expects strong growth in the mortgage broking sector this year, exceeding the Deloitte's forecasts of overall home lending growth of 5 per cent in 2013. Mortgage brokers are expected to continue...

Australia's Leading Mortgage and Finance Operators Win Awards

1 March 2013 Australia’s leading mortgage and finance industry performers were honoured last Friday night at the tenth annual Mortgage and Finance Association of Australia (MFAA) Excellence Awards at the Crown Palladium in Melbourne. The...

The MFAA Responds To Shoddy 'Straw Poll' Results

26 February 2013 The Mortgage & Finance Association of Australia has called The Adviser’s “straw poll” of mortgage brokers misleading, deceptive and a stain on all mortgage brokers. The poll claimed the majority of mortgage...

MFAA Welcomes CBA Comments That Borrowers Should Negotiate Their Home Loan Rates Down

14 February 2013 In light of the reported comments by the Commonwealth Bank of Australia yesterday regarding future interest rate movements, the Mortgage and Finance Association of Australia (MFAA) has urged borrowers to utilise the services...

Mortgage Brokers Break Through $100 Billion Barrier for Home Loans Signed in 2012

14 February 2013 Mortgage brokers have continued their growth momentum, breaking through the $100 billion barrier of home loans written during the 2012 calendar year, according to research of the top 16 aggregators in the industry...

Web Is Only A Tool When Seeking A Home Loan

11 February 2013 While the internet is one of the most important sources of information for home buyers when researching potential property purchases, the best locations and their finance options, face to face contacted with a...

The MFAA welcomes ASIC bannings and tougher regulation

11 February 2013 The Mortgage & Finance Association of Australia has welcomed ASIC’s banning of another financial executive (Mr Harold Bundy of ezymanagement) in Sydney this week, as it backs up a stronger regulatory regime on...

Mortgage and Finance Association of Australia 10th Excellence Awards finalists announced

Mortgage & Finance Association of Australia (MFAA) has announced a record number of finalists in the 2013 MFAA National Excellence Awards. The independently judged awards will be presented on Friday 1st March 2013 at the Palladium at Crown in...

MFAA Welcomes Tasmanian Government's Boost for First Home Buyers

Published: 12 December 2012 The Mortgage and Finance Association of Australia (MFAA) has welcomed the $8,000 increase in grants for first home buyers in Tasmania. The Tasmanian Government has announced a $8,000 First Home Builder Boost (FHBB)...

Christmas Holiday Closure and New Year Open Times

Please be advised that all MFAA offices will be closed for the Christmas Holidays between 22nd December 2012 - 2nd January 2013, with the exception of NSW and Western Australian offices which will be open on the 24th December....

Federal Government committee recommends Canada's securitisation scheme to be examined in a new banking inquiry

Published 3 December 2012 Last week's report by the Senate Economics References Committee Inquiry into the Post-GFC Banking Sector has called for the possible implementation of a scheme put forward by the Mortgage and Finance Association of...

Mortgage Industry Responds To Misleading Press Claims

26 November 2012 The Mortgage & Finance Association of Australia today responded to misleading allegations published yesterday in News Ltd’s newspapers (November 25, 2012). CEO of The Mortgage and Finance Association of Australia (MFAA), Mr...

Leading Mortgage and Finance Professionals Appointed to the MFAA National Board

26 November 2012 Four of Australia’s leading mortgage and finance industry performers were today appointed to the National Board of the Mortgage and Finance Association of Australia (MFAA). They are: Darren McLeod, Head of...

Mortgage Brokers Continue to Grow - Lifting Market Share and Volume

Published: 13 November 2012 Mortgage brokers have continued their growth momentum, achieving 3.76 per cent growth in volumes of new home loans to $25.62 billion during the September quarter, according to leading industry research group, comparator. Off...

Popular MFAA Mentor Course Attracts Industry Attention

Published on 8 November 2012 The Mortgage & Finance Association of Australia’s Train the Mentor professional development and learning program, commencing November 26 2012, is now open for registration. The popular week-long course, which was launched...

The MFAA Launches Social Media Policy for Members

Published on 7 November 2012 Mortgage & Finance Association of Australia (MFAA) has announced the launch of a social media policy for its 11,000 members - many of whom have embraced Facebook, Twitter and other digital...

