All applications for Full Membership:
- must be of good character and repute and a fit and proper person to be an MFAA Member
- must not be currently Bankrupt, or subject to control under the Bankruptcy Act 1966 (e.g. a Personal Insolvency Agreement)
- will not be accepted for MFAA membership if they have a charge pending involving fraud or dishonesty or have been convicted of, or found to have committed, an offence concerning fraud or dishonesty
- must not be an externally-administered body corporate as that expression is defined in the law
- must be over 18 years of age
- must ensure documents submitted to join MFAA or renew membership are true and accurate
- must reside in Australia holding either Australian or New Zealand citizenship, or permanent resident status in Australia
- must be appropriately licensed or appointed under the National Consumer Credit Protection Act 2009 (before acting as a residential finance broker)
Please also note:
- Declaration: All applicants complete an online declaration as part of the online application, attesting to being a fit and proper person to be an MFAA member. Additional information may be required subject to the answers given.
- Validity: Membership runs for 12 months and cannot be refunded once a new membership has commenced or an existing membership renewed.
- Right of Appeal: All applications for MFAA membership are subject to assessment prior to approval. The MFAA may, in its absolute discretion, refuse to approve an application. Appeals against refusal of membership are subject to the MFAA Disciplinary Rules (Section 3.2).
- Members with loan writing membership must complete 30 hours of CPD each year, and the AML3 Refresher course at every second renewal of membership
Do you need more information? The MFAA Membership team is ready to help. Give them a call on 1300 554 817.