MFAA vs FBAA — Which Industry Association Should Australian Brokers Join?

One of the first decisions a new finance broker in Australia faces is which industry association to join — the MFAA or the FBAA. Both are legitimate, well-established bodies that provide membership benefits, professional development resources, and industry advocacy. The question is which one suits your broking career and business model.

What Is the MFAA?

The Mortgage and Finance Association of Australia (MFAA) is the peak industry body specifically focused on mortgage broking and finance. With over 15,000 members including brokers, aggregators, and lenders, it is the largest broker industry association in Australia by membership.

The MFAA publishes the quarterly Industry Intelligence Service (IIS) report — the most comprehensive data on broker market share, settlement volumes, and industry trends available anywhere. This report is regularly cited by government, regulators, and media as the authoritative source on the Australian broking industry.

What Is the FBAA?

The Finance Brokers Association of Australia (FBAA) represents finance and mortgage brokers across all product categories — residential, commercial, asset finance, personal finance, and leasing. The FBAA is known for its strong advocacy work with government and regulators, and for launching the Certified Finance Broker (CFB) designation in 2025.

The FBAA's membership is broadly similar in size to the MFAA, with strong representation among commercial and asset finance brokers as well as residential mortgage brokers.

Key Differences

CPD Requirements

Both associations require members to complete Continuing Professional Development (CPD) each year — but the requirements differ.

The statutory minimum under the NCCP Act is 20 hours of CPD per year for all credit licensees and representatives. The MFAA requires 30 hours per year — 10 more than the statutory minimum. The FBAA aligns with the 20-hour statutory requirement.

For many brokers, the MFAA's higher CPD requirement is not a significant barrier — most active brokers complete well above 20 hours simply through regular lender PD days, webinars, and industry events. But for brokers with limited time for formal professional development, the difference is worth considering.

The Certified Finance Broker (CFB) Designation

In 2025, the FBAA launched the Certified Finance Broker (CFB) program — a self-paced, structured commercial finance education pathway covering commercial lending, cash flow analysis, and business credit writing. Priced at approximately $3,000 (with discounts for FBAA members), the CFB is aimed at brokers wanting to diversify into commercial and business lending.

The CFB is the most significant new education product the FBAA has launched in recent years and signals the association's strong focus on commercial finance broker development.

Which Should You Join?

The honest answer is that the practical difference for most brokers is modest. Both provide professional credibility, CPD resources, industry data access, and advocacy. The choice often comes down to:

Join the MFAA if:

• Your focus is primarily residential mortgage broking
• Your aggregator has a strong MFAA relationship or preference
• You want access to the IIS data and quarterly industry reporting
• You want the MFAA Approved Broker designation for marketing purposes

Join the FBAA if:

• You want to diversify across commercial, asset finance, or business lending
• You are interested in the CFB designation
• You want a more active online community and mentoring culture
• You prefer the 20-hour CPD requirement

Join both if:

• You are building a full-service brokerage across all product categories
• You want the broadest possible professional credibility
• The combined membership cost is manageable in the context of your business