Members Advised: MFAA Currently Experiencing Telephone Outage

Update: Normal MFAA Telephone service has now resumed. We apologise for any inconvenience caused. NOTICE FOR ALL MFAA MEMBERS Unfortunately we are currently experiencing issues with telephone communications and members will be unable to...

Victorian home buyers want to be close to Melbourne City

Published on 22 October 2012 Victorians looking to buy property in the next 12 months are flocking to inner city Melbourne and surrounding suburbs for their first home or their next property. More than 23 per cent...

Rate Cuts And Rising Prices Fuel First Home Buyers' Sentiment

Published on 22 October 2012 About 63 per cent of first home buyers in Australia say it is a good time to buy because they believe property prices are good value and interest rates are down, according to...

Home Buyer Survey Shows Buyers Lift Confidence Levels With Expectations Of A Continued Recovery In Real Estate Prices

Published on 22 October 2012 Home buyers in Australia have gained confidence that the property market has bottomed out and prices will recover over the next quarter, according to the latest the Commonwealth Bank/Mortgage & Finance Association of...

The Commonwealth Bank/Mortgage & Finance Association (MFAA) Home Finance Index Sees Strong Growth Potential For Mortgage Brokers

Published on 22 October 2012 The Commonwealth Bank and The Mortgage & Finance Association of Australia (MFAA) Home Finance Index survey for September 2012 has continued to identify a range of opportunities for mortgage brokers to lift their...

Queensland home buyers look in Brisbane City and around the state

Published on 22 October 2012 Queenslanders planning to buy a home within the next 12 months believe locations in Brisbane City, and as far north as Townsville and Cairns, as the best places to buy according to the...

Sydney City is the top hot spot for many NSW home buyers

Published on 22 October 2012 Almost a quarter of all home buyers in NSW have their sights set on a home in the inner-city lifestyle suburbs, according to a new survey. Just over 22 per cent of...

Web and Local Papers Most Popular For Australian Property Buyers

Published on 22 October 2012 The internet and local newspapers are their most important sources of information for home buyers when researching potential property purchases, the best locations and their finance options, according to a national survey....

MFAA Claims Success With New Online Education Platform For Members

Published 17th October 2012 Mortgage & Finance Association of Australia (MFAA) announced its new online learning courses through its professional development web-based platform, MFAA Pathways, is a major success. Since its recent launch in June, 2012,...

Mortgage Broking Industry Attracts Record Numbers of Females To Its Ranks

Women are the fastest growing segment of new recruits to the mortgage broking industry, now making up almost one third of mortgage and finance brokers across city and regional areas. Figures released by the industry's peak body, Mortgage...

Orange Business Leader Appointed To State Council of the MFAA

Published 11 September 2012 Prominent Orange finance executive Stuart Garvey has been appointed to the NSW/ACT State Council of the mortgage industry's peak body, the Mortgage and Finance Association of Australia (MFAA). The MFAA provides service...

MFAA Warns First Home Buyers About Grant Changes Across Australia

Published on 20 September 2012 The Mortgage and Finance Association of Australia (MFAA) has welcomed the increases in grants for first home buyers in Queensland and NSW, but warns borrowers about the increasing complexity of rules that apply...

The Mortgage & Finance Association (MFAA) Launches Spring Consumer campaign promoting the value of using a mortgage or finance broker

Published on 20 September 2012 The Mortgage & Finance Association (MFAA) has launched its spring online campaign to direct consumer traffic to the website www.essentialsofborrowing.com.au where consumers can pick up tips and search for a mortgage...

The MFAA Calls For Nominations to Enter 2013 Excellence Awards

Published: 12 September, 2012 Australia’s leading mortgage and finance industry players can now nominate for entry into the 10th annual Mortgage and Finance Association of Australia (MFAA) Excellence Awards, to be held at The Palladium, Crown Melbourne on...

The Mortgage & Finance Association (MFAA) Dismisses Survey Results As An Insult To Brokers

The Mortgage Finance Association of Australia (MFAA) today rejected claims in an Australian Broker survey that "85 per cent" of brokers claimed banks had encouraged fraud before the Global Financial Crisis. Chief Executive of the MFAA, Mr Phil...

Mortgage Brokers lift home loan volumes 5.3 per cent in June quarter

Published: 21 August 2012 Mortgage brokers achieved 5.3 per cent growth in volumes of new home loans to $24.69 billion during the June quarter, rising from $23.44 billion in the March quarter, according to leading industry research group,...

