How do I become a Mortgage Broker?
- Why become a Mortgage Broker?
- What are the minimum requirements to become a Mortgage Broker?
- How can Walker and Miller help me become a Mortgage Broker?
- Learn about Mortgage Broking before you start
- Mortgage Broker Industry Requirements
- MFAA or FBAA Accreditation
- How do you start your career in Mortgage Broking?
Why become a Mortgage Broker?
Mortgage and Finance broking can be one of the most rewarding careers available in Australia. The ability to work flexible hours and earn a substantial income are some of the benefits of the industry, especially when the entry requirements to become a broker are simpler than other industries that offer similar rewards.
What are the minimum requirements to become a Mortgage Broker?
As a minimum requirement, most lenders now require you to have a Certificate 4 and become a member of an industry association, generally the MFAA (Mortgage & Finance Association of Australia) or the FBAA (Finance Brokers Association of Australia). These associations will require you to have a FNS40821 Certificate IV in Finance and Mortgage Broking as will the National Consumer Credit Protection Act (NCCP) which requires a Certificate 4 to obtain a credit licence or become a credit representative. Since June 2012, The MFAA also requires members to be enrolled or obtain a FNS50322 Diploma in Finance and Mortgage Broking Management).
How can Walker and Miller help me become a Mortgage Broker?
Walker & Miller Training Services provide one of the few independent Mortgage broker Certificate IV and Diploma courses in Australia designed to get you started as a Mortgage Broker and accredited with the MFAA, FBAA, major Australian lending institutions and comply with ASIC’s education requirements. Courses are held monthly in Sydney, Melbourne and Brisbane and other capital cities or can be completed via distance learning.
Further information on How to become a mortgage or finance broker is available on our “How to become a Mortgage Broker” Starters page. Alternatively for further information about getting started as a mortgage broker Click here to fill in the enquiry form or call 1300 136 947 or (0299225198).
Whether you are new to the industry or need to become compliant under the ASIC and MFAA guidelines, these courses are designed to have you operating in the minimum possible time frame while gaining solid foundations in the mortgage industry.
Learn about Mortgage Broking before you start
Some of the Broker and Franchise Groups have training courses for new brokers starting in the mortgage industry, but you need to commit to them prior to undertaking the training. They might even require you to pay huge franchise fees prior to you having a complete understanding of your options in the industry.
With this course you gain the ability to transact in the market place and choose the group, if any, that is right for you after you have gained enough knowledge to make a proper decision. Part of the course covers the groups in the industry and what they offer you. On course completion, a variety of career opportunities are open to you including working as a mortgage or finance broker, in credit, loan processing, mobile lender for mortgage companies, banks and other industry companies.
Mortgage Broker Industry Requirements
The requirements now to become a broker, be able to become accredited with lending institutions to sell their products and to join the FBAA / MFAA include completion of the FNS40815 Certificate IV in Finance and Mortgage Broking. Even experienced brokers are required to have a Certificate IV if they are to join the association. (See the How to become a broker Starters page for further details). As of January 2013, All brokers wishing to join the MFAA also are required to obtain a Diploma in Financial and Mortgage Broking Management in the first year of membership.
MFAA or FBAA Accreditation
If you are wanting to become a mortgage broker and become accredited with the major Australian lenders you need to achieve Associate Credit Advisor (ACA) (Previously Accredited Mortgage Consultant (AMC) status with the Mortgage and Finance association – MFAA, or join the Finance Brokers Association of Australia – FBAA. This course is the starting point for both memberships.
How do you start your career in Mortgage Broking?
The Certificate IV course is the basis to becoming a mortgage or finance broker. On successful course completion you can to apply to the MFAA as an Associate Credit Advisor or for FBAA membership or to become accredited with banks and other financial institutions. We can even introduce you to Mortgage groups and financial institutions looking for new employees and members. Click Here to Enquire Now