Finance Broker membership

Our Finance Broker membership category is for individual professionals that will practice as a loan writer in the mortgage and finance broking industry and is suitable for both those starting out their career as a finance broker or someone who is an experienced finance broker.

Finance Broker membership criteria and fees

Education prerequisites

To apply for a Finance Broker membership you must have completed:

  • a Certificate IV in Finance and Mortgage Broking; or
  • a Diploma of Finance and Mortgage Broking Management
    • If you have a Certificate IV you are required to complete your Diploma within 12 months
  • the MFAA Initial Compliance Pack that is available for purchase in the MFAA Learning Hub store.

Mentoring

If you do not have more than 2 years loan writing experience in the past 5 years, you will require mentoring.

Required documentation

As part of the application process we will require you to upload specific documentation:

  • Certificate of completion for the Cert IV and/or Diploma
  • Curriculum Vitae or professional resume
  • National Criminal History Record Check^
  • Credit report^
  • Certificate of Australian Financial Complaints Authority (AFCA) membership
  • Certificate of currency for Professional Indemnity (PI) insurance
  • ACL/ACR Number or Letter of Intent from your aggregator
  • Completed mentor declaration form, if applicable
  • Licensee declaration form if you reside in Australia and have a valid work visa.

^ Must be no less than 3 months old

  • Membership fee $550
  • Application fee $125
  • MFAA Initial Compliance Pack $220
Join now

Broking business membership

Our broking business membership category is available to mortgage and finance broking businesses that employ or contract other loan writers. This membership category is available to Accredited Finance Brokers and is also available to directors, partners or principals of a broking business who are not writing loans.

Broking business (Finance Broker) membership criteria and fees

Education prerequisites

To apply for a Finance Broker membership you must have completed:

  • a Diploma of Finance and Mortgage Broking Management
  • the MFAA Initial Compliance Pack that is available for purchase in the MFAA Learning Hub store.

Membership requirements

  • Business members have a Nominated Representative attached to the membership, and must have a Finance Broker working for their business
  • The Nominated Representative and Finance Broker can be the same person. All other Finance brokers working for the business, whether employed or contracted, must be MFAA members or become members within three months of the Business joining the MFAA
  • At least one director, partner or principal will need to have a minimum of two years' appropriate experience in the mortgage broking, mortgage lending, mortgage management or finance broking in the last five years.

Required documentation

As part of the application process we will require you to upload specific documentation:

  • Certificate of completion for the Diploma
  • Curriculum Vitae or professional resume
  • National Criminal History Record Check^
  • Credit report^
  • Certificate of Australian Financial Complaints Authority (AFCA) membership
  • Certificate of currency for Professional Indemnity (PI) insurance
  • ACL/ACR Number or Letter of Intent from your aggregator
  • Licensee declaration form if you reside in Australia and have a valid work visa.

^ Must be no less than 3 months old

  • Membership fee $550
  • Application fee $125
  • MFAA Initial Compliance Pack $220
Join now
Broking Business (directors, partners or principals) membership criteria and fees

Education prerequisites

  • Nil

Membership requirements

  • Business members have a Nominated Representative attached to the membership, and must have a Finance Broker working for their business
  • All Finance brokers working for the business, whether employed or contracted, must be MFAA members or become members within three months of the Business joining the MFAA
  • At least one director, partner or principal will need to have a minimum of two years' appropriate experience in the mortgage broking, mortgage lending, mortgage management or finance broking in the last five years.

Required documentation

As the Nominated Representative we will require you to upload specific documentation as part of the application process:

  • Curriculum Vitae or professional resume
  • National Criminal History Record Check^
  • Credit report^
  • Certificate of Australian Financial Complaints Authority (AFCA) membership
  • Certificate of currency for Professional Indemnity (PI) insurance
  • ACL/ACR Number or Letter of Intent from your aggregator
  • Licensee declaration form if you reside in Australia and have a valid work visa.

^ Must be no less than 3 months old

  • Membership fee $550
  • Application fee $125
Join now

Affiliate membership

Our affiliate membership category is for individuals working in the mortgage and finance broking industry and is suitable for professionals in administration, business development and support services roles as part of a broking, aggregator, lender, mortgage management or supplier business.

Affiliate membership criteria and fees

Education prerequisites

  • Nil

Required documentation

As part of the application process we will require you to upload specific documentation:

  • National Criminal History Record Check^
  • Credit report^

^ Must be no less than 3 months old

  • Membership fee $160
  • Application fee $125
Join now

Mortgage management

We have a mortgage management membership category for businesses dealing directly with the public and for businesses not dealing directly with the public.