The Mortgage & Finance Association (MFAA) Rejects Democrats Call for Royal Commission Into Mortgage Industry

Published: 17 August 2012 The Mortgage Finance Association of Australia (MFAA) today rejected calls by the Australian Democrats for a Royal Commission into the Australian mortgage industry. Chief Executive of the MFAA, Mr Phil Naylor said "The...

South Australian Business Leader Appointed

Published: 26 July 2012 Prominent Adelaide finance executive Martin Leedham has been appointed as National President of the board of the Mortgage and Finance Association of Australia (MFAA). The MFAA is Australia’s peak national body...

MFAA Presidency Changes Hands

Published: 19 July 2012 Steve Kane, newly appointed General Manager, Broker Platforms, Advantedge Financial Services has resigned as President of the MFAA effective 19 July 2012. He said "I submitted my resignation with some regret as I...

MFAA invited to spread the word in Asia about Australian mortgage finance industry success

CEO of The Mortgage and Finance Association of Australia (MFAA), Mr Phil Naylor, last week was invited to speak to the fledgling Singaporean mortgage finance industry to assist in the development of the sector in Singapore. Mr Naylor...

The Mortgage & Finance Association (MFAA) expects strong growth for mortgage broker sector on the back of forecast property market recovery

The Mortgage & Finance Association of Australia (MFAA) expects continued strong growth of the mortgage broking sector on the back of an expected recovery in the property sector, as predicted this week by forecaster BIS Shrapnel. Representing 11,200...

MFAA launches online education platform for Members

The Mortgage & Finance Association of Australia (MFAA) has reinforced its ongoing commitment to the professional and personal development for members with the launch of online learning courses through its professional development web-based platform, called MFAA Pathways. ...

Mortgage brokers expelled from MFAA Membership double in 2011-2012

The numbers of mortgage brokers expelled from the Mortgage & Finance Association of Australia (MFAA) has doubled from four to eight during the 2011/2012 financial year. The majority of the record number of expelled members was found by...

Federal Government needs to look at Canada's solution to non-bank funding to ensure greater mortgage competition

The Mortgage and Finance Association of Australia (MFAA) has called for the Federal Government to inject competition in the banking system by providing strong mortgage funding for non-bank competitors. MFAA Chief Executive Officer Phil Naylor has called for...

The Mortgage & Finance Association of Australia (MFAA) urges borrowers to maximise the benefits of today's 0.25% rate cut

The Mortgage & Finance Association of Australia (MFAA) said today's Reserve Bank cut to the official rate should inspire borrowers to maximise the opportunity of lower their mortgage costs. Chief Executive Officer of the MFAA, Mr Phil Naylor,...

MFAA Successful In Attracting $2.4 Million Under An Australian Government Fund To Support Training

The Mortgage & Finance Association of Australia (MFAA) has won a $2.4 million Federal Government contribution to support their ongoing commitment to training its members across the mortgage and finance sector. Under the National Workforce Development Fund,...

The Commonwealth Bank/Mortgage & Finance Association (MFAA) Home Finance Index identifies great opportunities for mortgage brokers

The Commonwealth Bank and The Mortgage & Finance Association of Australia (MFAA) Home Finance Index survey for 2012 has identified a range of opportunities for mortgage managers and brokers to lift their profitability and overall market presence. The...

Rate cuts, flat real estate prices and higher savings rate boost home buyers sentiment

Buyers in Australia are more confident about buying a house or apartment now than they were six months ago, according to the latest the CBA/Mortgage & Finance Association of Australia Home Finance Index. The Commonwealth Bank / Mortgage...

First home buyers shrug off job fears and look to buy property

First home buyers in Australia are more confident about buying a house now than they were six months ago, however this is yet to translate into action, according to a new national survey. A survey, called The Commonwealth...

Mortgage brokers achieve 42% of the mortgage market - independent research survey

Mortgage brokers have achieved a 42 per cent share of the mortgage market in Australia, according to the first detailed quantitative study of the sector conducted by leading industry research group, comparator. Based on new home lending figures...

Mortgage & Finance Association (MFAA) Calls For Rate Cut Next Month As Home Buyers Are Now Making Big Sacrifices To Raise Deposits

The Mortgage & Finance Association of Australia (MFAA) has called for the Reserve Bank to cut the official cash rate in May as its research shows borrowers and buyers are facing tough times and making big sacrifices. CEO...

