Media Statements

The ranks of Australia’s finance and mortgage brokers continue to swell according to new research from the Finance Brokers Association of Australia (FBAA), which also reveals the number of women entering the industry is on the rise.

According to the 2025 FBAA Broker Density Report, there are 10.9 brokers per 10,000 adults in Australia, with the ratio rising 1.87 per cent from the previous report.

The report, based on a survey conducted by leading researcher CoreData, found there are 22,000 brokers in Australia with the broking industry growing 3.66 per cent since 2024.

Currently 13,000 customer-facing finance and mortgage brokers are members of the FBAA, representing around 59 per cent of Australian brokers.

FBAA managing director Peter White AM said the report “paints an optimistic picture for the future of Australian broking.”

“The number of brokers is on the rise, both in absolute terms and as a proportion of the overall population,” he said.

“Consumers keep turning to brokers because they know they’re best placed to help Australians secure better rates, more flexibility, and lending solutions tailored to their circumstances.

“Increased competition between lenders is driving demand for brokers among consumers seeking tailored advice, better deals and guidance in navigating lending markets.”

While the report shows males continue to dominate the industry, the number of female brokers increased to almost 6,500, representing a gender split of 70/30, compared to 72/28 in 2024.

High population states Victoria and New South Wales have the highest ratio of brokers, with lower ratios in outer metro and regional areas marking a “real growth opportunity”, according to Mr White.

“Emerging opportunities persist around the fringe regions of major cities, where housing prices and populations continue to rise faster than broker presence,” he said.

“Broker expansion into these areas will be an ongoing focus for the FBAA.

“It’s also encouraging to see more women entering a broking industry keen to utilise the unique skills and experience they bring to the profession.”

Mr White added that, “in an era of technological change, ongoing CPD will be crucial for all brokers and we’ll continue to offer world-class training and professional development opportunities.”

According to the report, there are 4,668 Australian Credit Licensees in operation.

A white paper released by the peak international mortgage broker body predicts personalised human advice will keep brokers at the centre of the profession as it enters a “decade of unprecedented change”.

The report from the International Mortgage Brokers Federation (IMBF) is the result of dialogue in Dublin earlier this year among mortgage brokers from the USA, UK, Canada, Ireland, Australia, New Zealand and other European nations.

The Finance Brokers Association of Australia (FBAA) is the only Australian association represented on the world body, which enables each global region to openly discuss their journeys with regulation and industry development, and consider how this may impact other regions.

FBAA managing director Peter White AM, who is also the current chair of the IMBF, said optimism about the future of broking underpins this year’s white paper which focused on the critical question of ‘How will we remain relevant in 2030 and beyond?’

“The FBAA will be using this paper at board level, and it will enable us to not only compare our progress and priorities to associations on other jurisdictions across the world, but better understand where the industry is headed,” he said.

While Mr White said that the white paper refers to “advice” and that Australia has “an assistance not advice model”, it was still highly relevant to the future of the local industry.

Stating that “artificial intelligence, embedded finance, regulatory shifts, and changing consumer expectations are transforming how—and where—advice is provided,” the white paper identified five signals that will shape the mortgage broker of 2030:

1.  Advice (professional guidance in Australian terms) is what sets you apart: in a world of embedded finance, mortgage brokers must prioritise personalised and ethical advice (guidance in Australia) as their core value.

2. Technology and trust must coexist; AI functions as support, not a replacement. Mortgage brokers should combine digital skills with human insight.

3. Education must evolve: Future-proof mortgage brokers need technological proficiency, emotional intelligence, and business insight—not just compliance expertise or training.

4. Inclusion fuels innovation: Gender diversity isn’t just a moral concern— it’s essential for reach, resilience, and relevance—and is increasingly demanded by many customers.

5. Mortgage brokers must be co-creators: Innovation, policy, and platform design must be developed in collaboration with mortgage brokers, utilising their unique insights into customer journeys.

-End-

About IMBF:

The IMBF is the leading global forum for bringing the international mortgage broking community and its suppliers together to collaborate on shaping market practices, while influencing regulation and legislation through global advocacy.

Managing director of the Finance Brokers Association of Australia Peter White AM said recently announced plans by ANZ to dramatically increase its branch lending sales force should not come as a surprise.

He said mortgage brokers have been hearing similar rhetoric from other major banks for some time and it’s part of their playbook.

“I’m not referring specifically to ANZ, but let’s just say a few of the majors have been obsessed for a while about increasing their direct business and in some cases reducing support for the broker channel, but they are missing the point.”

