A spin-torque transfer memory random access memory (STTMRAM) element includes a fixed layer formed on top of a substrate and a a tunnel layer formed upon the fixed layer and a composite free layer formed upon the tunnel barrier layer and made of an iron platinum alloy with at least one of X or Y material, X being from a group consisting of: boron (B), phosphorous (P), carbon (C), and nitride (N) and Y being from a group consisting of: tantalum (Ta), titanium (Ti), niobium (Nb), zirconium (Zr), tungsten (W), silicon (Si), copper (Cu), silver (Ag), aluminum (Al), chromium (Cr), tin (Sn), lead (Pb), antimony (Sb), hafnium (Hf) and bismuth (Bi), molybdenum (Mo) or rhodium (Ru), the magnetization direction of each of the composite free layer and fixed layer being substantially perpendicular to the plane of the substrate.