Mortgage & Finance Association of Australia Annual Convention Wins Top NSW Meetings and Events award

The Mortgage & Finance Association of Australia (MFAA) has taken a top award at the annual NSW Meeting & Events (MEA) Industry Awards 2012. The MFAA's 2011 National Convention in June 2011 won the NSW award for Best...

The Mortgage & Finance Association (MFAA) wants homebuyers to stop missing out while saving for a deposit

Males are more likely than women to make sacrifices in their lifestyle to save for a home or apartment deposit - with the top three sacrifices being reducing costs at home, eating out less often and taking lunch to...

Australia's Leading Mortgage and Finance Professionals Honoured

12 March 2012 Australia’s leading mortgage and finance industry performers were acknowledged at the ninth annual Mortgage and Finance Association of Australia (MFAA) Excellence Awards at the Westin Hotel in Sydney this evening. ...

Finalists announced for the MFAA ninth annual national Excellence Awards

8 February 2012 The Mortgage & Finance Association of Australia (MFAA) today announced the 42 finalists in the 2012 MFAA national Excellence Awards, to be presented on 9 March, 2012 at the Westin Hotel...

The MFAA says today's interest rate announcement should inspire borrowers

7 February 2012 The Mortgage & Finance Association of Australia (MFAA) said today’s Reserve Bank announcement of no change to interest rates should challenge borrowers’ behaviour. Chief Executive Officer of the MFAA, Mr Phil...

The MFAA expects next week's interest rate change to create confusion among borrowers

2 February 2012 The Mortgage & Finance Association of Australia (MFAA) believes next Tuesday’s expected rate drop by the Reserve Bank may precipitate a major change in lenders’ reactions and challenge borrower behaviour as a result....

Consumers well positioned for house buying

15 November 2011 Australian consumers are still delaying property purchases but their savings are soaring and their mortgage stress is very low, a leading consumer sentiment survey has revealed. The Commonwealth Bank/Mortgage & Finance Association...

Cash is king as first time home buyers baulk

15 November 2011 First time home buyers have little confidence in the Australian economy, as they baulk at property purchases and hoard their cash, a leading consumer sentiment survey has revealed. The Commonwealth Bank/Mortgage...

When interest rates drop, get expert advice

1 November 2011 Today’s interest rate cut was the first movement of interest rates in 12 months but the Mortgage & Finance Association of Australia has warned borrowers to get expert advice before responding to new...

MFAA appoints Independent Director

18 October 2011 Following the decision by members, in the General Meeting in February 2011 to amend the MFAA Constitution to enable the Board to appoint an ‘additional director’ the Board, has appointed effective 1 November...

Time-poor Australians are front of the queue at mortgage brokers

23 September 2011 When time-constrained Australians look for a home loan, they receive the fastest service from mortgage brokers, research has found. In its annual testing of the financial services industry, market research firm...

Mortgage brokers most trusted in home loans

19 September 2011 Australian mortgage brokers are more engaged with consumers than the banks and credit unions, according to the latest market research from Core Data. In the mystery shopping survey of home lenders mortgage brokers scored...

Get an appropriate mortgage - use a Broker

The ban on mortgage exit fees has given more flexibility to mortgage holders, but the Mortgage & Finance Association of Australia (MFAA) has warned Australians that their priority should be finding a more appropriate loan, not just a...

MFAA questions Choice & One Big Switch

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Banks more dominant than ever: MFAA

Australia's banks are now more dominant in the mortgage lending market than they have been since housing finance figures started being recorded in 1992, the Mortgage & Finance Association of Australia has said. Mortgage lending figures for May...

Refinancing still going strong: MFAA

7 July 2011 Home owners are still refinancing their mortgages, even as the property market remains flat, the latest Bankwest/MFAA Home Finance Index has shown. The Home Finance Index, which surveyed more than 1,139 respondents, revealed...

Property market slows as rising household costs make home buyers more cautious

30 June 2011 Higher food and energy bills have slowed spending by Australian consumers and discouraged them from being active in the property market, the latest Bankwest/MFAA Home Finance Index has found. The latest Bankwest/MFAA...

Exit fees banned, but mortgage competition still on agenda: MFAA

23 June 2011 The government’s National Consumer Credit Protection Act regulations will become law as of July 1, after the Senate yesterday allowed the controversial regulations that ban exit fees in mortgages. However, the Mortgage...

