by clicking the arrows at the side of the page, or by using the toolbar.
by clicking anywhere on the page.
by dragging the page around when zoomed in.
by clicking anywhere on the page when zoomed in.
web sites or send emails by clicking on hyperlinks.
Email this page to a friend
Search this issue
Index - jump to page or section
Archive - view past issues
MFAA Prosper : Mortgage and Finance Brief 07
The next phase of the "Insist on an MFAA Approved Broker" ad campaign hits TV and newspapers later this month. Ensure you maximise its potential by displaying the campaign logo in your store or office, and on your promotional material. The effectiveness of the campaign was illustrated by Sydney-based first-home buyer Mike Hooton, who recently contacted MFAA member Christine Cannon from Crest Financial after seeing the campaign on TV and newspapers. He says, "I felt reassured that I was dealing with a member of a recognised association who could help navigate through the process of buying our first home." If you don't already have the logo, download it from the Member Centre at www.mfaa.com.au. Third phase of consumer campaign set to launch 1HERSA1J001 Title Deeds with Jonathan Chancellor, p4 Three of the Best in Gladesville, p6 Dream Home in Marrickville, p10 + The renovations that pay off, p8 JUNE 12-13, 2010 HOUSES com.a u 10 ways to add value Mortgage & Finance brief | 15 MFAA news MFAA supporting the flood appeal On behalf of the MFAA Board, staff and members throughout Australia, we would like to express our best wishes to the many members and their loved ones who have been affected by the major floods in Queensland. The loss of life and the magnitude of the devastation are deeply moving. Our thoughts are with you all. The MFAA will donate $10 from every full delegate registration for the National Convention in June towards the Queensland flood appeal. Broker fee guidance The issue of broker fees has been a keenly-debated topic over the past few weeks. MFAA's policy position is that whether brokers seek to charge fees, and how they charge, is an individual decision -- which was discussed by the National Brokers Committee and determined by the Board. However, because we are aware that some members are charging fees, it is important, and consistent with the MFAA Code of Practice, that some conduct and guiding principles are set. Guiding Principles It is noted that the National Consumer Credit Protection Act provides that a 'broker' must provide the consumer with a written quote which informs the consumer about the credit assistance and other services to be provided and the maximum amount payable by the consumer for the credit assistance and services. The guiding principles below are to be read in conjunction with the Act. 1. Brokers should not charge a fee for services for which the broker will be compensated by the lender (ie provision of loan product) 2. The fee charged by a broker should represent the value of that broker's credit advice to be provided to the consumer. For the purposes of these guiding principles, "credit advice" shall include (but is not limited to) advice to the consumer as to: a. whether or not to seek finance, b. what type of finance is appropriate and consistent with the consumer's objectives Amendments to the MFAA Code Additionally the MFAA Code has been amended to provide that where a broker seeks to charge a fee for credit advice to a consumer, the broker, before acting for the consumer, shall provide a written statement which clearly describes the nature of credit advice to be provided to which the fee will relate and states the amount of the fee.
Mortgage and Finance Brief 06
Mortgage and Finance Brief 08