“It’s not about brokers and it’s not about the banks. It’s about the customers and they are overwhelmingly putting their trust in mortgage brokers.”

Mr White said he understands that banks are focused on profits for their shareholders, but is continually amazed at how such large organisations with smart people “often can’t see the forest for the trees.”

“While technology is rapidly advancing, the attitudes of some of the larger banks remain stuck in the past, and they can’t seem to embrace today’s competitive and customer-driven environment.”

“Let’s make it real – the big banks hate competition and if they had their way they’d go back to the old days when a few of them controlled the market.

“But the losers back then were consumers, and this was highlighted not so long ago at the royal commission, which we must remember was set up to investigate misconduct of the banks.

Mr White said recent actions by the big banks including re-establishing practices that were criticised by the royal commission, makes him doubt that they have learnt their lesson.

“Meanwhile mortgage brokers are adhering to Best Interests Duty and acting in the best interests of the customer.”

He said he finds it “somewhat humorous” that some banks still see brokers as competition.

“Borrowers are still customers of the lenders, so this is all just silliness to me.”

His message to brokers was to “keep doing what you are doing and providing excellent customer service.

“Hopefully soon the big banks will get it, as other lenders already do, and focus their energy on working with the broking channel in the best interests of our mutual customers.”

Job satisfaction among finance and mortgage brokers is high with 71 per cent satisfied, according to a recent Finance Brokers Association of Australia’s (FBAA) Bi-Monthly Broker Poll.

However despite this, while almost all brokers surveyed (90 per cent) viewed broking as a long-term career when they started, over half (54 per cent) admit they have considered leaving the industry at least once in their career.

FBAA managing director Peter White AM said he was pleased that the vast majority loved their job, but wasn’t surprised that the top reason given for wanting to leave the profession was “aggressive lender practices” like clawbacks.

Work-related stress and financial strains were also high on the list.

“This feedback demonstrates the impact these issues have on brokers and their willingness to stay in the industry, and is the reason why the FBAA has been so vocal and continues to advocate for change,” Mr White said.

“It’s a long journey but we have started to see breakthroughs that some never thought we would see, which encourages us to continue the fight against practices that are unfair.”

The poll also revealed that younger brokers are feeling more stress impacts and less workplace support, listing better pay and conditions as the keys to incentivise them to stay.

According to the poll, 7 in 10 brokers who are satisfied plan to continue for five years or more, which Mr White said was a vindication of the FBAA’s focus on advocacy and professional development.

“Our message to members is to talk to us about how they can improve and succeed, as we exist to help brokers thrive in all aspects of their business and CPD,” he said.

Quotes from surveyed brokers who have considered quitting the industry:

“Clawbacks and ongoing demands of the job affecting mental health.” – Mortgage broker, 38, Female

Banks, especially Big 4, are pulling their support from brokers by establishing their online banking channels, giving customer extra rate discount if they reach through direct channel, openly discouraging customers to go to brokers etc.” – Finance broker, 46, Male

Aggregators have too much control and seem to only focus on the bigger groups that bring them in more money. ” – Mortgage broker, 45, Male

The Finance Brokers Association of Australia (FBAA) says a pledge from ASIC last week to enhance its technological platforms and slash red tape is “too little, too late” for many brokers and small businesses.

FBAA managing director Peter White AM said the “multi-year program of work” announced by ASIC was hugely frustrating for brokers, who say immediate improvements are what’s needed.

“Governments and regulators have been talking for decades about cutting red tape and yet we are still singing the same old song, but that’s no substitute for meaningful action,” he said.

“Brokers and small businesses often find it exceptionally difficult to navigate meeting their compliance requirements online because of poorly designed websites.

“The ASIC and ATO websites might make sense to regulators, but users find them confusing and impenetrable.

“We need better websites based on current technology and operating platforms, and far clearer and ‘plain English’ communication now, not years into the future.”

The ASIC statement says “a Simplification Consultative Group formed late last year with key leaders across business, industry and consumer groups (has) been focused on simplifying how we regulate.

“They still don’t seem to grasp the basic issues,” Mr White said.  

The Finance Brokers Association of Australia (FBAA) is warning the federal government against imposing higher levies on unrelated sectors to cover shortfalls in the national Compensation Scheme of Last Resort (CSLR).

In a submission to Commonwealth Treasury, the FBAA stated brokers shouldn’t be forced to bear the brunt of financial advice failures which they had no part in.

