News

Do you have your Accidental Counsellor tickets yet?

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.

Press Releases

MFAA Welcomes Customer-Focused Decision on Mortgage Broker Trail Commission

The Mortgage & Finance Association of Australia (MFAA) strongly welcomes today’s announcement by the Federal Treasurer, the Hon Josh Frydenberg MP, that the Government will not be prohibiting trail commission on new loans, but rather will review their operation in three years’ time.  

News

ASIC to add to enforcement toolkit

The Australian Securities & Investments Commission (ASIC) may soon have the capacity to pursue harsher civil penalties and criminal sanctions against banks, their executives and others who breach corporate and financial services law. 

News

ASIC applauds new whistleblower laws

The Australian Securities & Investments Commission (ASIC) has welcomed new legislation that significantly improves whistleblower protections.

News

Scam ASIC emails may catch business owners out

Current email scams purportedly from the Australian Securities & Investments Commission (ASIC), appear to be genuine messages from the regulator relating to payment of a business invoice or renewal of business name registration.

The messages are simple but relatively sophisticated and mirror the type of content the regulator would send to an Australian business for a business payment or, for example, for renewal of registration of a business name. Other scam message types may be received.

News

ASIC industry funding invoices due 15 March 2019

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.

News

Prospa Groundbreakers: Deslie Taylor and the benefits of having a powerhouse all-female team

PROSPA GROUNDBREAKERS: Deslie Taylor, on the pleasures of community broking and the advantages of having a ’powerhouse’ all-female team.

Drowning in busy work and unreturned phone calls, Deslie Taylor made a life changing decision back in 2007 to become a mortgage broker. She hasn’t looked back.

News

Mental health support services available to members

For anyone struggling to cope or in crisis, a call to Lifeline on 13 11 14 (24 hours a day / 7 days a week) will enable you to share your thoughts, fears and feelings with someone who will listen without judgement, and with care and compassion. In expressing ourselves in this way, we are often empowered to see our situation with more clarity and to find a way forward.

Additional avenues of support would include your GP, and the Mental Health Line in your state:

Press Releases

Royal Commission update

First published 22 February 2019

Dear Member,

This is a brief message to update you following recent developments in regard to Opposition policy announcements in response to the Royal Commission’s recommendations on broker remuneration.

News

ACCC warns of rise in dating scams

The Australian Competition & Consumer Commission’s (ACCC) Scamwatch is urging tech-savvy daters to be on the lookout for romance scammers this Valentine’s Day. Data shows these scams occur increasingly through social media and dating apps.

News

Royal Commission findings and what you should do to support our industry

The Royal Commission has signalled changes that could threaten your business.

The industry faces potential policy changes that could make the mortgage broker channel unsustainable, drastically reducing competition, choice and access to credit in home lending, while delivering a windfall for major banks.

News

ARCA changes default reporting code protocol

The Australian Retail Credit Association (ARCA) is the peak Australian body for organisations involved in the disclosure, exchange and application of credit reporting data in Australia.

Members include the credit reporting bodies (CRBs), major banks, other lenders, specialist consumer finance companies, utilities and peer-to-peer lenders.

Press Releases

Now is the time to make your voice heard! Support our national campaign.

First published on 7 February

Dear Member,

Please click here to see a media release distributed a short time ago.

Press Releases

Industry Urges Australians To Protect Competition in Home Lending

The Mortgage & Finance Association of Australia (MFAA) and a coalition of industry partners have launched a national campaign to remind Australians what a world without brokers would look like.

The industry faces potential policy changes that could make the mortgage broker channel unsustainable, drastically reducing competition, choice and access to credit in home lending, while delivering a windfall for major banks.

Press Releases

Customers pay while the big banks profit

The recommendations on mortgage brokers represent a huge win for the Big Four banks.

Destroying the viability of the mortgage broker channel would immediately reduce competition and drive customers back into the branches of the banks with the largest branch networks.

MFAA CEO Mike Felton said these recommendations did not represent a good outcome for consumers.

News

PPS registration renewal may be due

Registrations of security under the Personal Property Securities Act 2009 (PPSA) that were made on or about 30 January 2012 when registration on the PPS Register first became available may be due for re-registration. Some types of collateral, including ‘consumer property’ and personal property that must be identified by serial number may only be registered for a maximum duration of 7 years.

News

MEMBER BENEFITS: Valentine’s Day is just around the corner

With Valentine’s Day fast approaching (14 February), MFAA members can save on some great Valentine’s Day gifts. Spoil your loved one with a beautiful arrangement of roses or other flowers from Petals and receive a 20% discount. Click here for more. Or treat your loved one to an amazing RedBalloon Valentine’s Day experience like a romantic dinner, scenic flight, spa package or secluded getaway and receive $20 off when you spend $79 or more.

News

Latest free consumer article for members: When is the best time to refinance your home loan?

Refinancing customer scenarios can be complex.

Finance brokers can support their customers through the assessment process by sharing helpful articles about their refinancing options.

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.

News

Small business digital tech grants now available

The Australian Small Business and Family Enterprise Ombudsman, Kate Carnell recently announced the Small Business Digital Champions project to encourage small businesses across Australia to understand and make the most of the digital technology options available to them.

In short, it’s a virtual train-the-trainer initiative where small businesses will be able to follow the digital progress of other businesses and see what can be realistically achieved in their own business.

News

Elevate your business to the next level. MFAA's Excellence Awards are now open

Entries are now open for Australia’s most prestigious broker-industry awards, the MFAA Excellence Awards 2019.

The MFAA Excellence Awards celebrate the work of the industry’s best brokers, businesses and industry professionals.

There are 22 individual, business and lender award categories to enter or be nominated for and to lodge your vote.