Membership at the Finance Brokers Association of Australia gives you access to training courses, mentorship opportunities, and networking events. Read on to find out how to join
The Finance Brokers Association of Australia (FBAA) is a professional body that represents the interests of finance brokers in Australia. Its primary objective is to advocate for the industry and its members, promote ethical standards, and provide resources to enhance the success of finance brokers across the country.
Joining the Finance Brokers Association of Australia is not a mandatory requirement to become a mortgage broker in Australia. However, being in the FBAA or other similar associations can be advantageous for networking and professional development.
Interested in taking that step?
Here's everything you need to know about joining the Finance Brokers Association of Australia.
Why should I join the Finance Brokers Association of Australia?
Applying for the Finance Brokers Association of Australia to become a broker is a strategic move for professionals looking to establish or advance their career in the finance industry. It’s a leading national association representing finance and mortgage loan writers in Australia.
The Finance Brokers Association of Australia acts as a unified voice for finance brokers. It engages with government bodies, regulators, and other stakeholders to shape policies and regulations that affect the industry. It also offers education and training programs to ensure its members are equipped with the necessary knowledge and skills to provide quality service to their clients.
Beyond that, the FBAA provides a comprehensive package of support, resources, and opportunities to help finance and mortgage brokers thrive throughout their careers.
Free access to industry events
Gain valuable insights and network with colleagues at the annual FBAA National Industry Conference.
Attending annual events is crucial for finance brokers. These gatherings provide unique opportunities for networking, learning about the latest industry trends, and gaining valuable insights.
They also offer a structured pathway to fulfill Continuing Professional Development (CPD) requirements, which are essential for maintaining professional competency and standards in the finance and mortgage industry.
Mental wellbeing support
Access free legal advice, financial coaching, and counselling through the FBAA member assistance program, Assure, for yourself and your immediate family.
Industry-leading education
Enhance your skills and knowledge with courses, training, and resources offered by the FBAA Education Institute.
In partnership with AAMC Training, the FBAA Education Institute offers mortgage broker courses, finance broker courses, CPD required training, and industry seminars. The platform also provides courses on business operations, human resources, time management, and project planning, among others.
This education platform is available for free to Finance Brokers Association of Australia members and is designed to support brokers at every stage of their career.
Have you looked into the FBAA Education Institute yet? Grow your skills, broking career & business with access to the FBAA Education Institute collection of courses, resources, training & tools. FREE for FBAA Members. Find out more:https://t.co/9rrtUOPJtp#finance #mortgage pic.twitter.com/oT4OaKnUa4
— FBAA Media (@FBAAmedia) January 19, 2024
Business resources and tools
Benefit from business and marketing tools that are tailored to help brokers and businesses in the finance industry. Finance Brokers Association of Australia members have access to:
- finance calculators: these tools can be integrated into your website
- marketing assets: the FBAA provides a range of pre-created marketing materials such as social media artwork, videos, and flyers
- consumer blogs: the FBAA offers ready-to-publish blog content. Members can customize these blogs with their business name and make additional tweaks before publishing
- recruitment templates: these templates are designed to streamline your business operations, especially in hiring and onboarding new staff
Mentoring program
The organisation’s finance and mortgage broker mentor program offers valuable opportunities for both mentors and mentees. It includes a comprehensive approach to skill development, case studies, and direct support from trainers and industry experts.
Mentees can track their progress and fulfill their 2-year mentoring requirement with mentor sign-off. The platform also provides mentors with tools and resources for effective guidance.
All content is CPD approved, ensuring a high-quality learning experience for future brokers.
Up-to-date industry news
Stay ahead of the curve with the Finance Brokers Association of Australia's insights and analysis on the latest industry developments delivered through the app, e-newsletter, and digital magazine called Broker.
Dispute resolution
Access the Finance Brokers Association of Australia's internal dispute resolution and disciplinary tribunal to effectively resolve potential issues. Take this step before escalating to the Australian Financial Complaints Authority (AFCA) or other regulatory bodies.
This is a significant benefit for members as it provides a framework to manage and resolve disputes internally, potentially avoiding the complexities that come with external intervention.
Who can apply for membership
Eligibility requirements
To apply for a Finance Brokers Association of Australia membership, you must fulfill the requirements outlined by the association. This includes meeting certain educational and professional requirements such as:
- a Certificate IV in Finance and Mortgage Broking or equivalent
- a National Police Check
- lender references
- disclosure of any legal or financial issues
- Professional Indemnity Insurance
- membership in an ASIC-approved External Dispute Resolution Scheme
- a minimum of two years of finance industry experience or be mentored if less experienced
Applicants must also demonstrate their commitment to the Finance Brokers Association of Australia's Code of Conduct, emphasising ethical behavior and client-focused service. Familiarise yourself with the Code of Conduct before applying for membership.
Membership categories
Various membership categories in the FBAA are tailored to different levels of experience and roles within the finance and mortgage broking industry.
