MFAA membership reaches new milestone

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