Both let couples formalise a financial agreement, but they work very differently.
Consent Orders are approved by the Court, so the settlement has to be fair to both parties under the law. You only need one lawyer to prepare them, so they’re generally simpler and more affordable. Unlike a Binding Financial Agreement, Consent Orders can cover parenting arrangements too.
A Binding Financial Agreement is a private agreement between you and your partner that isn’t approved by the Court. This gives you more flexibility, but each of you needs independent legal advice for it to be binding, which makes it a bigger investment. It covers financial matters only, not parenting. But it can permanently finalise spousal maintenance, something Consent Orders can’t do on their own.