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MFAA and what it means for YOU |
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MFAA stands for "Mortgage & Finance Association of Australia". Being a member of the MFAA (hence being an Accredited Mortgage Consultant) is NOT compulsory in the industry. However dealing with a broker who is a member is imperative.
The finance industry is self-regulated, and as such anybody can become a mortgage broker. MFAA members are governed by a code of practice and disciplinary Rules. In addition to this, all MFAA members must be a member of the Credit Ombudsman Service (formally known as the Mortgage Industry Ombudsmen Service) and abide by it guidelines.
To even become a member you must have industry experience of an absolute minimum of 2 years. Furthermore MFAA members are required to undergo continuous training every year to maintain their membership. All banks, and most non-bank lenders will not accept applications from brokers who are not members of the MFAA, hence you are dramatically reducing your options if you deal with anyone who is not a member; not to mention the real possibility of dealing with a disreputable broker.
And yes, Total Home Loans and its entire staff are Full Members of the MFAA and Members of the Credit Ombudsman Service. |
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