News

ASIC consults industry on complaints management

The Australian Securities & Investments Commission (ASIC) has published a Consultation Paper 311 seeking responses from the financial services and credit sectors and from the public about how these businesses deal with complaints from consumers and small business owners.

ASIC’s Regulatory Guide 165 outlines the regulator’s current guidance on appropriate internal and external dispute resolution. The regulator expects to update RG165 following this consultation process.

ASIC reminds licensees about potential time delays

The Australian Securities & Investments Commission (ASIC) has issued a reminder to licensees in the financial services and credit industries to “factor in the time it may take ASIC to assess applications to cancel or vary their licence, as part of any measures by licensees to reduce the industry levy they are charged for the 2019-20 financial year.”

Brokers settle record amount in latest MFAA IIS Report

Mortgage brokers settled just over $198 billion in home loans in 2018, a record amount for the year-to-September period, according to the latest Industry Intelligence Service Report, 7th edn., compiled by comparator and published exclusively by the MFAA.

Member Communication on the MFAA's response to the election result

Originally published 20th May 2019

Dear member,

I write to you today with a message that many would not have thought possible in light of the opinion polls in recent weeks and months.

OnDeck research reveals challenges facing SMEs to secure bank finance

Cash flow for SMEs is one of the most important elements of running a successful business, but new research has revealed just how difficult securing finance can be, when the need arises.

Research by leading online SME lender OnDeck has highlighted the extent of the challenge for small and medium businesses, revealing almost one in four (23 per cent) who have sought finance have been rejected by their bank.

NSW Registrar General update on eConveyancing

The NSW Government Registrar General has issued an eConveyancing update advising that 84% of possible dealings in mortgages, caveats, discharges and the like are now lodged electronically.

From 1 July 2019 all NSW mainstream conveyancing dealings must be lodged electronically. The Registrar is hosting an industry forum to advise on steps that industry participants are required to meet for the 1 July timetable and to answer relevant questions.

2019 Federal Election: Major parties’ policies affecting mortgage broking remuneration and regulation

In the lead up to the 2019 Federal Election, we have put together a table that summarises the major parties’ policies directly affecting mortgage broking remuneration and regulation of the mortgage broking industry.

It outlines the responses of both the Coalition Government and Labor Opposition to recommendations made by the Hayne Royal Commission regarding brokers, including recommendations on broker commissions.

Mortgage broker channel records strong year-on-year market share growth despite significant challenges

The mortgage broker channel has achieved its highest-ever residential home loan market share for the October – December quarter in 2018, maintaining strong performance despite an overall reduction in new lending and significant external challenges.

Mortgage brokers settled 56.8 per cent of all residential home loans during the December 2018 quarter, according to the latest data released by research group comparator, a CoreLogic business, and commissioned by the MFAA.

Free business advice on offer from the Western Australian Government

The Western Australian Government is providing free small business advice through its Small Business Development Corporation.

Based in offices located at level 2, 140 William St in Perth, the Corporation offers a walk-in service from 8:30am to 4:30pm Monday to Friday to provide current and aspiring small business owners in WA advice on matters such as:

ACCC warns small businesses to be vigilant as losses from scams grow

The ACCC has warned small businesses to be vigilant as losses from scams targeting Australian businesses exceeds $7.2 million in 2018.

Businesses reported more than 5800 scams in 2018, a 53 per cent increase compared to 2017, according to the ACCC’s targeting scams report.

Top tips for helping millennials overcome the stigma and get into homes

Never have the spending habits of a generation been so scrutinised in the context of home ownership as they are for the millennial generation.

Faced with a combination of high property prices, stagnant wages, restricted access to credit and their own appetite for spending, millennials continue to find it difficult to achieve the great Australian dream.

But leading finance brokers are urging young people not to give up on their dreams just yet.

The original 'barefoot' broker chooses substance over style in this edition of PROSPA’s The Long Road – Tales of Regional Brokers

You’ve heard of the Barefoot Investor, Dan McCarthy is the Barefoot Broker.

After years working in a bank, the Coffs Coast local threw off the tie and leather shoes to travel the world and run a surf camp.

But when finance called again in 2016 and Dan was approached by his mate Taj to start Coffs Coast Finance, he maintained just one personal rule, shoes optional.

2019 MFAA State Excellence Awards SA/NT Winners Announced

Brokers, lenders and aggregators have come together to celebrate the outstanding professionalism, innovation, customer service and ethics of our members and partners at the SA/NT MFAA State Excellence Awards 2019.

The best of the best for this year were acknowledged at the Adelaide Oval last night, Thursday 9 May. 

Winners include...

Best of the best recognised at MFAA State Excellence Awards NSW/ACT 2019

The MFAA Awards season has kicked off with a bang at the Hilton Sydney where NSW/ACT’s most outstanding finance industry professionals came together on Thursday night to recognise the best of the best at the MFAA State Excellence Awards.

After a challenging year full of regulatory and political upheaval, the awards provided a much-needed and much-deserved opportunity to celebrate the wonderful work being done by MFAA members every day on behalf of their customers throughout the state and territory.

MFAA Prospa Groundbreakers – Richard Kirby and his inspirational comeback from paraplegia

Five-years-ago Richard Kirby was left paralysed from the neck down after being upended by a wave in the shallows at his favourite beach.

Wading in from a surf at Queenscliff on Sydney’s northern beaches, the principal of North Shore Mortgages and director of Australian Loans & Mortgages was struck by a breaker causing him to fall awkwardly head-first into a sand bank, twisting his neck and cutting circulation to his spinal cord.

MFAA's 'New era. New thinking.' Get your tickets now.

The MFAA's National Roadshow, 'New era. New thinking.' and State Excellence Awards events are fast approaching with Sydney's event on 2 May. Adelaide's event will follow a week later on 9 May, then Perth, Brisbane and Melbourne's.

For those wanting to attend the Sydney events, with the Easter and ANZAC Day week prior to the event, don't forget to get your tickets now. Click here.

MFAA website's menu upgrade – how to get the best experience

Following an upgrade to the MFAA website's menu – designed to improve the user's experience – it has been reported that some members have experienced reduced website functionality.

The reduced functionality arises due to internet browsers, such as Google Chrome or Microsoft Explorer or Edge, recalling old, outdated and incompatible information from a computer's cache to display a website, instead of downloading and displaying the latest live version.

MFAA receives ACCC interim authorisation on its Code of Practice

The Australian Competition and Consumer Commission (ACCC) has granted interim authorisation to the MFAA to continue to administer its disciplinary rules enforcing the MFAA Code of Practice.

Latest free consumer article for members: Buy Now Pay Later - the hidden danger potentially stopping you from owning your own home

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.

This consumer article ‘Buy Now Pay Later - the hidden danger potentially stopping you from owning your own home’ looks at why younger consumers need to consider their spending habits with Buy Now Pay Later Scheme effecting their chances of securing a home loan further down the track.

The MFAA launches national digital campaign targeted at SME owners

The Mortgage & Finance Association of Australia (MFAA) has launched a digital advertising campaign to promote members who provide commercial and equipment/asset finance lending services on the world’s largest professional social network, LinkedIn.