MFAA Says Federal Government Banking Reform Won't Address Real Competition Issues

MFAA Says Federal Government Banking Reform Won't Address Real Competition Issues End result - Less Consumer Choice says MFAA 10 December 2010 Commenting on the Federal Government’s Banking Reform package released...

Banking Reform Package Fails to Address Lack of Competition in Banking Sector says MFAA

13 December 2010 MFAA CEO Phil Naylor Appears at Senate Economic References Committee CEO of the Mortgage and Finance Association of Australia (MFAA), Mr Phil Naylor, today appeared at the Senate Economics References Committee at...

NCCP Regulation Amendments - Referrers

As you will be aware MFAA has been working over the past few weeks with Treasury and ASIC on a workable method by which brokers and lenders could work with referrers without referrers having to be licensed or...

MFAA in discussion: Referrers and NCCP Act

MFAA is currently in discussion with Treasury and ASIC regarding the relationship of referrers to the NCCP Act. This will be finalised before end June.

Watch MFAA CEO interview on Switzer TV

Peter Switzer asks Phil Naylor, MFAA CEO the following questions: 1. How has the GFC affected brokers' businesses? 2. What percentage of loans go through brokers? 3. How are small lenders coping? 4. What...

Quality vs Volume

For some time the MFAA National Brokers Committee has been concerned about the move by some lenders into using ‘quantity’ or ‘volume’ as a means of deciding broker accreditation. MFAA strongly endorses the need for high quality on loan...

Accredited mortgage brokers offer consumers greater choice

Accredited mortgage brokers offer consumers greater choice Borrowers seeking to refinance their mortgage in light of recent interest rates increases have been urged to use Mortgage and Finance Association of Australia (MFAA) accredited mortgage brokers. ...

Letter to the editor: Barefoot investor

Barefoot Investor (13 July 2009) misses the point as to the services of mortgage brokers. Recent consumer research by brandmanagement demonstrates why borrowers prefer mortgage brokers. The majority said it was because they ‘did the leg work’ (73...

National Consumer Credit Protection Bill introduced into Federal Parliament

The new Minister for Financial Services, Corporate Law and Superannuation, the Hon Chris Bowen introduced the National Consumer Credit Protection Bill into Federal Parliament on Thursday 25 June the last day of the Parliamentary winter session. ...

MFAA response: National Consumer Credit Protection Bill

Click here to read MFAA's submission to the government in response to the exposure draft for the National Consumer Credit Protection Bill.

Watch the MFAA Regulation Roadshow Presentation

Please click here and follow the instructions on screen to watch the presentation.

ACCC sees benefit in mortgage and finance body's disciplinary rules

The Australian Competition and Consumer Commission proposes to grant conditional authorisation to the Mortgage and Finance Association of Australia to enable it to continue to use its disciplinary rules, ACCC Chairman, Mr Graeme Samuel, said today. Authorisation...

Correspondence between GE & MFAA

Read MFAA's original letter from CEO, Phil Naylor to Federal Treasurer, Hon.Wayne Swan Read GE's initial response to MFAA's letter to Hon. Wayne Swan Read MFAA's reply to GE's initial response...

MFAA CEO on evoTV

Phil talks about how the sub prime crisis has affected Australian mortgages, and how Australian lending practices differ from those in the US. He shares the MFAAs views on compulsory broker licensing and the positive impact on change of...

Brokers do it better: letters to the editor

The Barefoot Investor, Scott Pape, is either confused or deluded if he thinks consumers should avoid mortgage brokers to save money (‘Take the simple tightwad test and save thousands’, Daily Telegraph, November 8) (Tight fit in fashion,...

MFAA: Cooperative approach the solution to sound regulation

Statement from Phil Naylor, CEO of the Mortgage and Finance Association of Australia (MFAA) The MFAA’s philosophy in dealing with regulation and the introduction of legislation governing mortgage and finance brokers is to engage and collaborate...

Opinion piece: A shot in the arm for local lenders

The Government's commitment to buy prime mortgage-backed securities is a shot in the arm for local lenders, who have been hit hard by the lack of money in the market as a result of conditions overseas. By adding...

Letter to the editor: Brokers not the cause of mortgage pain

The insinuation that it is usual practice for mortgage brokers to encourage borrowers into inappropriate home loans is irresponsible and grossly inaccurate (‘Reserve Bank not to blame for our sub-prime battlers’, 26 September). While predatory lending still exists...

