How to become a mortgage broker

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If you’re interested in pursuing a new career path, there are a lot of reasons why becoming a mortgage broker might be right for you. There is a handful of steps to achieving that goal; that’s why we’ve put together this guide to help you on your way.

Hit the books

The first step after you’ve decided to become a mortgage broker is to undertake the necessary education. Not everyone who starts on the broking path has a background in finance, but everyone needs to complete the Certificate IV in Finance and Mortgage Broking as a minimum requirement. This comprehensive course cover a broad array of concepts and techniques relevant to the industry, giving you the foundation you need to launch your new career.

For those who wish to go deeper, the Diploma in Finance and Mortgage Broking Management takes you past the fundamentals of Certificate IV, educating you on a wider range of financing options for your clients.

Get your Australian Credit License (ACL) and join a professional organisation

Once you’ve completed the education, now you’re almost ready to look for a job or even set up your own shop. Before doing that however, you need to gain the necessary professional accreditations of the industry. First things first, you’ll need to gain an ACL through the Australian Securities and Investments Commission (ASIC). Barring any unforeseen delays, after 28 days ASIC will issue you with your new license and you’ll be legally able to start work.

Another important step is to join a professional mortgage broking organisation. In Australia, there are two main groups – the Finance Brokers Association of Australia (FBAA) and the Mortgage and Finance Association of Australia (MFAA). While similar, each organisation has its own particular nuances, so it pays to speak to other brokers to decide which is a better fit for you.

Find an aggregator

Now that you’re fully educated and accredited, it’s time to start finding clients and offering your products. An aggregator’s primary role is to facilitate access to the major lenders for brokers, but when you’re starting out as a new mortgage broker they also play a mentoring role. ASIC requires that all new brokers be mentored for the first two years of practice, so finding a helpful and connected aggregator is one of the most crucial early moves you will make in your broking career.

You can contact a Smartline for further advise on becoming a franchisee on 13 14 97.

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