FBAA managing director Peter White AM said repeated warnings to government about the scheme’s funding model had gone unheeded, with brokers now potentially facing higher levies.

“When the CSLR was first proposed, the FBAA warned it wasn’t appropriate to take funds from unrelated sectors to cross-subsidise failings in another sector,” he said.

“We were also concerned the model prioritised payments of fees to the scheme administrators and external dispute resolution scheme ahead of anyone else”.

“Why should brokers be forced to pay towards AFCA fees and higher scheme administration costs for shortcomings in another sector?

“The forecast increase in payments relates to failings in the financial advice sector, not the broking sector, and I don’t want to see our industry unfairly penalised.”

Assistant treasurer Dan Mulino was notified in July that estimated claims costs relating to personal advice in 2025-26 under the CSLR were $67.3 million, exceeding the $20 million limit on levies that can be applied to the advice sub-sector to fund the claims.

Mr Mulino subsequently issued a public consultation paper seeking stakeholder feedback and is considering options under the CSLR legislation to raise a special levy to pay for the excess costs.

FBAA regulatory compliance specialist David Carson said the financial burden of unpaid determinations should not go beyond relevant stakeholders, one being the government. 

Mr Carson recommended government must make a financial contribution, saying it already collects too much money from industry through fees and levies.

“Government can’t continue to look at industry as a bottomless supply of money,” Mr Carson said.

“We recognise there are consumers who are affected by the actions of bad actors, and we support measures designed to assist them”.

“However, this scheme is barely 12 months old and we already have a problem. We don’t want to see honest, hardworking businesses deprived of vital income, especially when the failures in this scheme substantially lie at the feet of government and regulators.”

The Finance Brokers Association of Australasia (FBAA) has announced the appointment of financial services expert and former ASIC executive David Carson as part of a new regulatory engagement group that will give brokers an even stronger voice with governments, regulators, consumers and other key industry stakeholders.

FBAA managing Peter White AM said Mr Carson brings superb credentials to the role.

“David will be working closely with me and our leadership team on submissions to all governments – federal, state and territories, and into New Zealand – helping to ensure the FBAA continues to advance the interests of brokers and consumers,” he said.

The FBAA regulatory engagement group, led by Mr White, will also include specialist media, marketing and legal support.

“This team is a ‘force to be reckoned with’ like no other, and will not only deepen our footprint and engagement with regulators and ministerial office staff, but deliver stronger proactive member and industry awareness to what we do in this space,” Mr White said.

“The FBAA represents the majority of individual finance and mortgage brokers across Australia and we will now be harnessing this power and leverage for even greater impact.”

While the appointment of Mr Carson expands and extends on the 10-year working relationship he has enjoyed with FBAA, Mr White will continue the direct advocacy, lobbying and engagement with regulators and senior ministers, as he has done successfully for many years.

Mr Carson, who is a credit specialist with a background in financial services, said he was honoured by the opportunity to lend his many years of experience in regulation and compliance to FBAA’s advocacy efforts.

“This is an excellent opportunity to work more closely with my good friends at the FBAA, building on the already strong relationships the association has forged with government, regulators and other stakeholders,” he said.

“We all benefit when new laws and regulatory requirements are developed off the back of informed discussion and where the interests and full impacts on affected sectors are thoroughly understood.”

A qualified lawyer, Mr Carson has client-facing experience in stockbroking and financial planning and served in ASIC’s financial services enforcement team.

He has also participated in treasury working groups for FOFA and Phase 2 credit reforms.

The Finance Brokers Association of Australia (FBAA) has announced a strong membership surge over the past 12 months, hitting 13,298 members as of 30 June 2025, with that number increasing to more than 13,400 as of 1 August.

FBAA managing director Peter White AM said 2174 new members joined the association with net growth significant despite some members retiring or leaving the industry.

“We are grateful for the confidence our members have shown in us, by making us the nation’s largest industry association for individual finance and mortgage brokers,” he said, pointing out that the FBAA doesn’t “double count” members who are both individuals and companies.

He also revealed that around 95 per cent of members hold only FBAA membership, a figure he called significant, as it “brings some clarity around broker numbers.”

Mr White said 92 per cent of members were customer facing brokers, with the remainder retired members, non-loan writers and students who joined as a result of the association’s proactive efforts to foster the future of the industry.

He said there was much to celebrate in a year that included great gains in educational initiatives and professional development.

