Mortgage broking Courses

If you’re looking to pursue a career that harnesses your passion for finance to help people secure the homes of their dreams, you may want to consider becoming a mortgage broker. The position involves acting as an intermediary between lenders and borrowers through the property...

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First things first: What does a mortgage broker do?

Before committing to a broking course, you need to understand what a mortgage broker does on a day-to-day basis. As a broker, you will work on behalf of borrowers, assessing their finances to determine how much they can permissibly borrow and liaising with financial organisations to find a home loan that works for their circumstances. When an appropriate financial product is found, the mortgage broker will then guide the borrower through the mortgage application process, helping them to submit essential documents and ensuring that healthy communication channels are maintained between the lender and the borrower.

If this sounds like something you would enjoy and you are passionate about the world of finance, as well as being personable and committed to helping others, you will need to gain relevant broking qualifications. After all, mortgage brokers are licensed professionals who clients need to know they can trust.

What are the first steps to becoming a mortgage broker?

In Australia, the process of becoming a mortgage broker involves the following steps:

1. Complete a Certificate IV in Finance and Mortgage Broking

Obtaining a Certificate IV in Finance and Mortgage Broking is absolutely fundamental if you want to enter the profession. Indeed, it is a minimum requirement for working as a broker in Australia and will open up several new opportunities to gain further qualifications. You will, of course, need to do your research before selecting an educational organisation with which to complete your Certificate IV, ensuring that they are an accredited and respected provider.

2. Obtain a diploma

Although not strictly speaking a requirement for mortgage broking, it is highly recommended that you obtain a Diploma of Finance and Mortgage Broking before embarking on a job search. As well as giving you a better understanding of the skills needed for the role, doing so will significantly increase your chances of securing employment. Again, it is imperative that you find a professional and accredited education provider to help guide you through your studies and obtain your diploma.

3. Obtain your licence

Once your education has been completed, you will need to apply for an Australian Credit Licence (ACL). Indeed, this is a requirement for all mortgage brokers in Australia and can be obtained via the Australian Securities and Investments Commission (ASIC). If you fail to obtain your ACL, you will only be able to work in a role such as a credit representative, thereby decreasing your earning power and hindering your career progression.

4. Join a mortgage broking organisation

Next up, you should join a well-regarded mortgage broking organisation where you will receive career advice from practising mortgage brokers. Having a mentor is vital in the first couple of years in your career as they will usually act as your aggregator, opening your network up to several lenders. A couple of examples of reputable broking organisations include the Finance Brokers Association of Australia (FBAA) and the Mortgage and Finance Association of Australia (MFAA).

What skills will I need to hone and learn on a mortgage broking course?

Although some people are naturally more predisposed to being good mortgage brokers, you will learn some valuable skills on a broking course that will help you to build a successful career. These include:

– Negotiating with lenders to secure the best deals for your clients
– Handling large quantities of data and research
– Thinking critically and solving problems
– Interacting with a wide range of people

What kind of salary can a mortgage broker expect to earn?

This is a difficult question to answer as some brokers primarily earn via commission, while others are offered a flat rate of pay. For some, therefore, income can fluctuate in line with the state of the housing market. A commission-based model can, of course, mean that earning potential is very high if you are motivated and hard-working.

To give you a rough idea of earning potential, salary survey provider PayScale puts the average earnings of a mortgage broker in Australia at $56,629 per year. With experience, of course, this number will rise considerably, with the MFAA suggesting that people who have worked in the profession for three or more years can expect to earn around $142,000 per year before associated costs.