MFAA appears before Inquiry into Competition in the Banking and Non-bank sectors 

On 3 June 2008 the Treasurer the Honourable Wayne Swan MP, asked the House of Representatives Economics Committee to inquire into and report on Competition in the banking and non-banking sectors . MFAA CEO Phil Naylor was asked...

MFAA's submission to Inquiry into competition in the banking and non-banking sectors

MFAA's submission to the House of Representatives Economic Committee INQUIRY INTO COMPETITION IN THE BANKING AND NON-BANKING SECTORS... click here to read To see and/or download the 37 other submissions made to the committee on this matter...

Letter to Editor AFR - Aussie Mac for emergencies makes sense

The renewed calls for a Government-backed source of securitised funding (‘Aussie Mac’ for emergencies makes sense, 19 July 2008) are completely justified and have the backing of the Mortgage and Finance Association of Australia. Offering lenders greater...

Loan strugglers: Brokers and banks

People with loans written by a broker are slightly less likely to struggle with repayments as borrowers with a loan taken out directly with a bank, according to the findings of the latest Mortgage and Finance Association (MFAA) /...

Desire, but no commitment to refinance

The number of people refinancing their home loans is on the decline, and despite indications that people do want to refinance soon, a high level of apathy means it is unlikely to happen, according to the latest Mortgage and...

Federal Treasurer supports MFAA efforts

A recent letter to MFAA from the Federal Treasurer, Wayne Swan, re the ASIC Review of mortgage entry and exit fees , comments as follows in respect of broker conduct: “I am aware that your organization is...

Brokers ask: Where is the partnership?

Mortgage and finance brokers have hit back after a recent spate of broker commission cuts or foreshadowed cuts announced by lenders, claiming the lenders’ stance reflects a lack of transparency and partnership. Phil Naylor, CEO of the Mortgage...

Brokers go beyond the call

The Mortgage and Finance Association of Australia’s (MFAA) latest survey data has revealed that over 26% of mortgage and finance brokers are happy to meet clients outside of business hours. In addition, 53% will meet at a customer’s home....

Letter to the Editor - Reducing broker commissions won't benefit borrowers

The article ‘Mortgage Savings’ in Daily Telegraph 15 April, page 27, shows a naïve understanding of what will happen if broker commissions are reduced by lenders, as is discussed in the article. The lead statement that ‘mortgages will...

MFAA renews call for Government to secure home finance funds

The MFAA has renewed its calls for the Government to ensure securitised funding sources for lenders as the latest statistics showed a marked fall in finance originated by wholesale lenders. “The latest ABS Housing Finance statistics show that...

MFAA calls for ongoing loan funding sources

In a submission to the Senate Select Committee into Housing Affordability, the Mortgage and Finance Association of Australia has urged for action to ensure the maintenance of competition in the home lending market to hold interest rates down. Read...

The bricks and mortar of regulation

By Phil Naylor Borrowers love dealing with mortgage brokers. They listen, do the hard work, and come back with a range of solutions tailored to the individual client’s needs. Over the past five years the...

Broking legislation to go federal?

Media reports today indicate that at the Coalition of Australian Governments (COAG) meeting on 26 March, the federal government will request the states to hand over powers to legislate for mortgage and finance brokers. This has been on...

14th MFAA member expelled for misconduct

Stephen Cleary of Queensland has become the 14 th member to be expelled from the Mortgage & Finance Association of Australia (MFAA), for misconduct. Mr Cleary was expelled by the Tribunal after it was substantiated that he...

Broker commissions: inaccuracies refuted

I draw your attention to some sweeping and demonstrably inaccurate statements in Sun Herald page 5, 10 February 2008, in which is asserted that commissions paid to mortgage brokers were some of the biggest home grown contributors to the...

ASIC's report on refinancing as a response to mortgage stress

Protecting wealth in the family home: An examination of refinancing in response to mortgage stress This report draws on a qualitative examination of a small number of transactions, where brokers arranged refinances...

Mortgage brokers in slow lane: MFAA Responds

Letter to the Editor The article ‘Mortgage brokers in slow lane’ AFR, 14 March 2008, contains some glib throw away lines that warrant correction. JP Morgan analyst Brian Johnson asserts “ brokers (are) driving around...

