Becoming a mortgage broker in Australia is challenging but with the right association like the MFAA, it can be a fulfilling career
The Mortgage & Finance Association of Australia (MFAA) is a national organisation for professional mortgage and finance brokers, mortgage managers, and aggregators. It’s created to assist in the development of Australia’s mortgage industry as it impacts the country’s financial sphere.
In this article, we will discuss how finance brokers can join the MFAA and explore the association’s take on improving the country's mortgage sector.
Why should I join the MFAA?
At the core of its advocacies, the Mortgage & Finance Association of Australia is dedicated to supporting their members and the mortgage broking profession. Through involvement and close communication with other professional organisations, various government sectors and regulators, MFAA represents its members and promotes their interests. Aside from that, MFAA stands for the finance broker profession itself and pushes for the industry’s growth.
To that end, MFAA members, both aspiring and current, are assured that MFAA will champion their benefit and collective welfare.
MFAA’s membership benefits
Becoming a member of the MFAA has a lot of perks and benefits. Here is the MFAA’s range of benefits for its members:
|
Service area |
Description |
|
Advocacy |
MFAA advocates for the finance broking industry with decision-makers through researched and transparent communications and strategic approaches |
|
Professional Development and Education |
MFAA provides continuous learning through the MFAA Learning Hub, which includes events, online courses, and access to past webinars and presentations |
|
Business Building Resources |
available resources include new member sessions, community program templates, and business planning tools. Free access to consumer content, legal advice, and compliance tools via member portal |
|
Events |
local forums and educational/networking events both online and in-person, including the State and National Excellence Awards to recognize member achievements |
|
Research |
publishes industry research on statistics, diversity, and other relevant topics. The Industry Intelligence Service report is a key resource detailing broker demographics and performance |
Here are the MFAA’s membership benefits in more detail:
Industry voice and advocacy
The MFAA’s no. 1 advocacy is to support its members. They do this through engaging directly with stakeholders like governmental and industry bodies. By representing the mortgage sector in those conversations, MFAA ensures that every mortgage professional’s voice is heard.
Compliance resources and guides
MFAA made a large assortment of compliance resources, practical guides, and templates to assist its members in meeting their compliance responsibilities. These resources can be found in the MFAA website.
Compliance support
For other matters related to compliance obligations, the MFAA will provide guidance to address them. This serves as an added support for MFAA members, making certain that they strictly adhere to the rules and regulations for compliance.
MFAA News
Another perk for the members is the MFAA News. The mortgage and finance industry keeps evolving, whether in terms of technological advancement or updates in its rules. As such, the MFAA News provides a weekly guide to industry updates, regulations, and events.
It even features success stories from other brokers which can boost MFAA members’ morale and keep them passionate about their work.
Discounts and benefits
MFAA members enjoy exclusive benefits like travel discounts, holiday deals, and other unique perks for their immediate family members, business, and employees, if applicable. These benefits, and more, are within the MFAA member benefits program.
Professional development
The MFAA has created a Learning Hub for its members to access Continuing Professional Development (CPD)-eligible courses. These educational training programs will help develop an MFAA finance broker’s skills and knowledge.
On-demand webinars
The Mortgage & Finance Association of Australia has over 25 webinars on demand for their members to watch. These webinars are mostly about best practices for business, emerging mortgage technologies, compliance matters, and other related topics. As a bonus, members can acquire the necessary CPD-hours for watching them.
Business building tools
Educational e-books, website content, marketing consultations, and other business building tools can also be found on the MFAA website exclusively for its members.
State-based support
MFAA’s team of state managers in business development is available locally to assist its members with whatever needs they have—as long as it’s within the capabilities of the team and under MFAA’s membership governance policy. These dedicated state managers have the much-needed expertise to provide satisfactory broking support to MFAA members.
Member services team
Aside from state-based support, MFAA members can turn to the Member Services Team for help. The team is available on weekdays, from 8:30 am to 5:30 pm, Australian Eastern Time (AET).
Start your career as a finance broker with MFAA
Now that you’re aware of MFAA’s exclusive benefits for its members, it’s time to decide. Do you want to be a finance broker under the Mortgage & Finance Association of Australia? If so, follow these steps:
1. Sign up with the MFAA
To begin, create a free account via the MFAA website.
2. Get qualified
Find a Registered Training Organisation (RTO) that offers courses that will get you a Certificate IV in Finance and Mortgage Broking and a Diploma of Finance and Mortgage Broking Management.
