Are you a member of the MFAA?

Ask your broker ‘Are you a member of MFAA’?

The Mortgage & Finance Association of Australia (MFAA) is the peak industry body in Australia, representing more than 12,500 Mortgage & Finance Professionals across the country.

To be accredited by MFAA, Mortgage Brokers must satisfy rigorous criteria on education, experience, and ethics.

Therefore, if you want to work with an accredited Home Loan Broker – someone you can trust – the first question you should ask is, “Are you a member of MFAA?”

Mortgage Brokers: education & experience

All Brokers need to be accredited with the Mortgage Finance Association of Australia (MFAA), the peak industry body for mortgage lenders and intermediaries.

Mortgage Brokers must obtain certificate IV in Mortgage/Finance before they can become full members of the MFAA.

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Legal Requirements for Brokers

There is currently no national regulation for brokers.

However, some state laws and regulations exist, such as:

• Brokers are required to hold a license in Western Australia
• Brokers are required to be registered in the ACT
• a finance broking contract (FBC) has to be signed in NSW and Victoria between the broker and the borrower before the broker can approach the lender on your behalf.

The FBC ensures brokers fully disclose all details of the loan transaction, including any monetary or non-monetary benefits they receive.

The MFAA asks its members to adopt this process in all States.