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MFAA vs FBAA

Discussion in 'Property Finance' started by smator, 1st Aug, 2015.

  1. smator

    smator Well-Known Member

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    Hi guys

    When I was looking for a broker, noticed that some are in the MFAA whilst others are in the FBAA. Is there any real difference between the two or is it similar to accountants with CA and CPA? Is there any impact on which lenders they'll be able to use? Does a broker even need to be a part of either or is it a prerequisite to be part of one?
     
  2. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker Business Member

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    Industry perception that MFAA is slightly more prestigious than FBAA but in reality it doesn't matter which industry body the broker is aligned to.

    It is more important to understand why they are recommending a particular strategy (lender, product, etc) and how this recommendation fits in with the long term strategy.
     
  3. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Nothing like CA or CPA. Membership of 1 or the other is generlly complusory, but they are essentially meaningless which one a broker is a member of. It makes no difference in terms of lenders or any other matter.

    If I had a choice I would be a member of neither.
     
  4. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    FBAA membership is easier to obtain - they don't have a requirement for the diploma (just the cert IV).

    Having said that - it really doesn't matter a great deal and certainly doesn't indicate whether the broker is quality or not.

    Cheers

    Jamie
     
  5. smator

    smator Well-Known Member

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    14th Jul, 2015
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    Location:
    Sydney
    Thanks all, didn't realise it was compulsory.