News

CCR and consumer credit education

Following legislative requirements, the four major banks are now contributing comprehensive credit reporting (CCR) data to credit reporting bodies (such as Equifax – previously VEDA), and other lenders and utilities, etc will be required to provide relevant data beginning in 2019.

News

Latest free consumer article for members: Rental yields – what you need to know

Are your customers asking questions about rental income rates? Need information to share with your customers about how rental yield is assessed?

As part your MFAA membership, you have exclusive access to a library of professionally written articles on consumer-interest finance topics to assist you to engage your customers and market your service.

News

ASIC publishes regulatory costs and levies for 2017-18

The Australian Securities & Investments Commission (ASIC) has published its regulatory costs for 2017-18.

The cost of ASIC’s funding for each industry sector will be met by the relevant industry sector which it regulates including corporations, auditors and liquidators, credit providers and intermediaries (licensees), the investment management, superannuation, market infrastructure and market intermediaries sectors, and the financial services and insurance sectors.

News

MFAA calls on members to support aggregator campaigns promoting mortgage broking

The industry needs all hands-on deck as we enter a critical period in the lead up to the conclusion of the Royal Commission and beyond. The MFAA encourages you to support the variety of aggregator's campaigns and initiatives that have recently launched, including those from AFG, Loan Market, and Connective – campaigns that promote the value you deliver to your customers.

Our industry needs you, our members, to actively engage with these initiatives in order for them to be effective.

News

PROSPA GROUNDBREAKERS: Honesty and service driving Clark Griswold of broking down the road to success

He’s the self-titled Australian Clark Griswold who dreams of one day taking his family and driving across the United States.

But for now, Michael Arbon is content as a straight-shooting Adelaide broker making other people’s dreams come true.

After a stint in farming and fitness, Michael discovered mortgage broking in his mid-twenties and hasn’t looked back.

News

MFAA encourages you to promote Momentum Media's Borrower Experience Survey to your clients.

Momentum Media, publisher of The Adviser, has launched a survey to learn more about the experience of customers who have used a mortgage broker to secure a loan.

The Borrower Experience Survey's findings will be made available to policymakers to ensure that they understand what Australians think about brokers.

News

ASIC reminds financial services advisers about registration

The Australian Securities and Investments Commission (ASIC) has reminded financial advisers who are licensed or authorised to act under an Australian financial services (AFS) licence and who are currently authorised, to make sure that they are included on ASIC’s Financial Advisers Register by no later than 31 December 2018, before new professional standards requirements take effect.

News

ACCC warns businesses about sophisticated scam

The Australian Competition & Consumer Commission (ACCC) has issued a warning from Scamwatch “calling on businesses to urgently review how they verify and pay accounts and invoices as reports of business email compromise (BEC) scams to Scamwatch have grown by a third this year.”

News

ACCC authorises arrangements to promote SA affordable housing

The ACCC has granted a ten-year authorisation for arrangements between SA Housing Authority, Renewal SA and land and property developers, which are designed to increase Adelaide’s supply of affordable housing.

News

NSW Government indexes stamp duty to CPI

The NSW Government has advised that from 1 July 2019, stamp duty brackets will be indexed to the Consumer Price Index (CPI) allowing home buyers to put more money towards a deposit.

Over the past 15 years, the average rate of stamp duty rose from 3.37 per cent to 4.05 per cent. During this time, the median Sydney house price rose from $400,000 to $1 million. The new changes ensure that the tax on housing does not continue to grow.

News

The Long Road – Tales of Regional Brokers – Arch Cullen

This article is the first in a series about regional brokers whose commitment to their communities exemplifies the true value of a good local broker

The best thing about being a finance broker in the country is the length and depth of relationships, says Arch Cullen.

News

Final reminder to notify ASIC of AFCA registration

This is a final reminder to MFAA members that hold a credit or financial services licence to notify the Australian Securities & Investments Commission (ASIC) of their membership to the new financial services dispute resolution scheme, the Australian Financial Complaints Authority (AFCA), by 30 November 2018.

Press Releases

MFAA members elect two Directors

The MFAA welcomes two new directors, Sarah Wells and Kathryn Harrison, to the MFAA Board.

The election results were announced at the MFAA Annual General Meeting (AGM) held in Sydney on Wednesday 21 November.

Press Releases

CBA proposals focused on profit, not customers

The Mortgage & Finance Association of Australia (MFAA) responded today to the comments made by Commonwealth Bank of Australia (CBA) CEO Matt Comyn during yesterday’s Royal Commission hearings.

CBA’s position – that consumers should pay a new fee of several thousand dollars for access to a home loan - clearly demonstrates that CBA’s priority is shareholder returns.

Consumer Fee for Service

News

Prospa Groundbreakers: Customer care and a 'tree change' the key to NT broker's success

By Sabrina Cortez

It’s not every day a broking career starts from a love story.

Doug Bohmer started out as an up-and-coming financial planner in Melbourne’s CBD. Prior to that, Doug worked in retail, sales and hospitality where he developed a strong customer service mindset.

News

QBE Housing Outlook Report shows first home buyers finding silver lining in capital city downturn

The re-emergence of first home buyers is continuing at pace thanks to an environment of softer property prices in some major capital cities.

QBE’s Australian Housing Outlook Report 2018-21 has pointed to a silver lining in the property market revealing prospective first-time owner occupants are, in some centres, revelling in the current ‘moderate’ downturn.

News

ASIC ban on car finance flex commissions commences

New laws banning flex commissions in the car finance industry have officially commenced, ushering in a new system which the Australian Securities & Investments Commission (ASIC) says will result in fairer and more transparent pricing on car loans for consumers.

Flex commissions paid by lenders to car finance brokers (typically car dealers), allowed the dealers to set the interest rate on the car loan. The higher the interest rate, the larger the commission earned by the dealer.

News

Important reminder to notify ASIC of AFCA registration

MFAA members that hold a credit or financial services licence are reminded to notify the Australian Securities & Investments Commission (ASIC) of their membership to new financial services dispute resolution scheme, the Australian Financial Complaints Authority (AFCA), by 30 November 2018.

Credit licensees must also notify ASIC of the AFCA membership details of their authorised credit representatives who are AFCA members. This includes all former FOS and CIO members who have now joined AFCA.

News

Reminder: MFAA members to vote in the Board Election

With the MFAA Annual General Meeting approaching (21 November 2018, Sydney), eligible MFAA members are reminded to vote in the Board Election. Members are voting to fill two Board positions, with voting to close at 5 pm AEDT, Thursday 15 November. The results will be announced at the AGM. All eligible members will have received a unique email regarding their opportunity to vote.

Press Releases

MFAA pilots industry-first client-focused mental health program with brokers

The Mortgage & Finance Association of Australia (MFAA) has, in collaboration with Lifeline Harbour to Hawkesbury, piloted an innovative program called Accidental Counsellor for its members. The pilot program was trialled with brokers and industry representatives at two workshops held in Melbourne and Sydney this week, delivered by a qualified Lifeline trainer who is also an accredited crisis supporter on Lifeline’s 13 11 14 Suicide Prevention and Crisis Intervention line.