News
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.
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.
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 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.
ASIC RG165: Internal dispute resolution – Update to publication dates and transitional timeframes
The Australian Securities and Investments Commission (ASIC) has provided an update to the publishing date and transitional timeframes for RG 165 that were proposed in Consultation Paper 311.
MFAA Launches second annual Opportunities for Women Report
The MFAA has recently launched the 2019 Opportunities for Women Report – highlighting the challenges experienced by women in broking. It also considers issues faced by culturally diverse groups which remain under-represented in the industry.
Prospa Long Road – Tales of Regional Brokers: Tamara Virgo of TV Financial
Born and bred in Esperance, Western Australia, Tamara Virgo of TV Financial is used to small town living.
Isolation is part of life in this beautiful seaside hamlet. But rather than see it as an insurmountable obstacle to success, this driven broker and financial planner is motivated by the challenge.
“When life throws you lemons, you’ve got to be able to catch it and squeeze,” says Tamara.
MFAA members elect three Directors
Following a seven-week nomination and election process, MFAA members have elected Caroline Jean-Baptiste, Will Foster and re-elected Rose De Rossi as MFAA Directors.
The election results were announced at the MFAA Annual General Meeting (AGM) held in Sydney on Wednesday 20 November 2019.
Update on ASIC Consultation Paper 311 - Internal Dispute Resolution – changes coming
The Australian Securities and Investments Commission (ASIC) has responded to feedback regarding transitional timeframes relating to RG 165 policy changes.
The draft RG 165 that ASIC sought responses on in Consultation Paper 311 (CP 311), proposed transitional timeframes for some specific requirements, but proposed that other policy requirements would take effect immediately.
New free consumer article available: Too loyal or time-poor for a better rate? Problem solved
As the Reserve Bank continues to cut interest rates, and lenders follow to varying degrees, research shows the wisdom of borrowers contacting a broker to get a better rate.
However, many people still do not actively engage in this process to ensure their loan terms are suitable for their circumstances.
Finance brokers can play a vital role in assisting borrowers through the process of ensuring their mortgage is competitive.
MEMBER BENEFITS: Make the Qantas Club your first destination for business or leisure
By joining the Qantas Club, you can find a comfortable retreat where you can relax and unwind before your next flight, catch-up on work or meet colleagues. You will also enjoy a range of exclusive services and privileges that comes with your membership. Members have access to generous savings when joining the Member Benefits Pty Ltd Corporate Scheme.
Reminder for MFAA members to vote in the Board Election
With the MFAA Annual General Meeting https://www.mfaa.com.au/about-us/governance/annual-general-meeting approaching (20 November 2019, Sydney), eligible MFAA members are reminded to vote in the Board Election.
Free tickets to the upcoming Switzer Listed Investment Conference and Masterclass for MFAA members
MFAA members are being offered complimentary tickets to the coming Switzer Listed Investment Conference and Masterclass held in Sydney 11 November, Melbourne 19 November and Brisbane 20 November.
The Switzer Listed Investment Conference and Masterclass' is designed to expose you to some of Australia's leading money managers, who’ll give you their ‘how to's’ when it comes to building and managing a successful investment portfolio.
Update on ASIC Consultation Paper 311 Internal Dispute Resolution: Update to RG 165 – Data Requirements
The Australian Securities and Investments Commission (ASIC) has decided to postpone updating its guidance relating to Internal Dispute Resolution (IDR) data collection and recording until the first half of 2020 after a number of issues were raised in submissions to Consultation Paper 311 Internal Dispute Resolution: Update to RG 165 (CP 311).
AMA finalists and MFAA members shine bright on industry awards night
The industry’s stars shone bright on Friday 17 October for the 18th annual Australian Mortgage Awards.
Hosted by the team at Key Media (publishers of Australian Broker and MPA magazines and brokernews.com.au), the event provided the industry’s best and brightest with an opportunity to come together and celebrate a challenging but rewarding year for the mortgage sector.
WA brokers pull together for 220km ride for cancer research
“Together, we can do great things.” These are the sentiments behind Western Australian mortgage broker, Warrick Greaves and his fellow teammates, who on the 26-27th October will be riding over 200kms from Perth to Mandurah and back again, as part of the MACA Cancer 200 Ride for Research, which raises vital funding for the Harry Perkins Institute of Medical Research.
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Mortgage & Finance Association of Australia