As of 1 July 2023, here are the membership categories and fees:
Accredited member
This is the most common category, open to licensed finance and mortgage brokers and businesses acting as finance brokers, mortgage originators, or equipment finance brokers. They hold full voting rights.
Membership fee: $499 annually + $115 application fee
Associate member
Ideal for new brokers and loan writers with less than two years' experience in the industry. Requires nomination by a current Finance Brokers Association of Australia member and grants full voting rights.
Membership fee: $385 annually + $115 application fee
Corporate member
Caters to non-broking entities in the finance industry like banks, credit unions, and mortgage insurers. This category enjoys full voting rights.
Membership fee: $2,260 annually + $115 application fee
Corporate employee member
For PAYG employee loan writers within existing corporate members, but without voting rights.
Membership fee: $155 annually + $115 application fee
Employee administration
Available to non-loan writer employees over 18 years old working in various industry roles. This category does not grant voting rights or allow individuals to act as brokers.
Membership fee: $150 annually + $115 application fee
Affiliate member
For individuals and entities outside the corporate membership scope, like government agencies or those wanting to stay informed about Finance Brokers Association of Australia activities. They do not have voting rights.
Membership fee: $620 annually + $115 application fee
Student member
A free option for high school and university students up to 21 years old studying finance and not working full-time. This category comes with no voting rights and doesn't allow individuals to act as brokers.
Membership fee: Free
Retired member
For retired finance brokers who wish to stay connected with the Finance Brokers Association of Australia. They do not have voting rights.
Membership fee: $30 annually
How to apply
Applying for the Finance Brokers Association of Australia can be done through a straightforward online process. Here's a step-by-step guide:
1. Select a membership category
Each category caters to different roles within the industry and has specific eligibility requirements and fees attached. Choose the one that best aligns with your position.
2. Submit your application online
Navigate to the FBAA's "Join" page and find the "Apply Now" button corresponding to your chosen membership category. Proceed to fill out the online application form.
Ensure you have all relevant details like contact information, work experience, and any required qualifications readily available for smooth application completion.
When everything looks accurate, submit your application.
3. Await processing and approval
The Finance Brokers Association of Australia processes most applications within 60 seconds. However, if your application needs further verification, such as police or credit checks, you might need to provide additional information or experience a slightly longer wait time for approval.
4. Pay your membership fee
Upon successful application, you'll receive instructions on how to pay your membership fee. Membership fees vary depending on the chosen category. They offer payment options like credit card, debit card, or bank transfer.
Make the most out of your FBAA membership
Forge valuable connections
Attend Finance Brokers Association of Australia conferences, workshops, and other events to connect with colleagues, industry leaders, and potential clients. Joining committees or special interest groups allows you to connect with members who share your interests and expertise, fostering deeper connections and potential collaborations.
You can also use the Finance Brokers Association of Australia online directory and forums to find and connect with other members, and participate in discussions to share knowledge, ask questions, and build relationships.
Elevate your professional development
The Finance Brokers Association of Australia offers a host of training programs, workshops, and online resources to help you refine your skills and knowledge in various areas of the industry. Take advantage of these opportunities to stay ahead of the curve.
Many Finance Brokers Association of Australia events and courses are CPD-accredited, allowing you to fulfill your continuing professional development requirements.
Additionally, the FBAA Education Institute provides a comprehensive range of courses and resources to support your career advancement.
Leverage member benefits
The Finance Brokers Association of Australia membership unlocks exclusive discounts on various services, products, and resources related to the industry such as training courses, insurance, and marketing tools. Maximise these benefits to enhance your business and reach.
The FBAA member assistance program (Assure) also provides free legal services, financial coaching, and counselling services to members and their families.
Contribute to the industry
Consider volunteering your time and expertise on committees, mentoring programs, or other initiatives. This allows you to contribute to the association, gain valuable experience, and build your reputation within the finance and mortgage industry.
Sharing your knowledge and insights through forums, discussions, or events also fosters a collaborative and learning environment for everyone.
By actively participating in industry discussions and initiatives, you can contribute your voice and perspective to shape the future of the finance and mortgage industry.
Is a Finance Brokers Association of Australia membership right for you?
Deciding whether to join the Finance Brokers Association of Australia involves assessing your professional needs and goals.
Consider if you value networking opportunities, ongoing professional development, access to industry insights, and support mechanisms. If these align with your aspirations for growth and maintaining high industry standards, membership could be beneficial.
Do you feel like the financial and time investments outweigh the perceived value of membership as early as now? If so, it might be best not to join the Finance Brokers Association of Australia if you’re not in a position to actively engage with the community.
On the other hand, if you're ready to seize what Finance Brokers Association of Australia has to offer, take the next step and apply for membership now!
If you’re looking for mentorship opportunities outside of the Finance Brokers Association of Australia, our Best in Mortgage section is a good place to start. Here you’ll find the top names in the mortgage industry for possible networking or mentorship connections!