“We were pleased to launch the Certified Finance Broker (CFB) program in collaboration with CFMIA, and the “Diploma with a Difference’”, and of course we have just completed our Elevate PD Series which sold out venues around the country, and the Commercial Masterclass series.

Mr White said advocacy for members was always a priority.

“We’ve continued to meet with senior ministers, senators and even had a private dinner meeting with the prime minister as part of our efforts to reduce clawbacks.”

Heading further into 2025-2026, Mr White says the association will continue to engage with regulators and MPs on both sides of politics, and will keep expanding its education platforms to ensure “a solid and relevant base of knowledge is available to members at the highest professional capabilities available.”

Thanking members for giving the FBAA such high member satisfaction ratings, he revealed the association was currently developing “improved technology driven systems solutions to better assist members with engagement and access to enhanced services and products soon to be launched.”

“Thank you to all FBAA staff, board members and volunteer state representatives of the FBAA across Australia for the exceptional job you’ve done to advance the industry over the last 12 months,” Mr White said.

“It’s been a very big year investing in our team, and an even bigger year ahead investing into our business and members.”

The Finance Brokers Association of Australasia (FBAA) has disputed the claim by APRA chair John Lonsdale that “the current level of the buffer rate has not been restrictive on new credit to the household sector”, made to justify regulator’s decision on Wednesday to retain the 3 per cent buffer.

FBAA managing director Peter White AM said the comments aren’t consistent with the association’s research that found reducing the serviceability buffer by 0.5 per cent could boost borrowing capacity by $276 billion nationally.

“We welcome APRA’s decision to review the serviceability buffer more regularly, which is what we’ve been calling for, but see this decision as a missed opportunity to widen the path to homeownership for more Australians.”

Mr White said research commissioned by the FBAA and conducted by global research consultancy CoreData, found that a reduction of the buffer rate by 0.5 per cent would mean that around 270,000 more people could access median home loans.

The research also showed that almost 400,000 first home buyers aged between 25 and 34 would benefit, with those using a five per cent deposit seeing the greatest access gains for loans under $900,000.

“This small reduction would unlock loans for borrowers we know can afford to service them,” he said.

“In the light of all this, it’s very difficult to accept APRA’s claim that credit continues to flow where it’s needed.”

He said the 3 per cent buffer was also “forcing thousands of Australians to remain in ‘mortgage prison’ leaving them unable to refinance loans for a lower rate, despite them having proven their ability to service a loan at a higher rate.

Mr White said that he will be bringing the issue up again directly with senior government ministers.

The Finance Brokers Association of Australasia (FBAA) has announced the appointment of former Tasmanian state president Justin Delanty to the national board, replacing Barry Honey who is departing for personal reasons.

Managing director of Lending4U, Mr Delanty has been involved in the broking sector since 1995 and currently serves on the Yellow Brick Road Aggregation advisory board.

“Having seen the exponential growth of the FBAA’s membership over the past few years, I am excited to be involved with its ongoing transformation to the pre-eminent financial services membership body in Australia,” Mr Delanty said.

FBAA managing director Peter White AM said the association was privileged to have people of the calibre of Mr Delanty who can step into a board role.

“We appreciate Justin’s great work as a state president, and his significant experience on boards over many years means that members can be confident that he will fit seamlessly into the role of a national director,” he said. 

Mr White also praised Mr Honey’s contribution to the FBAA board since 2021.

“With his expertise in forensic accounting and experience as a director and chairman of numerous boards, Barry has played a major part in leading the FBAA through expansion and increased complexity.

“We wish him the very best and know he will always be part of the FBAA family.”

The FBAA has also announced the appointments of new state presidents and vice presidents, effective from July 1.

In Tasmania, current councillor Rhianna Farnan from Derwent Finance has taken on the role of acting state president while Toby Mahoney from Urban Money Australia continues as vice president.

Nectar Mortgages general manager Stephen Harris has been appointed the new state president in NSW and ACT, with Brad East of Dealify the new vice president.

In South Australia and Northern Territory, Flint director Sergio Stefano has commenced as state president with Kym Russell from Nieuvision moving to vice president.

While Scott Beattie from Cube Home Loans continues his term as the Queensland state president, the state’s new vice president is aviation finance specialist Regan Lacey.

There are no changes in Victoria with state president Marios Rokka of Lending Centre Australia and vice president Nathan Taddeo of RedZed continuing, while in Western Australia, Luke Bray from Freo Finance continues as state president.