Gadens Lawyers and the MFAA are pleased to release a new National Finance Broking Contract.

This document replaces the two pro forma national FBCs which were previously supplied by the MFAA.

The new National FBC complies with the legislative requirements in NSW, Victoria, and the new Code of Conduct in WA. The MFAA also recommends that the FBC is used in all other jurisdictions. The new National FBC can be viewed by clicking here.

Brokers operating in a single jurisdiction may prefer to use the state specific FBCs. They are naturally slightly less complex. Which contract applies is determined by where the borrower lives. For example, if the borrower lives in WA, use the WA contract.

The MFAA has also released new National FBC Guidelines. These guidelines contain a very comprehensive cross check as to the legislative source of the various requirements incorporated into the new National FBC. To view the new National FBC Guidelines, click here.

Sydney

Jon Denovan

t (02) 9931 4927

e jdenovan@nsw.gadens.com.au

Kate Williams

t (02) 9931 4778

e kwilliams@nsw.gadens.com.au

Perth

Joe Claudio

t (08) 9223 9248

e jclaudio@wa.gadens.com.au

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.