News

ACCC releases new car fact sheet

The Australian Competition and Consumer Commission (ACCC) has published a new car fact sheet to help new car buyers to understand their rights under the Australian Consumer Law. New car customers can refer to the ACCC’s fact sheet if the purchaser experiences a problem after the new car is purchased. The ACCC advises that manufacturers and dealers must honour consumer guarantee rights regardless of any commercial warranties they give or sell – in some cases, even if the manufacturer’s vehicle warranty has expired.

WA broker overcomes last minute jitters to help students with financial literacy

When Nicole Harvey was asked to deliver a Global Money Week Initiative lesson to 320 school children within 24 hours, her first reaction was to become “ridiculously ill with nerves”.

But with a few positive affirmations to remind herself it was all about the kids, coupled with some quick research, she was able to settle in and enjoy the experience.

Reminder. Call for nominations for the MFAA Board

The MFAA Constitution provides that the MFAA Board shall comprise five Directors elected by members eligible to vote and other Directors appointed by the MFAA Board, up to a maximum of ten Directors. Accordingly, the MFAA is calling for nominations for two Directors.

You (eligible members) are encouraged to either stand yourself or nominate another member to stand for election this year and ensure members are appropriately represented by a high quality, knowledgeable Board.

PROSPA GROUNDBREAKERS: Lessons from a stubbornly successful award-winner: Hume Leow

Hume Leow says to be successful in this industry you need to be “stubborn.”

To Hume, being stubborn means you never give up and you always provide quality customer service.

It’s no wonder Entourage Finance’s Hume Leow has become one of the most awarded ‘loan administrators’ in Melbourne since he graduated from university and started his journey to become a finance broker.

AFCA Funding Model

AFCA anticipates appointing in excess of 500 staff to handle an estimated 50,000 complaints each year. Brokers should note that EDR complaint volumes related to third party residential lending have been historically low and that EDR members are not required to subsidise other industry sectors that record higher complaint volumes.

Updating Credit Disclosure Documents to include AFCA

From 1 November 2018, the Australian Financial Complaints Authority (AFCA) will commence receiving complaints or disputes against financial service providers (FSPs).

Brokers must comply with the recent transition requirements about naming both a predecessor External Dispute Resolution (EDR) scheme (such as the Credit & Investments Ombudsman) and AFCA in their Credit Guide, information material such as a website and in any Internal Dispute Resolution (IDR) correspondence with customers from 21 September 2018.

Value and service continues to drive strong growth in broker market share

Consumers are continuing to turn to mortgage brokers in ever-growing numbers, demonstrating their trust and confidence in the broker community, according to the latest quarterly data on market share.

Statement from the MFAA on the Royal Commission Interim Report

As you know, the Royal Commission handed down its Interim Report on Friday 28 September (Interim Report), which has addressed important issues within financial services, consumer credit and mortgage broking. You will have received our initial MFAA statement late last Friday, and we are now providing a more thorough communication, having had the opportunity to consider the report in greater detail.

PROSPA GROUNDBREAKERS: Brett Spencer on fear-of-failure to multi-million-dollar success

By Sabrina Cortez

Brett Spencer starts by making a small confession when talking about his experience as the founder of Australia’s first mortgage Business Process Outsourcing (BPO) solution.  

He admits that he was afraid to fail.

Speaking to the MFAA, Brett shares his incredible story of how he turned a small idea into a multi-million-dollar success, prior to the GFC, at a time when the industry was booming and when standard loan turnaround times were up to 40 days. 

New MFAA Benefits of Membership booklet now available

Are you aware of all the benefits you receive as part of your MFAA membership?

The MFAA has produced a 50+ page Benefits of Membership booklet that outlines some of the key benefits and value you receive as an MFAA member.

MFAA members recognised at the 2018 Women in Finance Awards

The MFAA would like to congratulate all the award recipients recognised at the 2018 Women in Finance Awards – especially those MFAA members.

Held at The Star Sydney on Thursday, 20 September, the Women in Finance Awards acknowledged the outstanding achievements and qualities of women in accounting, banking, insurance, financial advice, fund management, mortgage broking and superannuation.

The MFAA's Young Professionals on the Value of Mortgage Broking report by Deloitte Access Economics

The mortgage broking industry contributed nearly $2.9 billion to the Australian economy in 2017, supported more than 27,100 equivalent full-time workers and increased competition in the lending space, a recent report has found.

The findings come from The Value of Mortgage Broking report, produced by Deloitte Access Economics, and commissioned by the Mortgage Broking Industry Group (MBIG) of which the MFAA is a member.

New ‘Your Broker Behind You’ social media frame and step-by-step guide

Following the launch of the ‘Your Broker Behind You’ national advertising campaign, the MFAA has developed a new step-by-step guide for members on how to use the compl

Download the new guide to Borrowing from Fintech Lenders

The Australian Small Business and Family Enterprise Ombudsman (ASBFEO) and theBankDoctor.org have just released a helpful guide for small-to-medium enterprises (SMEs) to improve their awareness and understanding of business financing options, especially around fintech lending.

Borrowing from fintech lenders is a useful resource to help you educate your clients on the types of products, services, processes, fees and requirements, associated with fintech lending.

ASIC’s credit card lending reforms to impact credit assessment of home loans and other products

Brokers assessing borrowers’ ability to repay their loan will soon be required to adhere to new ASIC rules relating to the client’s capacity to service credit card debt.

ASIC has announced that by 1 July 2019, when assessing borrowers’ ability to repay home or motor vehicle loans, credit licensees will be required to assume that borrowers are making repayments on their existing credit card accounts at a rate which would enable them to repay the full credit card limit, with interest, within three years.

Finance sector, second most breached according to Notifiable Data Breaches Scheme report

The Office of the Australian Information Commissioner (OAIC) has released its Quarterly Statistics Report for the April-to-June 2018 period, summarising the data breach notifications received under the Notifiable Data Breaches (NDB) scheme.

The NDB scheme was introduced in February 2018.

Three types of social media content every broker business needs

Social media is a crowded space. Using visual content such as images or video is a great way to cut through noise and grab people’s attention.

Remember that potential referrers and customers are doing their homework and looking for solutions to their unique circumstances. They're looking through Google, your website; and your social media posts – so you will need to make sure your content is engaging.

Top insights for jointly run referral events

One of the most effective ways to benefit from referral partners is through jointly run events. But what makes for successful collaborations?

Creating an ecosystem of referral partners can lead to new business, because you potentially gain access to another business’ client base, reputation and services – and vice versa.

Important reminder regarding AFCA membership

First published 14 September 2018.

Important reminder for license-holding (ACLs) and authorised credit representatives who are members of the Credit & Investment Ombudsman (CIO) EDR scheme - to secure Australian Financial Complaints Authority (AFCA) membership ASAP.

NSW Land Registry converting to eCTs

The NSW Land Registry Services (LRS) is moving ahead with the transfer of paper Certificates of Title (CT) to electronic titles. The LRS expects to convert hundreds of thousands of NSW paper titles held in around 150 banks during September.