MFAA pursues gender equity as Women in Finance Broking program gets underway

Despite years of breakneck growth in the mortgage broking industry, it’s safe to say that female representation in the profession has failed to keep pace.

According to the 19th edition of the MFAA Industry Intelligence Service report, which covers the six months to 30 September 2024, there were 3,746 female brokers in Australia as of September 2024, making up less than 27% of the broker population.

While that amounted to a 0.2-percentage-point increase year-on-year, the number of women recruits fell 6.46% over the same period. In fact, the proportion of women in mortgage broking has hovered around 27% since as far back as 2017.

MFAA chief executive Anja Pannek (pictured) believes these figures underscore the need for a continued focus and fresh strategies to drive real change. “At the MFAA we know we have a 29% to 71% female to male membership composition. This compares to just slightly over 50% of the Australian population being female.”

“While entrenched barriers to greater diversity in broking remain, recognising and addressing them creates real opportunities for progress” - Anja Pannek, MFAA

This plateau in the growth of women in broking, Pannek tells MPA, stems from a range of factors.

“The MFAA’s Opportunities for Women research consistently highlights unconscious beliefs about gender roles in the workplace as a significant barrier, coupled with the persistent perception of an industry culture that is not inclusive of women,” she says. “This, combined with balancing work and family commitments, limited access to business support and fewer opportunities for leadership roles, has also contributed to lower retention rates among female brokers.”

But Pannek says efforts to improve gender diversity are ongoing, in broking and beyond.

As highlighted by the MFAA’s The Value of Mortgage and Finance Broking 2025 report, compiled by Deloitte, structural barriers to achieving gender equity are not unique to the broking industry. Furthermore, the report found that gender balance in broking broadly mirrors that of the wider finance industry.

“This shows that structural support is critical to bringing about change,” Pannek says. “That’s why the MFAA is actively collaborating with partners across other industries to share ideas and identify opportunities. By recognising these are shared challenges, we can work together to break down barriers and build a more inclusive future.”

Breaking down barriers

The MFAA held its inaugural Diversity Equity and Inclusion Summit in May 2024, which included a survey of members to gauge their views on DEI within industry.

More than 50% of respondents believed barriers still exist, with the main barriers being unconscious beliefs about gender roles in the workplace; an industry culture that is not inclusive of women; lack of industry experience; safety concerns; and a lack of development opportunities.

“While entrenched barriers to greater diversity in broking remain, recognising and addressing them creates real opportunities for progress,” says Pannek.

“Unconscious bias can still influence recruitment, promotion and everyday workplace interactions, while a culture that is perceived as not being inclusive may discourage women from entering or remaining in the broking industry. Additionally, commission-only pay structures can deter some women who seek more financial stability, especially when balancing caring responsibilities.”

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That being said, the mortgage broker commission-only pay structure does provide one notable gender-neutral advantage, compared to the majority of other professional services industries.

“The mortgage and finance broking industry has no gender pay gap, unlike many other professions in Australia,” Pannek says. “This factor and the freedom of running your own business are part of the unique value proposition of broking. With so many positives, there is a great opportunity to better promote our industry to women and other diverse groups.”

The MFAA’s DEI survey shows that industry leaders are overwhelmingly seen as open-minded and supportive of promoting diversity and inclusion, which, says Pannek, “gives us real momentum to build on as we work to create an industry that truly reflects the communities we serve”.

Helping women thrive

The MFAA’s research highlights a worrying trend – yes, the number of women entering the broking sector has remained stable over the past few years, but retention has emerged as a significant issue.

Simply put, the profession is not doing enough to ensure female brokers remain in the industry.

Pannek believes the key to improving retention is providing a support network that helps women build long-term, sustainable careers.

“We’re seeing an opportunity to better support female brokers to stay and thrive in the industry,” she says. The Value of Mortgage and Finance Broking 2025 report identifies training, mentorship and flexible working arrangements as key enablers to achieving this goal.

Retention is far from a broking industry-specific issue; according to the Australian Small Business and Family Enterprise Ombudsman (ASBFEO), barriers to female retention in the workplace include a prohibitive access to capital, a lack of mentorship, and the need to balance external responsibilities.

