MFAA Educational Requirements


Listed below are the MFAA’s requirements for membership

MFAA Membership Criteria

Mortgage and Finance Association of Australia

Full Membership is available to individuals, firms, companies, corporations and partnerships predominantly or substantially engaged in the mortgage and business finance industries or support services.

ALL APPLICANTS 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 be a resident in Australia

  • must be appropriately licensed or appointed under  the National Consumer Credit Protection Act 2009


WHO CAN APPLY FOR FULL MEMBERSHIP?

  • Individuals operating as loan writers, being either employees of, or contractors to, broking or mortgage management businesses
  • Individuals (other than loan writers) engaged as employees by any MFAA Full Member
  • Broking businesses (each loan writer employed by, or contracted to, the broking business, must be a Full Member)
  • Broking or Aggregator groups
  • Mortgage Managers (where the mortgage managing business deals directly with the public, each loan writer employed by, or contracted to, the business, must be a Full Member)
  • Lenders/funders
  • Trustee companies
  • Mortgage Insurers
  • Other businesses supplying support services


MFAA MEMBERSHIP CATEGORIES FOR LOAN WRITERS

The categories of membership are:

STUDENT:

This category ($150) is granted to those who

  • Are not yet writing loans and
  • Have completed the MFAA Initial Compliance Pack and
  • Are committed to complete the Diploma FNS50315 within 12 months.

ASSOCIATE CREDIT ADVISOR (ACA):
The ACA Category ($499) is available to applicants who have less than two years’ Loan Writing experience and have completed:

  • MFAA Initial Compliance Pack and
  • FNS40815 Certificate IV qualification (and commitment to complete Diploma FNS50315 within 12 months) and
  • Confirmation of Mentor or enrolment into the MFAA Mentoring Program.

The National Finance Institute is a preferred RTO so no additional case study is required.

A Continuing Professional Development (CPD) Requirement for each Annual Membership Period applies to the Associate Credit Advisor category.

 

CREDIT ADVISOR (CA):

This Category ($499) is granted to those who have at least two years Loan Writing Experience and who have completed:

  • MFAA Initial Compliance Pack and
  • FNS40815 Certificate IV qualification (and commitment to complete Diploma FNS50315 within 12 months) and
  • Completion of the MFAA Experience and Skills Evaluation course ($49 online), which is instead of the mentoring requirement.

The National Finance Institute is a preferred RTO so no additional case study is required.

A Continuing Professional Development (CPD) Requirement for each Annual Membership Period applies to the Credit Advisor category.

 

REQUIREMENTS FOR INDIVIDUAL APPLICANTS

  • A copy of your Current CIO or External Dispute Resolution (EDR) Scheme Membership Certificate
  • A copy of your Professional Indemnity (PI) Insurance Certificate
  • A Certified copy of your National Criminal History Record Check
  • A Certified copy of an Identification Document
  • A copy of your Credit Report
  • A copy of your Current Resume / Curriculum Vitae (CV)
  • A copy of your Certificate IV qualification

REQUIREMENTS FOR BUSINESS APPLICANTS

  • A copy of the Current CIO or External Dispute Resolution (EDR) Scheme Membership Certificate
  • A copy of the Professional Indemnity (PI) Insurance Certificate
  • A Certified copy of the National Criminal History Record Check for each Director, Partner or Principal directly involved in the business.

  • A Certified copy of an Identification Document for each Director, Partner or Principal directly involved in the business.
  • A copy of the Credit Report for each Director, Partner or Principal directly involved in the business.
  • A copy of the Current Resume / Curriculum Vitae (CV) for each Director, Partner or Principal directly involved in the business.

MEMBERSHIP FEES

Membership Fees are payable annually in advance and a renewal document will be emailed approximately one month prior to the anniversary of the commencement date of your membership. A one-off application fee of $115 applies for all new members and covers the cost of processing new applications.

Updated information can be found on the MFAA website here.