MFAA explains Diploma extension

by Mackenzie McCarty24 May 2012

The MFAA yesterday announced that it would postpone the deadline for the completion of the Diploma, due to a 'massive backlog' in processing last-minute enrolments.

At its annual member conference in Adelaide, CEO Phil Naylor said members would still need to enroll in the Diploma by 30 June, but now had until 31 January 2013 to complete them.

The decision was influenced by news that the MFAA had been granted $2.4m in government funding via Innovation & Business Skills Australia to help members complete the Diploma.

While the funding had been worked for over a period of six months by the MFAA’s education team headed by Rod Edge, Naylor said it took some time to achieve the necessary sign-off.

Naylor said the new funding would be allocated to about 3000 of the association's newest members, who would have the cost of the Diploma course subsidized by up to two thirds.

Naylor again stated that newest members suffered the toughest challenges in getting started in the mortgage industry, with a 65% drop-out rate of new entrants over the last five years.

To be considered for course funding, Naylor said brokers must have enrolled by 15 June, but can't yet have completed their study. This excludes those who have already completed the course.

Naylor said the changes were about getting its membership base “across the line”, with only 70% of its membership having been on track to complete the Diploma by the previous deadline.

The MFAA claimed the funding as a coup for the mortgage broking industry, saying it was a vote of faith in the association’s leadership and the industry’s future.


  • by Annoyed broker 24/05/2012 9:36:56 AM

    I feel this is just demonstrates another soft approach by the spineless MFAA. They always issue demands and never follow through.
    Brokers have known about this deadline for some time now and if they have not bothered to "get around" to getting their diplomas completed, this is not fair on the brokers that have paid (without compensation mind you ) and completed the course in the appropriate timeframe!
    Just shows the MFAA's true soft stance on this and many other NCCP/Govt changes to our industry and not fighting for the "real" brokers of the industry!

  • by Ian 24/05/2012 9:44:26 AM

    Ridiculous, I have worked hard to get my licence and my diploma by the due dates, missing out on business along the way while a lot of so called professional brokers continue to get a free ride. Next time I won't bother trying to do the right thing!

  • by Thinker 24/05/2012 10:07:07 AM

    From memory, we were given around two years' notice to get the diploma. Most of us have taken the time out of our businesses to complete it and at our own expense. So now those who chose not to, or to leave it until the last minute, will not only get a further six months but will also get up to two-thirds of the cost subsidised by tax-payers' money.
    Hmm, seems fair enough!
    Mr Naylor states that the grant has been worked on over the last 6 months. I assume it was not possible to apply for it two years ago so all paying members could have had some benefit??