Becoming a Mortgage Broker

Becoming a mortgage broker is both a challenging and rewarding career choice. There are many options within the industry to either be an employee, self-employed or to buy a franchise. Whatever option you choose, remember that there are a number of educational and industryrequirements which you must satisfy prior to joining the industry. 

The first step towards your mortgage broking career is to research the industry and decide whether this is the industry for you. Visit the websites of either the MFAA or the FBAA to make sure that you are comfortable upholding the standards required by the industry. The Mortgage & Finance Association of Australia (MFAA) and the Finance Brokers Association of Australia (FBAA) set the industry standards for educational and legislative requirements as well as setting the benchmark for ethical and professional conduct. The entry level to become Mortgage Broker is to become an MFAA or FBAA Accredited Mortgage Consultant (AMC).

Vision Mortgage Solutions provides a unique mentoring service where a dedicated Business Coach will help new members to gain their professional qualifications. For more information call 1300 797 144 or email This e-mail address is being protected from spambots. You need JavaScript enabled to view it .Initial Co

MFAA Initial Compliance Pack including AML and CTF 

Mortgage brokers & originators are required to comply with the various legislation (ie Acts and Codes) that govern their activities as lending intermediaries. This online education module from the MFAA is designed to assist mortgage originators in understanding and complying with the key legislation.  The Anti Money Laundering components and the Counter Terrorist Funding components are pre-requisites for most lending accreditations. The MFAA Initial Compliance Pack is a pre-requisite to gaining your AMC. The Pack can be found online through the MFAA website, Visit the MFAA Education Centre, find the Online Courses section and view the Course Catalogue.MFAA Initial Compliance Pack

Certificate IV in Finance Broking

This is a mandatory entry level for mortgage broking.  This course is provided to assist you with gaining formal accreditation in the Mortgage Industry. Completion of the Certificate IV Financial Services (Finance/Mortgage Broking) will provide credit towards your Diploma Financial Services (Finance/Mortgage Broking Management). There are many companies which provide this service with a wide range of prices and quality.  The National Finance Institute comes highly recommended as a service provider for both online and face to face courses.MFAA Initipliance Pack

Police CheckCePolice Check

The MFAA requires a police check on all potential AMC brokers. Likewise, when either joining or transferring to a Mortgage Aggregator, the Aggregator will request a recent police check – no older than 3 months. While the Australian Federal Police offer an online application for a police check, dropping into your local State Police station will allow you to receive your police check within around 10 working days (varying from state to state).MFAA Initial Compliance Pack

Credit CheckCedit Check

Similar to the police check, both the MFAA and the Mortgage Aggregators require a credit check no older than 3 months in order for you to become a member of their organisations. Credit checks can be ordered online from www.mycreditfile.com.au .

Professional Indemnity InsuranceCeProfessional Indemnity Insurance

As a Mortgage Broker, you must maintain your professional indemnity insurance at all times. Both the MFAA and the individual Mortgage Aggregators require current insurance as a term of membership. You can purchase insurance yourself or some Aggregators offer to cover you under their policies. Always ensure that you have a copy of a current certificate of currency from your insurer, even if you are covered under your groups policy.MFAA Initial Compliance Pack

COSL MembershipCredit Ombudsman Services Limited

The Credit Ombudsman Services Limited (COSL) is the industry dispute resolution service. Both the MFAA and the Mortgage Aggregators require membership of COSL prior to joining their organisations. COSL membership can be gained online by visiting the COSL website at www.creditombudsman.com.au .Combined Courses  

While there are many individual requirements to gaining your AMC membership, there are short courses offered by some of the Mortgage Aggregators which combine each of the elements and offer further training on loan scenarios, computer software and also accreditation with various lenders.   

The information contained in this guide is of a general nature only, and is not intended to be, and should not be relied upon, as specific advice. While every effort has been made to ensure the accuracy of this information at the time of publication, neither Vision Mortgage Solutions Pty Ltd nor their members or their associated companies will be liable for any action taken on this general information.