MORTGAGE BROKERS

Accreditation
The Mortgage broking industry is largely unregulated because brokers fall outside the national financial services regime. Consumers should ensure that the broker they are dealing with is an Accredited Mortgage Consultant with the Mortgage & Finance Association of Australia (MFAA) and/or a member of the Finance Brokers Association of Australia (FBAA), also brokers must have two years experience in either the finance or mortgage broking, and/or have passed Certificate IV in Financial Services to be accredited. MFAA accredited brokers are also members of Credit Ombudsman Services Limited (COSL), entitling their customers to access a dispute resolution process should it be required.