For an overview of the certificate course, read our guide on Certificate IV in Finance and Mortgage Broking.
After completing the certification, you can pursue Diploma of Finance and Mortgage Broking Management to elevate your career in mortgage broking and finance.
3. Choose an aggregator
Aggregators act as an intermediary between lenders and finance brokers. As a general rule, an aggregator must have an Australian Credit Licence (ACL).
With their ACL, aggregators can appoint you as a credit representative. They can also get you access to lending companies and give you other helpful business platforms, tools, and services to become a finance broker.
4. Choose a mentor
During your first two years in the profession, a seasoned mortgage broker, more commonly as a mentor, must supervise your work. In 2023, the MFAA came out with updated mentoring standards to define what the mentorship program offers.
5. Key requirements
Other key requirements for new mortgage professionals joining the MFAA include:
- membership to the Australian Financial Complaints Authority (AFCA)
- a Credit and National Criminal Check report
- professional indemnity insurance
6. Apply for membership
After completing all the previous requirements, you can then apply for membership with the MFAA.
How to join the MFAA
The Mortgage & Finance Association of Australia has an extensive range of membership categories for interested parties within the mortgage and finance broking industry:
Finance Broker membership
This category is mainly for first timers in the mortgage and finance broking industry as well as experienced finance brokers whose primary purpose is to be loan writers.
- membership fee: $550
- application fee: $125
- MFAA Initial Compliance Pack: $220
Broking business membership
Businesses and Accredited Finance Brokers that employ or contract loan writers fall under the Broking business member category. If their job is not to write loans, directors, partners, or principals of broking businesses can also apply.
For broking business - finance broker
- membership fee: $550
- application fee: $125
- MFAA Initial Compliance Pack: $220
For broking business - directors, partners, or principals
- membership fee: $550
- application fee: $125
Affiliate membership
If you are a mortgage and finance professional working in administration, business development, and support services roles as part of a broking, aggregator, lender, mortgage management or supplier business, this is for you.
- membership fee: $160
- application fee: $125
Mortgage management
Mortgage and finance companies that work directly or indirectly with the public can be MFAA members under this category.
For mortgage management (dealing directly with public) membership:
- membership fee: $550
- application fee: $125
- MFAA Initial Compliance Pack: $220
For mortgage management (not dealing directly with public) membership:
- membership fee (1-5 employees or representatives): $1,900
- membership fee (6-15 employees or representatives): $2,700
- membership fee (16+ employees or representatives): $4,500
- application fee: $125
Corporate membership
MFAA also offers membership for aggregators, lenders, mortgage insurers, and support services professionals.
- aggregator or franchise group membership fee (under 30 members): $2,500
- aggregator or franchise group membership fee (31-100 members): $5,000
- aggregator or franchise group membership fee (100+ members): $7,000
- lender or funder membership fee (less than $350 million): $7,500
- lender or funder membership fee ($350 million to $1 billion): $15,000
- lender or funder membership fee ($1 billion and over): $22,500
- mortgage insurer membership fee: $22,500
- support services membership fee: $990
- application fee: $125
Student membership
Finally, if you’re a student or someone who wishes to have a professional career in the mortgage and finance broking industry, you can apply under MFAA’s student membership category. This also applies to you if you’re employed as an administrative support trainee in a broking business but aren’t writing loans.
- no membership fee
- application fee: $55
The complete list of membership requirements and criteria per category are on the MFAA website’s Become a Member page.
The MFAA's vision for the mortgage and finance industry
Through MFAA’s initiatives, business-building support, and advocacy, it maintains its position as one of Australia’s stakeholders in the mortgage and finance sector. In the future, MFAA will continue helping finance brokers and other mortgage professionals to thrive in the mortgage market.
And this is especially true for brokers. Joining the MFAA will expand their experience and knowledge in helping Australians, especially first-time home buyers, fulfil their dreams of homeownership.
Here is an interview with the CEO of Mortgage & Finance Association of Australia about the future of mortgage brokerage in Australia:
By joining the MFAA, current and aspiring finance brokers are positioning themselves for success in the mortgage and finance industry. The chances of staying ahead of the game and contributing to the industry’s growth are going to be greater than ever.
Are you a member of the Mortgage and Finance Association of Australia? If so, why did you decide to join the MFAA? Share your story in the comment section below