Mortgage management (dealing directly with public) membership criteria and fees

Education prerequisites

  • To apply for a Mortgage Management Membership you must have completed a¬†Diploma of Finance and Mortgage Broking Management
  • the MFAA Initial Compliance Pack that is available for purchase in the MFAA Learning Hub store.

Required documentation

As the Nominated Representative we will require you to upload specific documentation as part of the application process:

  • Certificate of completion for the Diploma
  • Curriculum Vitae or professional resume
  • National Criminal History Record Check^
  • Credit report^
  • Certificate of Australian Financial Complaints Authority (AFCA) membership
  • Certificate of currency for Professional Indemnity (PI) insurance
  • ACL/ACR Number or Letter of Intent from your aggregator
  • CL50 ACL Compliance Certificate
  • Licensee declaration form if you reside in Australia and have a valid work visa.

^ Must be no less than 3 months old

  • Membership fee $550
  • Application fee $125
  • MFAA Initial Compliance Pack $220
Join now
Mortgage management (not dealing directly with public) membership criteria and fees

Education prerequisites

  • Nil

Membership requirements

  • Mortgage management business members have a Nominated Representative attached to the membership.

Required documentation

As the Nominated Representative we will require you to upload specific documentation as part of the application process:

  • Curriculum Vitae or professional resume
  • National Criminal History Record Check^
  • Credit report^
  • Certificate of Australian Financial Complaints Authority (AFCA) membership
  • Certificate of currency for Professional Indemnity (PI) insurance
  • ACL
  • CL50 ACL Compliance Certificate
  • Licensee declaration form if you reside in Australia and have a valid work visa.

^ Must be no less than 3 months old

  • Membership fee (1-5 employees/representatives) $1,900
  • Membership fee (6-15 employees/representatives) $2,700
  • Membership fee (16+ employees/representatives) $4,500
  • Application fee $125
Join now

Corporate membership

We offer corporate memberships for aggregators, lenders, mortgage insurers and support services.

Corporate membership criteria and fees

Education prerequisites

  • Nil

Required documentation

As the Nominated Representative we will require you to upload specific documentation as part of the application process:

  • National Criminal History Record Check^
  • Credit report^
  • Certificate of Australian Financial Complaints Authority (AFCA) membership.

^ Must be no less than 3 months old

  • Aggregator or franchise group membership fee (under 30 members) $2,500
  • Aggregator or franchise group membership fee (31-100 members) $5,000
  • Aggregator or franchise group membership fee (100+ members) $7,000
  • Lender or funder membership fee (less than $350m) $7,500
  • Lender or funder membership fee ($350m-$1bn) $15,000
  • Lender or funder membership fee ($1bn and over) $22,500
  • Mortgage insurer membership fee $22,500
  • Support services membership fee $990
  • Application fee $125
Join now

Student membership

Our student membership category is for individuals who are currently studying and considering a professional career in the mortgage and finance broking industry, or are employed as a administrative support trainee not writing loans in a broking business.

Student membership criteria and fees

Education prerequisites

  • Nil

Required documentation

As part of the application process we will require you to upload specific documentation:

  • Proof of student enrolment or traineeship
  • National Criminal History Record Check^
  • Credit report^

^ Must be no less than 3 months old

  • Membership fee $0
  • Application fee $55
Join now

Membership requirements

All applications for loan writing memberships:

  • 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 the 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. Persons residing in Australia who hold an Australian work visa will be considered on a case-by-case basis. You must provide a certified copy of your work visa and a signed copy of the Licensee Declaration form and upload the completed document with your membership application
  • must be appropriately licensed or appointed as a Credit Representative under the National Consumer Credit Protection Act 2009.

Membership declarations

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.

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 applications for membership are subject to the MFAA Disciplinary Rules (Section 4.3).

Members with a loan writing membership must complete 30 hours of CPD each year, and then every second renewal of membership they will be required to complete AML/CTF training.

Diploma of Finance and Mortgage Broking and Management

The MFAA regards the Diploma in Finance and Mortgage Broking Management as the minimum educational standard.

If you have a Certificate IV in Finance and Mortgage Broking, you must complete the Diploma in Finance and Mortgage Broking Management within 12 months of joining the MFAA. This is a requirement to renew your membership at the end of your first year of membership.

Membership term

Membership runs for 12 months and cannot be refunded once a new membership has commenced or an existing membership is renewed.

* All fees are inclusive of GST.

Membership forms

Access the forms you need to make changes to your membership or provide additional information as part of your application.

More information

Our frequently asked questions page provides further details about becoming an MFAA member.