Peak broker association outlines policy agenda, financial position
The Mortgage & Finance Association of Australia (MFAA) recorded total revenues of $11.51 million in its 2025 financial year, representing an 11% year-on-year increase, per its annual report published on Tuesday.
This growth was largely driven by a rise in membership subscriptions following a 5.17% increase in member numbers, plus events income and enhanced partner contributions to member services.
For the first time ever, the MFAA surpassed 16,000 members.
“This is more than a milestone,” said MFAA chair Kerri Buurman (pictured, left) in the annual report. “It reflects the enduring strength of our industry, the value the MFAA provides, and the trust mortgage and finance brokers place in our association.”
The peak membership body of the broking industry posted an operating surplus of over $347,000, marking a decrease from the previous year’s approximately $479,000 surplus.
A 12% increase in expenses was attributed to higher wage expenses, professional development expenses associated with rollout of the MFPA designation, event expenses and marketing spend.
Cash reserves remained steady at slightly over $9 million.
Coordinated approach to payroll tax
A cornerstone of the MFAA’s advocacy agenda in 2025 was its campaign to address the application of NSW payroll tax to mortgage brokers.
In a coordinated effort with other leading industry bodies, the MFAA has actively opposed the treatment of brokers as contractors under the Payroll Tax Act 2007, appearing before the NSW government inquiry to argue for legislative reform.
MFAA chief executive Anja Pannek (pictured, right) has worked with industry leaders including Commercial Asset Finance Brokers Association of Australia (CAFBA) chief executive David Bushby and Loan Market executive chairman Sam White to deliver a united front on the issue.
Their evidence contributed to increasing pressure on the NSW Government to review and modernise its interpretation of the Payroll Tax Act.
Addressing serviceability
Throughout the year, the MFAA pushed for a more flexible and dynamic approach to loan serviceability assessments.
Specifically, the association recommended changes to how serviceability buffers should be applied by lenders and regulators, arguing that the existing ‘one-size-fits-all’ approach is unnecessarily restrictive in a stabilising interest rate environment.
The MFAA’s submission to the Senate’s Home Ownership Inquiry included a proposal to implement a dynamic serviceability buffer that responds to market conditions, particularly for low-risk borrowers.
This would theoretically enable more Australians – especially first-home buyers – to secure financing and enter the property market without compromising prudent lending standards.
CSLR pains
Under Pannek, the MFAA has remained an outspoken critic of the current funding model for the Compensation Scheme of Last Resort (CSLR), raising concerns that it places an undue financial burden on mortgage and finance brokers who are unlikely to ever be the source of a claim.
The MFAA has advocated for a more equitable framework that reflects the actual risk profile of industry participants.
In the financial year, the MFAA made detailed submissions to Treasury and regulatory bodies, including a post-implementation review of the CSLR in March 2025.
Addressing education standards
Earlier this year, the MFAA launched the Mortgage Finance Professional Australia (MFPA) designation, marking Australia’s first-ever professional qualification for experienced mortgage brokers.
Developed in partnership with RMIT Online, the MFPA offers a university-level program focusing on ethics, business management, personal leadership, and customer engagement.
When Pannek discussed the MFPA with MPA in September, she said it “clearly demonstrates we're not a set and forget”.
“We want to give further pathways to our members… to continue to lift the bar and the professionalism, the trust, the capability of brokers in our industry. I think that's really important. That's a big role of what associations do.”
The year ahead
“As I reflect on this year, I am proud of the progress we have made,” said Pannek in the MFAA’s annual report.
“Our achievements have been made possible by the dedication and professionalism of our members, the guidance and support of our Board and the commitment of the MFAA team.
“Advocating for you, supporting you in your broking business and promoting the value of your work anchors all that we do. I look forward to building on this year’s momentum in the year ahead, confident in the future of our industry.
“To our members – thank you for your continued trust. The MFAA team and I consider it an honour and a privilege to represent you, our members, and to advocate for your interests.”
