Jason Given
Director & Mortgage Broker at Lendology. MFPA designated, MFAA member. Specialises in separation finance across Australia.
By Jason Given · April 2026 · 5 min read
A Binding Financial Agreement (BFA) is a legal contract between partners that sets out how assets, liabilities, and financial resources will be divided. Unlike Consent Orders, a BFA does not require court approval - it is a private agreement between the parties, each of whom must have independent legal advice.
BFAs are typically used when both parties agree on the split and want to avoid the time and cost of court filing. They can be entered into before, during, or after a relationship. The process is generally faster than Consent Orders - weeks rather than months.
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Book a confidential chatSome lenders accept a signed BFA as sufficient documentation to proceed with a refinance or equity buyout - meaning you do not need to wait for Consent Orders. Others require Consent Orders before they will approve. Lendology knows which lenders accept BFAs, which can save you months in the refinancing timeline.
Lendology coordinates with your family lawyer to ensure the financial terms in your BFA are achievable from a lending perspective - book a confidential chat before you finalise your agreement.
Yes - BFAs can be challenged if proper legal process was not followed, if there was fraud or duress, or if circumstances have changed materially since signing. This is why independent legal advice for both parties is essential.
Generally yes - BFAs avoid court filing fees and the time involved in court processing. However, both parties still need independent legal advice, which has a cost. Your family lawyer can advise on the best path for your situation.
Yes. BFAs can be set aside by a court if proper legal process was not followed.
Common grounds for challenge include lack of independent legal advice, fraud, duress, unconscionable conduct, or a material change in circumstances relating to the care of a child. This is why the legal advice certificates are so important.
Yes, but enforcement may require court action if the other party does not comply.
A properly executed BFA is legally binding. If your ex-partner refuses to comply with its terms, you can apply to the court for enforcement orders. This is one reason some people prefer Consent Orders, which already carry court authority.
We are not just explaining the process. We arrange the actual finance: refinancing into your sole name, funding a partner buyout, or setting up a new loan independently after settlement. We work with a panel of over 60 lenders to find the one that fits your situation.
Once the legal side of your property settlement is resolved, the next step is usually a financial one. That is where we come in.
Jason and Steve also help clients with first home loans, refinancing, and investment lending at lendology.com.au.
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