MFAA expels 13 th member

The Mortgage & Finance Association of Australia (MFAA) has expelled its 13 th member, Ms Xue Mei Mary Zhao of NSW, for misconduct. MFAA CEO, Phil Naylor said: “MFAA members must meet high standards of behaviour, ethics,...

Don't stress at the sight of buzz words: MFAA

With the RBA raising rates by 0.25 per cent yet again, the Mortgage and Finance Association of Australia (MFAA) reminds nervous borrowers that there are experts that can help. “In times of confusion and changing climates,...

2008 MFAA Excellence Awards Winners

Mortgage and finance finest honoured The mortgage and finance industry has applauded the best of the best, at this year’s annual Mortgage and Finance Association of Australia (MFAA) Excellence Awards on Friday night, crowning Mortgage Choice...

2008 MFAA Excellence Awards Finalists

INDIVIDUAL AWARDS Achievement Award FINALISTS Peter Behrendt – Peter Behrendt, Xinc James Hassell – Mortgage...

National Regulation - the latest update

Download the powerpoint presentation now - click here .

Bill Facilities now regulated by the UCCC

by Vicki Grey , Gadens Lawyers New Regulations have been passed bringing the use of bill facilities, such as bills of exchange or promissory notes, within the Uniform Consumer Credit Code (UCCC) where the credit is...

Rate worries can be eased by an expert

The announcement of National Australia Bank's 0.12 percentage point rise on standard variable loans means many things for many borrowers, said the Mortgage and Finance Association of Australia (MFAA). "The most important thing is to make sensible...

Mentoring Guidelines

View revised MFAA Mentoring Guidelines

National Regulation Exposure Draft

National Regulation Exposure Draft

Proposed Victorian Consumer Protection Initiatives

by Jon Denovan, Gadens Lawyers December 2007 Victoria proposes to amend its Consumer Credit (Victoria) Act and Sale of Land Act to provide better protection for consumers in line...

ASIC Reverse Mortgage report demonstrates correctness of MFAA Approach

The recent report on the reverse mortgage market by ASIC "All we have is this house' provides further evidence of the correctness of MFAA's approach in insisting on rigour in distributing equity release products. MFAA has consistently warned that...

MFAA introduces new hardship assistance for borrowers

The Mortgage and Finance Association of Australia (MFAA) has introduced new measures to ensure non bank lenders, mortgage managers and brokers assist borrowers who find themselves in financial difficulty. The Association has amended its Code of Practice...

Seek advice before skipping to the bank for refinancing

The Mortgage and Finance Association of Australia (MFAA) has called for consumers with non bank loans to fully investigate their mortgage options before refinancing their loan with a big bank. The MFAA has again defended the role of non...

Letter to the Editor - Cowboy Roundup

A letter to the editor of the Courier Mail and Herald Sun The article by Scott Pape ( Cowboy Roundup, 22 September) reflects the view of someone who has walked out of the darkness to...

AFR Editorial misses the point (

The editorial Give credit code a chance, September 18, although it gives a thorough summation of the issues considered by the report of the parliamentary committee chaired by Bruce Baird, misses one important point. In...

MFAA welcomes Parliamentary Inquiry Report on Lending Practices and Processes

The Parliamentary Inquiry Report on Lending Practices Processes tabled in Federal Parliament today has made worthwhile recommendations to protect home buyers according to the Mortgage and Finance Association of Australia (MFAA). The MFAA CEO, Phil Naylor, who participated...

Media refinance advice totally inappropriate

Recent media commentary stating that non bank borrowers should refinance is totally inappropriate and misrepresents the position of non bank lenders, said Phil Naylor, CEO of the Mortgage and Finance Association of Australia. Read on...

MFAA welcomes Treasurer's call for national regulation

Letter to the Hon. Peter Costello

MFAA/BankWest Home Finance Index June 2007

- 23.5% of respondents feel they are worse off than they were 12 months ago. Those with a home loan are, statistically, less likely to feel they are better off. - There is evidence that people are deferring...

The MFAA Essentials of Borrowing Campaign

Launched in the first week of June 2007 and followed by online and print advertisements, which will run throughout the year, the MFAA consumer website www.essentialsofborrowing.com.au is off to a flying start. In the first week the site...

MFAA Loan Writer Survey Results 2007

MFAA Loan Writer Survey Results Some interesting results have come out of the latest survey. For example: Loan Writers surveyed stated that the top three challenges they face in their role in 2007 are: Attracting new...

