The Finance Brokers Association of Australasia (FBAA) and the Mortgage and Finance Association of Australia (MFAA) are Australia’s two peak bodies for mortgage and finance brokers.
Both organisations provide industry advocacy, compliance support and professional development for mortgage and finance brokers. Brokers also generally require membership with FBAA or MFAA to gain accreditation with major banks and lenders.
What’s the difference between the MFAA and FBAA?
The MFAA was established in 1980 and has over 16,000 members. It has traditionally been viewed as the peak body predominantly aligned with residential mortgage lending. The MFAA is often seen as setting strict, standard educational benchmarks.
The FBAA was established in 1993 and has over 13,000 members. It has historically represented a broader spectrum of finance types in addition to home loans (commercial, equipment and vehicle finance) The FBAA is often perceived as having more flexible, tiered entry requirements tailored specifically to individual brokers.
Do you have to join the MFAA or FBAA to be a mortgage broker?
Technically, there is no legal requirement to become a member of either the Mortgage and Finance Association of Australia or Finance Brokers Association of Australasia to be a mortgage broker, however it is essentially mandatory because most major lenders and aggregators require you to be a financial member of either organisation to gain industry accreditation.
What membership categories does each body offer?
The MFAA and FBAA both offer different tiers of membership depending on where you are placed in the mortgage and finance broking industry.
MFAA membership categories and annual fees:
| Membership type | Cost | Description |
|---|---|---|
| Finance Broker | $567 (Application Fee: $132) |
For individual professionals that are/ will practise as a loan writer in the mortgage and finance broking industry. |
| Broking business (directors, partners or principals) | $567 (Application Fee: $132) |
For businesses that employ or contract other loan writers. Available to Accredited Finance Brokers and directors, partners or principals of a broking business who are not writing loans. |
| Broking business (Finance Broker) | $567 (Application Fee: $132) |
For mortgage and finance broking businesses that employ or contract other loan writers. Available to Accredited Finance Brokers and directors, partners or principals of a broking business who are not writing loans. |
| Affiliate membership | $168 (Application Fee: $132) |
Suited to individuals who support the delivery of mortgage and finance broking services but do not act as loan writers. |
| Student membership | $0 (Application Fee: $55) |
For individuals who are currently studying and considering a future career in mortgage and finance broking. |
| Mortgage Management (dealing directly with the public) | $567 (Application Fee: $132) |
For businesses offering mortgage management services that deal directly with the public. |
| Mortgage Management (not dealing directly with the public) | 1–5 staff: $2,055 6–15 staff: $2,920 16+ staff: $4,870 (Application Fee: $132) |
For businesses offering mortgage management services that do not deal directly with the public. |
| Aggregator or franchise group | Under 30 members: $2,750 31–100 members: $5,500 100+ members: $8,000 (Application Fee: $132) |
|
| Lender or funder | Less than $350m: $8,000 $350m–$1bn: $16,000 $1bn and over: $25,000 (Application Fee: $132) |
|
| Mortgage Insurer | $22,500 (Application Fee: $132) |
|
| Support Services | $1,100 (Application Fee: $132) |
FBAA membership categories and annual fees:
| Membership type | Cost | Description |
|---|---|---|
| Accredited Member (Brokers) | $541 (Application Fee: $121) |
For an approved individual, company or partnership carrying on the business of a general finance broker, mortgage originator, or equipment finance broker and includes independently owned businesses operated under a franchise agreement or subcontract arrangement with an aggregator. |
| Associate Member (New to industry brokers) | $420 (Application Fee: $121) |
For brokers and loan writers with less than two years’ relevant finance and mortgage lending industry experience who are nominated by a current FBAA Accredited Member or Corporate Member. |
| Corporate Member (Lenders/Aggregators) | $2,457 (Application Fee: $121) |
For approved non-broking entities associated with the finance industry and includes, but is not limited to, credit providers such as banks, building societies and credit unions, mortgage insurers, mortgage managers, fund managers and trustee companies. |
| Corporate Employee Member (Aspiring broker) | $168 (Application Fee: $121) |
For PAYG employee loan writers of existing FBAA Corporate Members. |
| Employee Administration (Works in the industry) | $163 (Application Fee: $121) |
For non-loan writer PAYG employees over the age of 18 who work for a broker, bank, non-bank lender, mortgage manager, aggregator or another organisation approved by the FBAA board. |
| Affiliate Member (Everyone else) | $672 (Application Fee: $121) |
For approved individuals and entities not covered by the Corporate membership category and includes government agencies, suppliers, other associations and anyone wanting to remain informed of the FBAA’s activities. |
| Student Member (Learn about becoming a broker) | Free | For high school and university students who are currently studying and not working full-time. |
| Retired Member (Ex-brokers) | $35 (No application fee) |
For approved individuals not covered by the Accredited or Associate membership categories due to retirement from the finance broking industry. |
How many CPD hours do you need with each body?
To ensure continued compliance, capability, and expertise, FBAA Members are required to obtain 25 Continuing Professional Development (CPD) hours annually, while MFAA members are required to complete 30 CPD hours per membership renewal year.
What do the codes of practice actually require?
The Finance Brokers Association of Australia (FBAA) Code of Conduct requires members to act with honesty, maintain professional competence, comply with all relevant financial laws, avoid conflicts of interest and keep client information confidential
Similar to the FBAA Code of Conduct, The Mortgage & Finance Association of Australia (MFAA) Code of Practice requires members to maintain high levels of education, comply with financial laws, disclose commissions, resolve disputes fairly and always act in the customer’s best interests.
Do lenders and aggregators prefer one body over the other?
Lenders and aggregators generally do not prefer one body over the other as both are highly regarded and membership of either industry body generally fulfils the compliance requirements.
However, aggregators may sometimes request one over another, and this requirement is often included in their onboarding process.
Can you switch between the MFAA and FBAA?
Yes, you can switch between the Mortgage and Finance Association of Australia and the Finance Brokers Association of Australia. There are no regulatory barriers preventing you from changing; however, you will need to remain a member of one of the two during the transfer period. You should also be mindful that you may not receive a refund if you switch before your renewal period has matured.
Entry Education is a proud MFAA-recognised RTO, delivering high-quality, industry-aligned training designed to help brokers meet compliance requirements and build the skills needed to succeed in the finance and mortgage broking industry.