“A whole-of-industry approach is essential to drive meaningful change. This is why the MFAA is actively pursuing partnerships that foster inclusivity,” says Pannek.

These include collaborating with the Council of Small Business Organisations Australia (COSBOA) on the She Means Business pilot program. The MFAA also runs the highly successful Women in Finance Broking series. 

Work in progress

The MFAA is not taking static female representation in the broking industry sitting down. Its annual Women in Finance Broking program is among the many initiatives in the works.

Pannek stresses that this program is not just a series of networking events. “We want to create a space where professional women can come together to share ideas, build resilience and have important conversations about the challenges and opportunities women in broking face each day,” she says.

“This year, we’ll explore how women are reshaping the future of broking and finance – and how we can show up with confidence in the moments that count.”

Women in Finance Broking events will be held in:

• Sydney – 22 August

• Perth – 2 September

• Melbourne – 5 September

• Brisbane – 9 September

• Adelaide – 16 September

The series will feature a keynote presentation exploring the changing landscape of financial decision-making and what that means for your business – as well as unpacking the complexities of leadership, gender representation and some of the challenges in the industry today.

These events will provide tools and materials to deal with challenges in operating or working in a broking business. Pannek says, “Broking can sometimes be a lonely profession, and it’s natural for brokers to focus heavily on growing their businesses, which leaves little time to reach out to their peers for support. This is especially true of women, many of whom are also juggling other responsibilities.

“Women in Finance Broking allows female brokers to connect with those who are experiencing the same things they are. It’s about inspiring confidence in women to take the next step in building a successful career, to refuel and to understand their strengths.”

“A whole-of-industry approach is essential to drive meaningful change. This is why the MFAA is actively pursuing partnerships that foster inclusivity,” says Pannek.

Then there is the She Means Business pilot program. Developed by COSBOA and funded by the federal government, it is designed to increase gender diversity among small broking businesses. Open exclusively to MFAA mortgage and finance broking businesses employing fewer than 20 staff, the program recognises the unique challenges and opportunities for women in the sector.

Earlier this year, the MFAA invited member businesses in NSW, Queensland and Victoria with a passion for improving gender diversity to apply for the pilot program. The 10 businesses selected will receive funding and tailored training to support their growth, develop leadership skills and build other key capabilities, all while contributing to greater industry diversity and innovation. This includes in-person mentoring, interviews, training sessions and ongoing feedback loops.

She Means Business participants will gain valuable insights and practical skills they can apply directly in their businesses and initiatives and ideas that can be shared across the broader membership base that have actionable opportunities.

“This is an incredibly exciting initiative, and we’re proud to partner with COSBOA to promote broking as a rewarding career option, inspiring the next generation of female broker business leaders,” says Pannek.

Making true change happen

When the MFAA convenes for its 2026 Diversity, Equity and Inclusion Summit, the focus will be on what can be done to effect genuine change. “We see this as a significant opportunity to move beyond simply acknowledging the importance of inclusion, to bringing about real change through actionable, data-driven strategies that will reshape our industry,” says Pannek.

Data will play an integral role in this mission. Pannek says, “We have a clear picture of gender representation, but there’s gaps in our understanding of broader diversity across the mortgage and finance broking industry – including cultural background, disability and other factors that shape lived experience.

“By mapping this data, we can spark a meaningful conversation about representation, opportunity and the steps needed to ensure broking is truly reflective of the communities it serves.”

Pannek also believes more must be done to promote broking as an industry of choice and inclusion to the younger generations. “That means providing insights and pathways to those leaving school or those in the VET and higher education sectors, so they see broking as a meaningful career option.”

She adds that brokers play a critical role not only in helping Australians secure finance but also in promoting financial literacy, particularly among women and marginalised communities. “Trust is central to this work, and when brokers don’t reflect the diversity of their communities, there is a risk that key groups remain underserved and excluded from the benefits of quality financial guidance.

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“Ultimately, we want the DEI Summit to inspire and empower industry leaders to take deliberate action, foster an inclusive culture within their businesses, and champion diversity as essential to both commercial success and community wellbeing,” Pannek says. “By elevating this conversation, we can help create a more vibrant, resilient broking industry – one that earns and retains the trust of all Australians.”