5 tips to engage with First Home Buyers

As First Home Buyers (FHB) return to the market, now is the ideal time to brush up on the best ways to engage with this unique and valuable client.

As a broker, one of the best parts of the job is meeting a wide variety of people. And while this keeps the job interesting, it also demands an ability to effectively communicate with different borrowers at different stages of life.


The hard truth! How do you have that capacity conversation with your clients?

Does this sound familiar? Your client has completed their estimate of living expenses, broken down into the dozen or more areas that your Fact Find categorises, and the sum total comes in at $3,430 a month for a family of four.

Then, you pour over their last three months transaction statements, and the brutal truth is revealed – their average living expenses are looking a lot more like $6,500 a month – this changes EVERYTHING!


PROSPA GROUNDBREAKERS: Perth wealth coach Helia Singh on client commitment and the ‘Ah-Ha’ moment that changed it all

Commitment is everything to Helia Singh.

After emigrating from Iran to Australia in 1996, Helia Singh began her career in finance with no experience, no connections and no English.

Two decades later, she is a successful wealth coach, financial planner, author, and award-winning community champion.


MFAA congratulates the Women in Finance Awards 2019 finalists

Last week The Adviser announced the finalists for the Women in Finance Awards 2019. The MFAA is pleased to see that all the finalists in the Mortgage and Finance Broker of the Year award category are MFAA members. This is a testament to the high standards of service and professionalism that MFAA mortgage broker members deliver to their customers.

Finalists in the Mortgage and Finance Broker of the Year awards category include:


MFAA announces the 2019 National Excellence Awards finalists

With the conclusion of the MFAA's 2019 State Excellence Awards program, the MFAA is now excited to announce the full list of 2019 National Excellence Awards finalists.

Celebrating excellence in customer service, professionalism, innovation and ethics, the National Excellence Awards finalists consist of the winners of the individual, business and lender awards categories from each State Excellence Award.


A complete process. Good for the customer, great for the broker

You wouldn’t leave a loan application half-finished. Would you leave your customer's loan protection quote unfinished?

By confirming a customer’s decision on their ALI loan protection quote* – whether the customer proceeds with the policy or not – you'll go in the draw to win.

Press Releases

MFAA calls for a more considered implementation on vulnerable customers

The MFAA has called for a more measured and careful approach to implementing a key element of the Australian Banking Association’s (ABA) new Banking Code of Practice (the Code) to ensure vulnerable customers are protected, and good outcomes for all customers are preserved.

Press Releases

Mortgage brokers record highest ever market share amidst tough market conditions

The mortgage broker channel has recorded its highest ever residential home loan market share result with brokers settling 59.7 per cent of all residential home loans during the January – March 2019 quarter, according to the latest data released by research group comparator, a CoreLogic business, and commissioned by the MFAA.

Press Releases

Appointment of Mark Haron to MFAA Board

​​The Mortgage & Finance Association of Australia (MFAA) has announced the appointment of Mark Haron as a Director to the MFAA Board with effect from 1 June 2019.


Prospa Groundbreakers: Mhairi MacLeod on backing yourself and success on the road less travelled

Mhairi MacLeod is the type of professional that appears to be everywhere at once while achieving great things against the odds.

The principal of Astute Ability Finance Group has forged a career by redefining what’s possible and breaking down barriers.

Nowhere is this more apparent than for women in finance.


Latest free consumer article for members: Is one phone call really all it takes to secure a lower interest rate?

As part of your MFAA membership, you have exclusive access to a library of professionally written articles on consumer finance topics to assist you to engage your customers and market your services.

This consumer article ‘Is one phone call really all it takes to secure a lower interest rate?’ explores the options available to consumers eager to get a better deal.


AFCA proposes to name financial firms involved in complaints

The Australian Financial Complaints Authority (AFCA) has proposed that, from 1 July this year, in the interests of transparency and rebuilding trust in the financial sector, it will name the financial firms involved in reported complaints. AFCA’s aim is to be “open, transparent and accountable to the public” and the organisation currently publishes updates on statistics and decisions.


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.

Press Releases

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.