Dear Sofeeya,
The choice of which path you take (binding separation agreement or consent orders) depends on what you are aiming to achieve.
Consent orders is a process that requires the applicants who have already agreed to the terms of their separation, to file an application in the Federal Circuit and Family Court of Australia (“FCFCOA”). The application can be for Financial Orders and/or Parenting Orders.
The only reason that you should consider consent orders over a binding separation agreement is if you want the Court to issue parenting orders.
The consent order paperwork is not so straightforward and takes longer to complete. Hence the extra cost of the hours spent by the certifying lawyers. And yes, each party needs to have an independent lawyer advise each client and sign a certificate to that effect.
Typical time from start to finish is 2 to 3 months.
A binding separation agreement (same as a BFA but used for separating assets etc) requires the 2 lawyers and the certificates, but is much quicker at about 3 to 4 weeks from start to finish. A binding separation agreement cannot include any arrangement in respect of children or child support.
Both consent orders and a BFA meet the requirements for stamp duty free real estate title transfers and superannuation splitting.
Consent orders cost are typically $4k to $5k and a BFA is $3k to $4k.
You also said that your solicitor suggested using consent orders. Most do as a consent order is issued by the FCFCOA and cannot be challenged in the future, while a BFA technical can be challenged as a BFA is a private agreement. I have been involved in the completion of over 3,000 BFAs and I have never heard of a binding separation agreement being challenged in Court.

Kind regards,
AussieLegal