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There are almost 15,000 mortgage and finance brokers among the association’s members.
The chief executive of the Mortgage & Finance Association of Australia (MFAA), Anja Pannek, presented her inaugural annual report for the association for the financial year 2023, emphasising the growth in membership.
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As of 30 June 2023, the MFAA boasted 14,826 members, representing brokers, aggregators, lenders, mortgage managers, mortgage insurers and other key industry participants.
Over the past year, the association saw a net increase in members of 561, marking a substantial 3.93 per cent growth in membership.
Taking the helm in September 2022, Ms Pannek expressed her excitement for the industry’s current state, stating: “Now more than ever, this industry is critical to the ongoing prosperity of Australian home owners, businesses, and the country’s economic activity and growth.”
Throughout the year, the mortgage broker market share achieved record-breaking numbers, reaching 71.7 per cent during the September 2022 quarter, while the broker channel in equipment and commercial lending continued to expand each year.
Reflecting on the 10 cash rate increases during FY23, Ms Pannek underscored the considerable number of borrowers transitioning from historically low fixed-rate home loans to variable home loans with significantly higher rates.
She emphasised the need for Australians to have access to guidance and support to make informed decisions.
The MFAA remains committed to advocating its members’ interests.
Ms Pannek reported: “This year, the Association engaged in 24 consultations, marking the most extensive activity in this space during a financial year since the MFAA’s establishment.
“Our advocacy efforts included participation in roundtable discussions, inquiries, consultations, and the submission of comprehensive responses on critical matters to ASIC, the ACCC, and Treasury.”
Throughout the year, the MFAA actively pushed for a reduction in ASIC levies on the broking sector, advocated open banking within the non-bank sector and contributed to the Australian Banking Association Code of Practice review.
The association’s efforts also extended to the regulation of the buy now, pay later industry, with a firm stance on categorising it as a form of credit.
“Additionally, we reiterated the importance of extending the reference checking and information sharing protocol to include aggregators that are not mortgage broker licensees,” Ms Pannek said.
Regionally, the MFAA demonstrated support for full electronic conveyancing in Western Australia, and in NSW, it successfully halted new audits related to payroll tax for aggregators, which were being “unfairly applied to arrangements between aggregators and brokers”, Ms Pannek said.
The MFAA initiated a grassroots campaign that garnered the support and concerns of more than 1,700 MFAA members.
Ms Pannek stated: “Given the consistency of payroll tax legislation across most jurisdictions, decisions made in New South Wales carry significant implications for the industry’s long-term sustainability.
“We have continued to consult and advocate on behalf of the industry on this issue.”
Furthermore, the MFAA launched a consumer campaign capitalising on the strong market share held by mortgage brokers and the consumer confidence instilled by the best interests duty.
Looking ahead, Ms Pannek said the association’s refreshed vision and purpose will ensure it remains relevant in a rapidly evolving landscape.
“We are committed to pursuing our vision and implementing our plan while upholding our values at all times,” Ms Pannek said.
[Related: Industry seeks written confirmation on payroll tax moratorium]
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