News
Free consumer article available: Concerned about servicing your loans? Reach out to your local mortgage broker for help
As part your MFAA membership, you have exclusive access to a library of professionally written articles on finance topics of interest to consumers to assist you to engage your customers and market your service.
Taking care of your wellbeing
In this article MFAA Community Panel member, Doctor Paul Flanagan provides practical expert tips to manage the wellbeing of you and your teams during this difficult time.
Important MFAA update on COVID-19 and related issues
Now available to view below. Herewith an important MFAA update on COVID-19 and related issues.
MFAA COVID-19 Update
This week the MFAA implemented workplace changes that will see most of our staff commence working remotely from Wednesday 18 March 2020. This will continue into the near future.
Prospa's Long Road - Tales of Regional Brokers: Joanne Dillon of Smartline Personal Mortgage Advisers, Roxy Downs South Australia
Joanne Dillon of Smartline Personal Mortgage Advisers is the ‘Money Lady’ of Roxby Downs, South Australia making dreams come true.
After purchasing her first property at 19, Jo watched the interest rate soar to 17% before asking herself, do I stay in Adelaide and slowly go broke, or do I take a chance in a newly purpose-built mining town 600kms away?
Free consumer article available: Selling your home? Here are the first steps to take
As part your MFAA membership, you have exclusive access to a library of professionally written articles on finance topics of interest to consumers to assist you to engage your customers and market your service.
This week’s consumer article seeks to connect with property owners looking to sell.
Recent incidents of organisations using the MFAA brand to sell leads
The MFAA has received messages from members advising that organisations, including some based overseas, are using the MFAA brand as verification of contact information to sell consumer leads to brokers.
The MFAA does not under any circumstances provide or sell member lists with contact information to any business in any location.
Diversifying into Commercial e-book
Our ‘Diversifying into Commercial’ e-book focuses on key areas for brokers looking to make the leap from residential to include commercial financing in their client offer. It will provide you with some insight into the opportunities that await in commercial financing and the steps necessary to diversify your business. Powered by OnDeck, download your copy today.
Prospa Groundbreakers: Psychology-major turned broker Anastasia Ng keen to make a positive impact
Anastasia Ng never intended to become a broker.
Working casually as a secretary while studying psychology at university, she landed a job performing administrative duties for a broking firm.
But the run-of-the-mill temporary role became much more when her boss fell ill, and Anastasia stepped up to help the business.
Mortgage broker Best Interest Duty and remuneration legislation
Please find below the links to the final Bill and Explanatory Memorandum.
Replacement Explanatory Memorandum
New free consumer article available: Why 2020 could be your year to buy property
As 2020 kicks off in earnest, already there has been significant movement in property markets across the country.
Considering rebounding property markets and improving conditions for first home buyers, now may be a good time to make a connection with this demographic.
Sharing savvy articles directed at first home buyers is one-way brokers can bridge that gap and potentially help this demographic gain a foothold on the property market.
Prospa Groundbreakers: Fighting fires all in a day’s work for Extra Financial's Mark Unwin
As a volunteer fire fighter with almost 20 years’ experience, Mark has spent the past month and a half on the front lines battling blazes in some of the worst affected regions of the country.
ASIC updates cost recovery process
ASIC has issued updated information on its cost recovery process.
According to ASIC’s industry funding model, in relation to costs associated with credit intermediaries, the anticipated recovery amount in March was $5.657m.
Spread over 5,124 credit intermediaries, this means an indicative levy of $1000 per licensee plus $14.33 per credit intermediary.
Mortgage and Finance Industry Bushfire Relief fund continues to grow
Since September, bushfires have ravaged communities throughout Australia leading to a significant number of people being directly impacted or displaced.
In response to this terrible disaster, the industry has pulled together showing tremendous generosity to raise over $375,000 for the Australian Red Cross through the Mortgage and Finance Industry Bushfire Relief fund.
Mortgage and Finance Industry Bushfire Relief fund continues to grow towards ultimate goal
The Mortgage and Finance Industry Bushfire Relief fund continues to grow as it approaches the half-way mark towards reaching its ultimate goal of $750,000.
Since September, bushfires have ravaged communities throughout Australia leading to a significant number of people being directly impacted or displaced. In response to this terrible disaster, the industry has pulled together showing tremendous generosity raising over $370,000 through the dedicated industry relief fund.
Australian Government delays implementation of open banking
The ACCC has announced an update on the timeline for the implementation and launch of the Consumer Data Right (CDR) in the banking sector, deferring the launch of certain aspects from February to July 2020.
As a result, the implementation timetable is adjusted so that the obligations for the four major banks to share consumer data will now commence on 1 July 2020 rather than 1 February 2020. Other obligations for data sharing that were to commence in July 2020 will now be deferred to November 2020.
Prospa’s Long Road – Tales of Regional Brokers: Bernie Heffernan of Heffernan Lending Solutions
Bernie Heffernan always knew he wanted to be based in Bega Valley on the New South Wales South Coast. He just didn’t know how.
After moving to Canberra straight out of high school to find a job that he could “take and go home”, Bernie eventually made it back via Sydney and Batemans Bay after 17 years in the hospitality industry, before starting his own business in Bega Valley in 2008.
Mortgage broker market share falls in July – September 2019 quarter
Mortgage brokers have experienced a 4.2% year-on-year fall in market share for the July – September 2019 quarter, according to the latest data released by research group comparator, a CoreLogic business, and commissioned by the MFAA.
While mortgage brokers still facilitated more than half of all new residential mortgages during the September 2019 quarter (54.9%), this share was down 4.2% from the September 2018 quarter (59.1%) and 0.8% from the September 2017 quarter (55.7%).
First Home Loan Deposit Scheme – Status update
A message from the MFAA CEO, Mike Felton
Dear Member,
The National Housing Finance and Investment Corporation (NHFIC) has appointed the National Australia Bank (NAB) as the first participant on an initial panel of lenders to offer guarantees under the Australian Government’s new First Home Loan Deposit Scheme scheduled to commence 1 January 2020, with other participating lenders to be announced shortly. NHFIC has committed to announcing the full panel of lenders before 20 December 2019, at the latest.
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Mortgage & Finance Association of Australia