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MFAA Prosper : Mortgage and Finance Brief 05
pharmaceutical companies. "That industry is highly regulated by Medicines Australia, and by comparison, the requirements of the new Australian Credit Licence are quite mild," says Florentin. Paul had been dabbling for 12 years in property investment and the success he experienced led him to combine his passion for property and his love of a challenge, into a new 'day job'. "I began my Certificate IV studies in January 2010 and was accepted as a Member of the MFAA and granted with a WA Finance Broker's Licence in March," says Formentin. "The most important skill I feel I have brought to my broking career is a genuine respect for people from all walks of life. I'd like to think that this gives rise to high levels of customer service for my clients." Another skill is a commitment to a high level of product knowledge. "Pharmaceutical companies are very big on this, and in many ways, this is also true in finance," he explains. "If we give clients incomplete information or inaccurate information, the result can adversely impact on a client's financial health." He also supports the new legislation and its impact on the industry. "I believe that an industry body such as the MFAA, in conjunction with the National Consumer Credit Protection Act, should result in raising our profile and consumer confidence in dealing with brokers in the future," Paul says. According to a Fujitsu Consulting report earlier this year, 40% of people looking at getting a home loan organise it through a mortgage broker, which is a slight rise over the previous year. However, it's not just about increasing market share, but differentiating the broker from banks in terms of answering client credit needs. Stunt performers Bren and Kylie Rodda studied to be brokers in late 2008. After they qualified, they moved to Darwin in May 2009 to run an independent Loan Market broking business. Bren started out as a show water-skier and went The number of new members who have joined MFAA in the past 12 months 2000 "Performing is about connecting with your audience, and so is mortgage brokering -- it's just tamer." Bren Rodda, Loan Market 26 | Mortgage & Finance brief InDepth
Mortgage and Finance Brief 06