The Mortgage & Finance Association of Australia (MFAA) has announced its total membership has surged past 15,000 for the first time.
Established in 1980, the MFAA represents and advocates for mortgage and finance brokers, and its broader membership base including aggregators, lenders, mortgage managers, insurers, and other suppliers to the industry.
Over 97% of the MFAA’s more than 15,150 members are mortgage and finance brokers, with three quarters of all mortgage brokers in Australia holding MFAA membership.
“Our purpose is to empower our members to prosper and thrive, ensuring Australians benefit from competition and choice,” said MFAA CEO Anja Pannek.
“The team and I take immense pride in representing our members to key stakeholders including Government, Treasury and regulators, and collaborating on long-term strategies to ensure the industry's success and sustainability.
“Our members have placed their trust in the Association and that responsibility is not something we take lightly.
“Mortgage and finance brokers play a vital role in helping Australians experience the security of homeownership and the benefits of access to business lending.
"The mortgage and finance broking industry has evolved and grown to become one that is critically important to the economy. All while our members have built the trust of Australians by delivering consistent, exceptional outcomes for their clients.”
Advocating for members
The MFAA has a proven track record of advocating on behalf of its members to ensure policy and regulation is fit for purpose.
Ms Pannek explained that the MFAA’s advocacy is focused on matters that directly impact its members, such as ensuring regulatory levies are appropriate to the extremely low levels of complaints and action against the Association’s members.
Some key outcomes the MFAA advocacy has achieved include:
- The reinvigoration of the ACCC Home Loan Price Inquiry Report by the Federal Government in late 2023.
- Leading an industry-wide campaign that resulted in a ‘stop action’ on new payroll tax audits in NSW.
- Collaborating with industry and regulators to successfully implement Best Interests Duty.
- The successful defence of the industry through the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry including the ‘Don’t kill competition’ campaign.
- The cancellation of the planned 2022 review into mortgage broker remuneration.
“We also advocate for measures that will benefit our members' clients and their ability to achieve their goals such as our advocacy in support of the regulation of Buy Now Pay Later products,” she continued.
Supporting members’ professional development
Ms Pannek also commented on the high-quality professional development events, learning modules and resources MFAA members have access to.
“Ongoing learning is crucial for our members to stay on top of changes in regulation and compliance, find ways to build their businesses in a sustainable way and be ready to harness new technologies,” she said.
“From events such as our National Conference to webinars, learning modules and eBooks, everything we do is created with our members in mind, so they have the insights, inspiration and tools they need to excel.”
Acknowledging the MFAA team, Ms Pannek said there is deep industry experience across the organisation.
“The whole team at the MFAA is committed to supporting our members so they can continue to provide the guidance and support their clients value,” she said.
Ms Pannek noted that over the past four decades, as the industry has grown and evolved, so too has the MFAA and will continue to do so.
“Today, the Association remains ever ready to support members to take advantage of opportunities and defend the industry against threats that could arise into the future,” she said.
