Mortgage Brokers Course... Your next Step

Before you can operate as a mortgage broker in Australia, you will need to meet certain educational requirements. The initial mandatory requirement is the Certificate IV in Financial Services (Finance/mortgage broking). You can complete this course through any accredited course provider. Modules in the Certificate IV in Financial Services (Finance/mortgage broking) FNS40810. Modules in the Certificate IV in Financial Services (Finance/mortgage broking) include:

1. Introduction to Mortgage Broking and the Financial Services Industry
2. The Regulatory Framework
3. Loan Products and the Application Process
4. Business Management

The MFAA (Professional Industry Body) now requires mortgage brokers to complete a Diploma in Financial Services (Finance/Mortgage Management) to obtain Credit Advisor membership status. The Diploma in Financial Services (Finance/Mortgage Management) FNS50504 goes beyond the fundamentals covered within the Certificate IV in Finance and Mortgage Broking. It has been designed for Brokers who wish to broaden the scope of their business and provide their clients with a wider range of financing options. Obtaining the Diploma is achieved by completing a bridging/upgrade course from the Certificate IV to the Diploma.

Modules in the Diploma of Financial Services (Finance/Mortgage Management) include:

THE BROKER

• Identify and apply risk management processes
• Apply principles of professional practice
• Manage work priorities and your own professional development
• Monitor and manage small business operations

THE CLIENT

• Build professional relationships and generate referrals
• Educate your client on the effective use of credit
• Advise your client on effective budgeting and management of their finances

THE LOAN

• Identify complex broking options for your client
• Present broking options to your client with complex lending requirements
• Implement complex loan structures

The provider of choice for this qualification is Intellitrain, an industry leading Registered Training Organisation. For more information on mortgage broking courses and training please visit www.intellitrain.com.au.

ASIC requirements for mortgage brokers

Under the National Consumer Credit Protection Act 2009 (National Credit Act) mortgage brokers are now required to be licenced by ASIC. There are two key ways to become licensed by ASIC:

1. Becoming a credit licence holder or an employee or a director a credit licence holder
2. Becoming authorised as a credit representative of a licence holder

Some of the key requirements to becoming a credit licence holder or credit representative of a licence holder include:

• Acceptable background checks (e.g. referee reports, searches of the ASIC register of banned and disqualified persons, and police checks)
• Adequately trained and competent to engage in credit activities (Cert IV and 20 hours of continuing professional development each year)
• Membership of an external dispute resolution (EDR) scheme
• Adequate professional indemnity insurance
• Process to continuously monitor and supervise credit representatives (credit licence holders only)

For more detailed guidance on the ASIC Licensing regime please visit www.asic.gov.au

Mortgage broker careers

If you are interested in a career as a mortgage broker feel free to give us a call and setup an appointment with one of our State Business Managers. Also it would be a good idea to speak to other mortgage brokers and get a feel for the industry. Visit the MFAA website for more information and also visit the ASIC website for more detailed information on requirements. There are also professional training companies like Intellitrain who can provide you with all the necessary training and tools to become a mortgage broker.