Mortgage and Finance Association of Australia (MFAA)
Why join the MFAA?
“For mortgage brokers, MFAA membership establishes you as a trusted source of credit advice for borrowers. Belonging to the peak industry body shows you adhere to an industry code of practice which sets high professional and ethical standards for members. At the MFAA, we strive to advance the interests of our members through leadership in advocacy, education and promotion, whilst providing a wide range of other services, tools and resources to help you build your business. (from the MFAA website)
Categories and requirements
There are various membership categories available. As well as categories for brokers and broker businesses, there are categories to suit the variety of other finance industry stakeholder types, including non-loan writing individuals and students.
- Loan writers or brokers
- Mortgage managers
- Aggregators or Franchise groups
- Mortgage Insurers
- Trustees or other support services
- Non loan writers who are employees of MFAA members
As with every profession, a minimum standard of education is one of the required elements to ensure members provide the highest standards of professional competence. MFAA members operate at higher standards in education, ethics and experience.
To apply for membership you MUST have completed your Certificate IV in Finance and Mortgage Broking (FNS40815, FNS40811 or FNS40810)
Within 12 months complete the Diploma of Finance and Mortgage Broking Management FNS50315 (FNS50311, FNS50304 are acceptable)
Fees vary depending on the category of membership that suits your needs.
In addition to the support offered by the MFAA on advocacy, education and promotion, your membership fee gives you access to a range of exclusive benefits of membership, not available to members of other associations or to the public. Benefits include dedicated business development managers, free annual marketing consults, legal and compliance tools and resources and free new member welcome and orientation sessions, to name a few.
An individual member – loan writer will pay an annual membership fee of $499.
A one off application fee of $115 is payable on application.
As well as educational, financial and category-based requirements, MFAA members are required to fulfil additional requirements.
All applications for Full Membership:
- must be of good character and repute and a fit and proper person to be an MFAA Member
- must not be currently Bankrupt, or subject to control under the Bankruptcy Act 1966
- will not be accepted for MFAA membership if they have a charge pending involving fraud or dishonesty or have been convicted of, or found to have committed, an offence concerning fraud or dishonesty
- must not be an externally-administered body corporate as that expression is defined in the law
- must be over 18 years of age
- must ensure documents submitted to join MFAA or renew membership are true and accurate
- must reside in Australia holding either Australian or New Zealand citizenship, or permanent resident status in Australia
- must be appropriately licensed or appointed under the National Consumer Credit Protection Act 2009
- Declaration: All applicants complete an online declaration as part of the online application, attesting to being a fit and proper person to be an MFAA member. Additional information may be required subject to the answers given.
- Validity: Membership runs for 12 months and cannot be refunded once a new membership has commenced or an existing membership renewed.
- Right of Appeal: All applications for MFAA membership are subject to assessment prior to approval. The MFAA may, in its absolute discretion, refuse to approve an application. Appeals against refusal of membership are subject to the MFAA Disciplinary Rules (Section 3.2).
- Members with loan writing membership must complete 30 hours of CPD each year, and the AML3 Refresher course at every second renewal of membership