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'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.
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.
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.
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.
Our industry is starting a new phase. Over the next few years, we will be faced with new governance and regulatory frameworks, new lending conditions, new customer expectations and potential changes to remuneration structures.
At the same time, customers in record numbers will be seeking the services of value-adding finance brokers.
In this new era, you will be required to think differently to continue to grow a sustainable business.
As part of its Better Business Reforms agenda, the NSW Government has recently passed the Fair Trading Legislation Amendment (Reform) Act 2018 No 65.
The new law requires intermediaries to take reasonable steps to ensure that the consumer is aware of the existence of an arrangement under which the intermediary will receive a financial incentive, for example a commission or referral fees, before the consumer acts under that arrangement.
The Australian Securities & Investments Commission (ASIC) has published its estimated regulatory costs and levies for 2018-19 together with information about its actual cost allocations in 2017-18.
ASIC’s Cost Recovery Implementation Statement states that its regulatory costs include those broadly related to:
The Australian Financial Complaints Authority (AFCA) has announced the establishment of a consumer advisory panel to provide “insights and analysis on strategic and policy issues, as well as highlight emerging issues facing consumers.” The panel is made up of 10 representatives from consumer groups, not-for-profits and the community legal sector.
The ACT Government is removing stamp duty for eligible first home buyers in the ACT.
From 1 July 2019, Canberrans will not pay any stamp duty on their ‘first’ home if:
Young finance professionals took part in an industry-first event on Thursday 21 March to foster greater collaboration and strengthen resilience in the face of an increasingly challenging professional environment.
Over the past two months, our industry has pulled together to better inform political decision makers about what mortgage brokers do and the exceptional value you provide.
We appreciate that the Federal Government and Opposition have acknowledged that enforcing a customer paid fee for service model on the mortgage broking industry is not appropriate.
The Australian Competition and Consumer Commission (ACCC) has advised that gift cards are increasingly the payment method of choice for scammers. Reported losses of more than $5 million occurred in 2018, up 38 percent from 2017. The ACCC reports that scammers “like to get gift cards as payment as it’s easy for them to quickly sell them on secondary markets and pocket the cash.”
The regulator advises common gift card scams include:
Nicole Cannon became a broker on the back of a bad experience purchasing her first property. Forced to do the leg work herself, Nicole decided she could combine her passion for customer service and people, and do a better job than the expert. So she did.
The Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Bill 2018 has now received royal assent. This legislation significantly increases civil and criminal penalties applicable to relevant breaches of the Corporations Act.
Global Money Week 2019 (25 – 31 March) is fast approaching, so to help you, the MFAA has made available a variety of free resources that members can use to deliver financial literacy programs in local schools.
On the 3rd of February 2019, Townsville was struck by a massive flood that left homes ruined, swept away livestock and destroyed businesses.
Thousands of residents evacuated their homes as the region experienced over 1000mm of rain in a week, before being inundated by water released from the Ross River Dam that saw 245 per cent of its normal capacity.
A contracting housing market, tightening lending conditions and slow economic growth could be impacting the financial futures of your customers, colleagues and family.
As they consider their uncertain futures, their mental health, personal relationships and social welfare may begin to suffer.
Mental illness, suicide, domestic violence, financial crisis and trauma are just a few of the critical issues affecting many in our community and in our industry.
In a sector first, the MFAA, CPA Australia and AFA (Association of Financial Advisers) are joining forces to run the Young Professionals of Finance event.
Sponsored by Kaplan Professional, the event brings together young mortgage and finance brokers, accountants and financial advisers to network with their peers from other finance sectors, build valuable professional and referral relationships, share information and experiences and to think differently.
Payment of ASIC industry funding invoices is due by 15 March 2019. Penalties apply for payment after this date - calculated at 20% per annum of the overdue amount.
Mortgage broker licensees and other credit licensees will have received an invoice.
ASIC issued invoices on 31 January 2019 either via the ASIC Regulatory Portal (to those that registered), or via mail to the registered company address.