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Memberships have reached a record high at the association, surpassing 15,000 for the first time.
The Mortgage & Finance Association of Australia (MFAA) has revealed that it has reached 15,150 memberships, a record for the association.
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The MFAA said that this was the first time its memberships had exceeded 15,000, with finance and mortgage brokers making up 97 per cent of the association’s memberships (the remainder being lenders, insurers, aggregators, mortgage managers, and other industry suppliers).
According to the MFAA, three-quarters of Australia’s mortgage brokers hold a membership with the association.
Speaking on the milestone, Anja Pannek, MFAA chief executive said: “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.”
Pannek also commented that brokers play a “vital role” in supporting Australians experience the “security of home ownership” and providing access to business lending.
The MFAA also revealed its National Forum presidents for 2024 this week, who will, according to the association, play a “critical role” in ensuring the MFAA understands and hears perspectives from across the industry.
Pannek commented on the importance of the mortgage and finance industry: “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.”
The announcement came as the MFAA revealed it was “disappointed” in the Supreme Court of NSW’s ruling on the Loan Market Group Pty Ltd/Loan Market Pty Ltd and Revenue NSW court case, which found that payroll tax should be paid on commissions and payments to brokers in certain instances.
The MFAA called for payroll tax legislation to be overhauled, arguing that the laws were poorly written. Pannek commented that the legislation should not affect mortgage brokers as it is an “unfair tax on the smallest of small businesses”.
Similar sentiments were also heard from Peter White AM, managing director of the Finance Brokers Association of Australia (FBAA), who accused Revenue NSW of a “blatant money grab”.
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