Lender contact points for customers in vulnerable circumstances

Recent years have been challenging for many and the COVID-19 pandemic has exacerbated this. As a result, some of your customers may find themselves experiencing vulnerable circumstances. Vulnerability has many forms including age related impairment, financial abuse, domestic or family violence and other circumstances that can cause significant harm.

It is important when dealing with customers who may be vulnerable, that mortgage and finance brokers take extra care including acting with sensitivity, respect and compassion. This is not only the appropriate way to treat such customers but is also a requirement of bank staff and mortgage and finance brokers as set out in the Banking Code of Practice (BCOP).

As a broker, when a customer tells you about their vulnerable circumstances, it is important that you take extra care and follow the lender’s process related to vulnerability.

You are not expected to be a counsellor. The best way to ensure their safety is to follow the relevant lender’s process and, if appropriate, provide them with suitable support contact information.

Lender contact points

The MFAA are pleased to make available the appropriate lender contact points that brokers can use when dealing with customers in vulnerable circumstances.

The register was developed in collaboration with the Australian Banking Association (ABA), the Australian Finance Industry Association (AFIA) and the Customer Owned Banking Association (COBA). The register will continue to be updated as additional lenders and contact details change or are made available.

The register is available in the MFAA Learning Hub.

We encourage you to use these contacts to help your customers who may be vulnerable.

Please also note the 2021 Banking Code of Practice – Mortgage Broker Guidance & Obligations education module is also available in the Compliance tile in the Learning Hub.