MFAA Welcomes ACCC Decision on Aussie Notification

The Mortgage and Finance Association of Australia (MFAA) has welcomed the decision by the Australian Competition and Consumer Commission (ACCC) that it does not intend to take its Aussie Home Loans notification any further. The impact of...

Regulation Update

Queensland proposes to regulate finance brokers On 7 April 2007, Queensland's Fair Trading Minister releasedproposals to regulate finance brokers. Queensland is taking this action to put some interim regulation in place as a national regime is unlikely...

Proposed New Regulation for UCCC Lending

Proposed changes to the UCCC are set out in a Regulatory Impact Statement (RIS) released in March 2007 and available at "what's new" at www.creditcode.gov.au. Although directed at the fringe credit market, there some initiatives in the RIS which...

Clitheroe Calls on the Mortgage Industry

Paul Clitheroe, Chairman of the Financial Literary Taskforce, and one of Australia's best known financial advisors has called on the mortgage industry to help improve financial literacy in Australia. "When someone comes in to talk about a mortgage...

Superannuation Information

For members who are also financial planners... The Superannuation legislation amendment (Simplification) Bill 2007 received Royal Assent on Thursday 15 March 2007. Fact sheets on the key Superannuation measures The ATO has developed...

WA Code Released

The WA Finance Broker Code of Conduct was released today. The MFAA WA Council has worked tirelessly and extensively on the revision of the Code and has welcomed its release. View the MFAA media...

MFAA and ACCC

There has been much speculation in the industry media (some of it ill-informed) about the ACCC enquiry into changes made to the MFAA Constitution last July relating to the membership conditions applying to broking businesses and mortgage management businesses...

Regulation Model Updated

The Regulation of Credit Providers and Finance Brokers paper: a comprehensive guide to 10 areas of legislation from licensing requirements around Australia to marketing rules. Updated 12 November 2007 : View the paper here

'Gold Star' Compliance Programme

The MFAA has launched a new service for members: the 'Gold Star' Compliance Programme. The Programme provides a consistent, industry-wide standard for the review of loan files to mitigate the risks of non-compliance. Non-compliant loan origination practices have been...

Fraud White Paper

The MFAA with PwC has released a white paper to promote discussion about mortgage fraud and strategies to address fraud risk. The objective of the paper is to assist all members of the MFAA to reduce...

Excellence Awards Finalists Announced

The finalists in the 2007 MFAA Excellence Awards have been announced. View the finalists. The winners will be announced on 2 March 2007, at a gala event at Crown Towers, Melbourne. Hosted by Adam Hills with...

MFAA Welcomes Decision Not to Raise Rates

View the media release.

Legal

The MFAA & Gadens Lawyers Paper, Regulation of Credit Providers and Finance Brokers (4 Nov 2008) is one of the most referenced documents on the MFAA website. It provides legal information on 10 relevant areas to industry: registration and...

False and Misleading Representations

Recently we received advice from a major government regulator that they had received a number of complaints over the last year alleging that licensed finance brokers have made false or misleading representations regarding the status of finance approval. ...

WA Finance Brokers Licensing - Mortgage Managers Practice Module

There's a new Gadens paper in the Members Centre to help mortgage managers understand: whether they are required to hold a finance brokers license in WA; and if they are required to be licensed, what restrictions particularly impact on...

ACCC Inquiry: MFAA membership requirement

Some members have received correspondence from ACCC regarding an inquiry the ACCC is conducting regarding one of the MFAA membership requirements. The requirement was introduced by a Special General Meeting of members in July 2006 whereby members...

Loan Company in Court

A Sydney company (non-MFAA member) offering interest-free home loans has been accused of running a scam operation. ASIC has charged Trevor Cohen with engaging in misleading conduct in relation to financial services, obtaining money by deception and four counts...

WA Regulations - Latest Update

How will new license regulations apply to you? Put simply, if you do business in WA or with WA residents and you arrange loans you need to be licensed (see below). The penalty for acting as...

Do Not Call Register: Implications for Industry

Does your business undertake telemarketing activities or use such services? Then you need to know about the ‘Do Not Call Register Act 2006' (the Act), passed by the federal government which anticipates that a Do Not Call Register will...

Conference Bookings Now Open

Registration for the 2007 MFAA National Conference & ExpoMart which will be held in Adelaide from 30 May – 1 June is now open! There are three tracks at the conference this year: Broker and Frontline Sales;...

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