Celebrating MFAA's 2018 Winners

The Mortgage & Finance Association of Australia (MFAA) recognizes excellence every year with awards that highlight the best in the industry. In 2018, the winners showcased outstanding professionalism, innovation, and dedication. These top professionals set benchmarks that inspire both newcomers and seasoned experts alike.

A Legacy of Excellence

The MFAA awards serve as a testament to the hard work and commitment of mortgage brokers and finance specialists across Australia. Their expertise helps thousands achieve their dreams of homeownership. The 2018 winners exemplified integrity, market knowledge, and a client-first approach.

Who Are the MFAA Award Winners?

Winning an MFAA award isn’t just about sales figures. It’s about demonstrating ethical practices, building trust, and consistently delivering value to clients. Winners are chosen based on rigorous criteria, including professionalism, technical skills, and community contribution.

Notable Winners from 2018

• Best Mortgage Broker: Recognized for helping first-home buyers secure their dream homes.
• Rising Star: Spotlighting emerging talent with innovative solutions.
• Outstanding Community Service: Celebrating brokers who give back through education and support programs.

Why These Awards Matter

For clients, choosing a recipient of an MFAA award offers peace of mind. It signals that the professional adheres to high standards and is committed to ethical conduct. For the industry, it encourages continuous improvement and innovation.

“Excellence is not an act, but a habit.” — Aristotle (often echoed in the finance industry)

The Impact of Award-Winning Professionals

In 2018, many winners shared stories of overcoming challenges—like assisting clients with complex financial backgrounds or navigating tight lending criteria. Their stories highlight key themes relevant to anyone entering the Australian property market.

Navigating Home Buying with Confidence

Whether you're a first-time homebuyer, an investor, or considering refinancing, understanding the role of award-winning brokers can help simplify your journey. They bring clarity to complex processes, such as:

• Documentation requirements
• Sources of deposit funds
• Eligibility criteria for different visas and loan types

Understanding Documentation and Eligibility

One common question is what documents lenders require. Typically, you'll need:

• Proof of identity (passport, driver’s license)
• Proof of income (payslips, tax returns)
• Evidence of savings or deposit (bank statements, proof of overseas savings converted into AUD)
• Details of your current assets and liabilities

International buyers should also prepare:

• Visa details (for temporary or permanent residents)
• Foreign investment approval (if applicable, under FIRB rules)
• Evidence of funds transfer from overseas accounts

Converting Overseas Savings

Many clients ask how to use their overseas savings for a property deposit. Australians generally require at least 5-20% deposit depending on the loan type. International buyers often need evidence that their funds are legitimately transferred and sourced.

Tip: Always maintain clear records of international transactions. Lenders may ask for bank statements showing the origin of your funds. If your savings are in foreign currencies, get an official currency conversion receipt.

The Role of Lenders and LMI

Lenders assess your capacity to repay based on income, expenses, and credit history. If your deposit is less than 20%, you'll likely need to pay Lenders Mortgage Insurance (LMI). This protects the lender if you default.

LMI can be added to your loan, but it increases your repayment amount. Some lenders offer options to reduce or waive LMI for eligible borrowers, especially for first-timers with strong financial profiles.

Comparing Interest Rates

Interest rates differ across countries. For example, Australian variable rates hovered around 3-4% in 2018, while some other nations had higher or lower rates. It’s essential to compare:

• Fixed vs. variable interest
• Comparison rates (which include fees)
• Loan features like redraw or offset accounts

Tips for International Buyers

Entering the Australian property market as an international buyer involves extra steps:

• FIRB Approval: Most temporary residents require approval before purchasing. This process typically takes 30-90 days.
• Understanding Visa Restrictions: Your visa type (e.g., student, work, permanent residency) influences your borrowing capacity.
• Repayment Options: Australians often choose weekly, fortnightly, or monthly payments. Discuss options with your broker.

Demystifying Lenders’ Criteria

Lenders evaluate:

• Your credit history (both overseas and Australian credit reports)
• Income stability and employment history
• Property type and location
• Your overall financial profile

Strong documentation, transparent sources of funds, and a good credit record improve your chances.

Current Challenges and Opportunities

2018 was a year of tightening lending standards nationwide. However, dedicated professionals. like MFAA award winners, helped clients navigate these hurdles efficiently.

As the Reserve Bank of Australia (RBA) maintained steady interest rates, opportunities arose for borrowers with strong credentials. Investors took advantage of lower rates and favorable conditions, guided by experienced brokers.

Final Thoughts

The 2018 MFAA winners exemplified the highest standards of professional integrity and client service. Their success stories offer valuable lessons for anyone in the property market.

If you are considering buying a home or investing, choosing a recognized and reputable broker can make a significant difference. Look for awards or industry recognition—these often reflect a commitment to excellence.

Looking Ahead

In my 20+ years helping international clients secure mortgages, I’ve seen how dedication and expertise transform financial dreams into reality. The winners of 2018 reinforce this truth.

Whether you are just starting or well along your property journey, remember: the right professional can guide you through every step with confidence.

In conclusion, excellence in mortgage and finance services isn’t just a title—it’s a promise to serve your best interests.