The Finance Broker category is for those members who are yet to complete a Diploma and have less than two years’ experience in the last five years and require mentoring.
The Accredited Finance Broker category is for members who have two years plus active loan writing/lending experience in the last five years and have completed the Diploma of Mortgage and Finance Broking Management.
If you have a criminal record or a default on your credit report, you will need to provide us with details of those matters. The MFAA is not able to accept membership applications from individuals who have been found to have committed an offence that is punishable on conviction by imprisonment, has a pending charge of fraud or dishonesty or has been convicted of fraud or dishonesty.
Persons residing in Australia with a valid work visa will be considered for membership of the MFAA. Applicants must provide a certified copy of your work visa and a signed copy of the Licensee Declaration Form.
Applicants and current members cannot be a current bankrupt. If you have previously been bankrupt and have since been discharged, you may apply for membership. As part of your application for membership, you must notify us of that bankruptcy and provide us with details of that bankruptcy.
Please note for a Finance Broker and Accredited Finance Broker membership and Mortgage Manager membership where the Mortgage Manager deals directly with the public, you will need to complete a Diploma of Mortgage and Finance Broking Management within one year of joining to maintain your membership.
Yes, completion of the Initial Compliance Pack is compulsory for all new members. The course is designed to assist mortgage and finance brokers in their understanding and compliance with relevant legislation that governs corporate, broker and lending activities.
The Initial Compliance Pack comprises the following units:
- Introduction and National Consumer Credit Protection Act
- Privacy Act
- Compliance Essentials
- MFAA Standards and Operating Guidelines
- Banking Code of Practice - Mortgage Broker Guidance and Obligations
- Mortgage Broker Best Interests Duty and Conflict Priority Rule
- Anti-Money Laundering/Counter Terrorism Financing.
If you tick Yes to any of the declaration questions, please email ua.moc.aafm@pihsrebmem with a detailed explanation of why you ticked 'Yes' to the question. The information you provide will be considered as part of your application.
We only accept a Certificate IV or Diploma course code from a Registered Training Organisation (RTOs).
The following codes are the most current education programs provided by RTOs:
- Certificate IV Finance and Mortgage Broking - FNS40820, FNS40815
- Diploma Finance and Mortgage Broking Management - FNS50320, FNS50315
If you have completed an alternate course to the above, email ua.moc.aafm@pihsrebmem a copy of your completion certificate to review.
You can find the list of preferred MFAA Registered Training Organisations of the Certificate IV and Diploma programs on our Registered Training Organisations page.
Once a membership application review has commenced, the application fee is not refundable. Membership fees are not refundable once the membership has been approved and commenced.
The Membership Application fee is for reviewing and processing new membership applications. It is not refundable once a membership application has been reviewed.
A merchant fee surcharge of 1.35% applies to all credit and debit card payments including Visa, Mastercard and AMEX credit card payments.
Yes, your membership fee is tax deductible as part of your business expenses.
Yes. We have a reciprocal membership arrangement with current financial members of CAFBA. A 50% discount applies to the annual MFAA Individual Finance Broker or Business Broking membership fee. The MFAA membership discount will only apply to the name shown on the CAFBA certificate.
Contact the Membership team prior to paying your invoice to get the discount applied at ua.moc.aafm@pihsrebmem
Mentoring is required for two years.
Mentor requirements vary between aggregators. Whilst you may not have to work for your mentor, your aggregator will most likely require you to be mentored by someone who also aggregates through them. Make sure you check your aggregator's mentoring requirements.
Your MFAA State Manager can also help with your mentoring options.
Choosing an aggregator comes before choosing a mentor. Your aggregator may have a preference who your mentor should be.
Contact our State Manager to discuss your mentoring options.
Ideally you will have the same mentor for the two year period. However, there may be a need to request a change of mentor. Provided the new mentor satisfies the MFAA mentor criteria, the mentee must advise the MFAA of the new mentor by completing a Change of Mentor form.
Yes. Members can change their details by logging into their MFAA member profile. Once you have logged in you can change your aggregator by simply clicking on “My Membership” then “Update My Details”.
The AML/CTF refresher is part of the membership application renewal process. After you login to the membership portal select ‘Renew My Membership’ and follow the enrolment process, which will automatically enrol you in the AML/CTF refresher in the MFAA Learning Hub.
Members are required to complete the AML/CTF refresher every two years. You will automatically be prompted to complete an AML/CTF refresher as part of your renewal when it is due.
Certificates can be found on your membership profile by selecting “My Membership” then “My Documents”. Sometimes it may be necessary to clear your browser cookies and history if you experience problems. Alternatively, try a different internet browser.
If you have not received a confirmation email with the link to download your Membership Certificate, it may be because you have not provided all the necessary forms as part of the membership application to join and/or membership renewal process.
If you have provided everything required and still cannot locate your Membership Certificate, contact the Membership team at ua.moc.aafm@pihsrebmem or on 1300 554 817.
Business memberships are issued in the business name. You can use your Statement of Attainment (issued in your personal name) in conjunction with your Business Membership Certificate to provide proof of membership.
We would love to welcome you back to the MFAA who represents over 14,000 members in the mortgage and finance industry. Contact our Membership team or your State Manager to discuss how we can help you.
Qualified financial planners can have a maximum of 12 hours of financial planning CPD that also contributes to their MFAA CPD hour requirements.
CPD hours are earnt in a variety of ways. To find out more visit the CPD requirements page.
Members holding a loan writing status are required to maintain a minimum of 30 CPD hours each membership year.
To find out more visit the CPD requirements page.
Mentoring or being mentored - up to 18 hours of CPD per year.
Check that the date entered for your CPD hours is within your membership year. Only CPD hours within the dates of your current membership will count for that membership year.
Note your Certificate IV and Initial Compliance Pack will have been completed prior to joining so when entering these into your CPD, change the dates to be within your membership year.
Yes, all PD events and webinars held by the MFAA will be automatically updated after the event/webinar, subject to your registration email address for the event/webinar being the same as the email address on your membership profile.
If you register with a different email address you will need to manually add your CPD hours to your account.
Yes. All webinars are recorded and can be generally accessed a few days after the webinar date in the MFAA Learning Hub.
No. The calculators come in a defined range of colours.
No. The discounted calculator price is made available to members provided that the MFAA brand is included without any other logo.
No. It's up to you. Each calculator has a different code and can be embedded individually, so you can pick-and-choose. We recommend you choose calculators that suit your customer base.
Yes. The calculators are optimised for mobile and desktop.
This benefit is only available to MFAA members. As part of their membership they get access to the suite at a cost-saving price.
These calculators are easy to install although some general html and/or CSS knowledge is required. Comprehensive installation instructions are supplied to allow those with this general knowledge to manage the installation process. Otherwise, employing a website developer to help is highly recommended.
The new calculators are available in the following colour combinations