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MFAA

The MFAA stands for the Mortgage and Finance Association of Australia.

From the MFAA website:

"What is a Mortgage/Finance Broker?

Brokers are now the number one choice for consumers who are seeking a home loan or to refinance their existing loan. Businesses too use finance brokers to help them with their finance needs from car and equipment leasing to loans to help their businesses expand.

What Brokers Do

Brokers work with clients to determine their borrowing needs and ability, select a loan suited to their circumstances and manage the process through to settlement.

Some benefits of using a broker:

  • They do all the legwork for you
  • Access to a wider range of loans
  • Experts in a wide range of loans
  • More flexible
  • Greater expertise as they focus on loans only
Why Use an MFAA Member

MFAA members must adhere to the industry Code of Practice which required high professional standards, fair business practices, ethical behaviour and compliance with both the letter and the spirit of the relevant laws and regulations – all in the interest of you, the borrower.

MFAA sets the highest standards in the industry for its members:

  • Industry experience
  • Education standards
  • Ongoing education to maintain accreditation
  • Probity checks
  • Professional indemnity insurance
  • Membership of an external dispute resolution service

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 licence in Western Australia"