How to become a mortgage broker

So, you want to become a mortgage broker. Before you can start, there are some requirements you will need to meet. Here we provide information on how to start your career as a mortgage broker including mortgage broker training requirements, courses available and ASIC requirements.

DOMDocument::loadXML(): Start tag expected, '<' not found in Entity, line: 2

Looking for a great value home loan with super fast approval?

Get Pre-Approval online & get a response in minutes with MyRate.

Mortgage broker training and courses

Before you can operate as a mortgage broker in Australia, you will need to meet certain educational requirements. At the time of writing the requirements were that you need to complete Certificate IV in Financial Services (Finance/mortgage broking). You can complete this course through any accredited course provider. At the time of writing modules in the Certificate IV in Financial Services (Finance/mortgage broking) include:

Operation in financial markets
The regulatory framework
The Australian economic environment
Understanding loan products
Processing loan applications
Effective business management for mortgage professionals.

Western Australian mortgage brokers will need to complete the Finance broking course instead of the Certificate IV in Financial Services (Finance/mortgage broking).

There may also be other training and educational requirements for mortgage brokers wishing to join a professional association. For example, mortgage brokers joining the Mortgage Industry Association of Australia (MIAA) will need to meet certain educational requirements. You can find out more at www.miaa.com.au

Some home lenders will require mortgage brokers to become a member of a professional body such as the MIAA before being able to originate home loans offered by that particular lender.

ASIC requirements for mortgage brokers

While mortgage brokers selling home loans are not usually required to be licensed as providers of financial advice, some activities performed by mortgage brokers may require licensing by ASIC. Some of these activities may include, but are not limited to:

Dealing in mortgage offset accounts
Operating or dealing in general insurance products, and
Operating, advising or dealing in managed investment schemes.

ASIC is also responsible for the consumer protection of mortgage broker customers. At the time of writing, ASIC has the power to impose penalties on mortgage brokers in Australia.

Mortgage broker careers

If you are interested in a career as a mortgage broker, speak to other mortgage brokers and get a feel for the industry. Visit the MIAA website for more information and also visit the ASIC website for more detailed information on requirements. When you are qualified as a mortgage broker, you may want to start with one of the larger mortgage broking businesses. This way, you will be able to gain experience in and sell home loan products from a wider range of home loan providers. If you wish to go out on your own from the start, you may need to join an aggregator service as some lenders will have minimum monthly sales requirements in order to gain access to their home loan products. By joining an aggregator service, you will have a much wider choice of home loan products.

DOMDocument::loadXML(): Start tag expected, '<' not found in Entity, line: 2

Digg this Post page to del.icio.us Post page to Furl

Home Loan Info.com.au

Home Loans Australia

Refinancing Information

Home Loan Information

Mortgage Broker Information

Featured Home Loan Information

Useful tips for buying a house Guide to buying a house

Buying a new home can be a daunting experience whether you are a first home buyer or an existing home owner. Here we provide home buyers with some tips on buying a new house.

Finding the right mortgage broker in Brisbane

So, you've started looking for your new home in Brisbane. You've found a home that you and your family love and now it's time to arrange the finance. If you don't have the time to do all the research from the hundreds of home loan options available yourself, then it may be a good idea to get professional help from a mortgage broker. Here we provide some tips on finding the right mortgage broker in Brisbane.

Brisbane Home Loans Mortgage Options

When house hunting in Brisbane, there are a number of home loan options available to today's home purchaser. Fixed, variable or split rate home loans, the list goes on, but where to start? Here we take a look at some of the options to help you find the perfect home loan in Brisbane.

Investment loans reviewed How to choose the right loan for your purpose

If you want to invest in property in Australia, then you will most likely apply for a property investment loan from one of the home lenders. In the past, investment loans used to purchase investment properties charged a slightly higher interest rate than home loans for owner occupiers. However, with increased competition in the home loan market in Australia, you can now find an investment loan for a property with the same low interest rate available to owner occupiers. Here we look at investment loans for property investors.

Choosing the right Melbourne mortgage broker

Finding the right home loan is no easy task thanks to the wide range of home loan options from both the more traditional banks and the newer non bank lenders. This wide choice of home loan products has helped to dramatically increase the number of Melbourne mortgage brokers helping home buyers in Melbourne find the right home loan. Here we offer some practical tips on how to find the right mortgage broker in Melbourne that will best suit your situation.