Affiliates

Mortgage & Finance Association of Australia

The Mortgage & Finance Association of Australia (MFAA) established in 1980, is a leading provider of service and representation to mortgage brokers, finance brokers, mortgage managers, lenders (bank and non-bank), and originators to assist them develop, foster, and promote the mortgage and finance industry.

Mission

To ensure the orderly and ethical working of the mortgage and finance industry in Australia

Objectives

To elevate the role of mortgage and finance intermediaries to a profession
To ensure MFAA members are recognised as a trusted source of finance
To be the recognised authority in Australia on all aspects of the mortgage and finance industry
To maintain quality standards within the industry
To provide education for members and their staff
To support the development & range of mortgage and finance products available to the public
To embrace best practice customer services
To develop the mortgage and finance industry in Australia

There are over 12,000 members of the MFAA.

The association has also been known as the Mortgage Industry Association of Australia (MIAA), the Mortgage Industry Association of Australasia and the Mortgage Bankers Association.

FINANCE BROKER ASSOCIATION OF AUSTRALIA

The activities of the FBAA originally commenced in 1992 in response to the growing incidence of bad publicity of the profession and to become a voice for finance/mortgage brokers.
The FBAA is run by an elected Board of Directors supported by a National Executive comprising all State Presidents and a secretariat.
It was formed in the belief that the establishment of measurable standards of proper professional practice in sourcing domestic and commercial funding was in the best interests of its customers/consumers and vital to the integrity and future well being of the finance/mortgage broking industry.
Published within an industry recognized Code of Practice, these standards have been adopted by an increasing number of industry professionals who offer domestic finance, commercial finance, lease and motor vehicle finance, business and debtor finance, as finance/mortgage brokers.

The FBAA has established complaints and disciplinary procedures designed to eliminate unacceptable working practices amongst its members, by providing an Internal disputes Resolution Process (designed to meet Australian Standards). The Association also exists to safeguard both its Members and their clients/consumers against restrictive practices within the industry.
In the interests of members and their clients, the FBAA monitors legislation and makes representations to Ministers and Members of Parliament both state and federal as appropriate.
It furthers the principles of good practice by seeking to work with kindred associations and interest groups, and by providing access to education and training for its members and their employees.
“THE FBAA IS RUN BY FINANCE BROKERS FOR FINANCE BROKERS”

All but one elected executive positions are held by practicing finance brokers in their own right.

Australian Finance Group

Australian Finance Group (AFG) is an independently owned, Australian company specialising in arranging loans for almost any purpose, in most cases at no charge to the customer.

Ranked as Australia’s number one wholesaler of mortgage finance and amongst the top three wholesalers of mortgage finance in the world*, the company acts as a specialist research, training and compliance house for its advisors providing access to a vast array of financial products (800+) from Australia’s leading lending institutions.

AFG is the largest third party wholesaler introducer of mortgages in Australia processing on average 6000+ residential mortgages exceeding $2 billion per month with market share in excess of 20% of the Australian broker market.

Established in 1994, AFG recently announced that they manage more than $30 billion of mortgage finance.

The company's latest initiatives include the implementation of credit checks and police clearance certificates on all AFG advisors, and the move to become a full financial services institution by providing financial planning under its Australian Financial Services Licence. The initiatives are new to Australia and at the time of their introduction through AFG, were not offered by other high profile broker networks.

CREDIT OMBUDSMAN SERVICE

The Credit Ombudsman Service Limited (COSL) is the external dispute resolution (EDR) scheme for the non bank financial services industry, approved by the Australian Securities and Investments Commission (ASIC).

The Credit Ombudsman Service provides an accessible and independent dispute resolution service as an alternative to legal proceedings for resolving disputes with a participating financial service provider (FSP). The service is free for consumers.