Thinking of becoming a Mortgage Broker? Here’s what you need to know!

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A mortgage broker is go-between between the borrower and the lender (usually a bank) who negotiates a loan on your behalf. They will research and compare the many loan options available in the marketplace and then support you through the application and settlement process.

The average salary of a Mortgage Broker is $75,286 per annum. (seeklearning.com)

Unlike many other industries, the financial service industry does not allow practicing employees to operate without a minimum education requirement.

According to the Australian Securities and Investment Commission (ASIC) the minimum educational requirements for a mortgage broker are:

  • An overview of the mortgage industry including detailed analysis of terminology and financial products relating to mortgages. Matching products to meet the needs of clients.
  • Fundamentals of lending including learning about the credit process and how banks assess whether or not an applicant meets the criteria to have a loan approved. Participants also learn how loans are structured and the impact of fees and taxes upon the mortgage lending process.
  • The loan process itself. Trainees need to understand the importance of matching the features of a loan to the needs of their clients. Educating the client is a part of the mortgage broking process. Clients need to understand exactly what they are receiving so they can make a measured judgement as to the suitability of the product.
  • Business practices. As well as becoming competent in providing professional and complete information to clients, brokers also have to run a business and learn how to manage their time, keep up their professional skills and maintain customer relationships.

In accordance with these requirements, Australis College’s Diploma of Finance and Mortgage Broking Management (FNS50315) has been specifically tailored to incorporate all these learning areas so that students who graduate with our diploma can start working in the industry straight away.

Students learn to:

  • Build trust and rapport with clients
  • Interpret client requirements and tailor financial products to meet their needs
  • Document complex needs and protect client interests
  • Conduct trend and risk analysis, including financial product modelling
  • Identify risks and control and conduct probability assessments
  • Analyse, model, prioritise and measure risk loan structures/options
  • Learn the business practices associated with running a mortgage broking business
  • Problem solve and generate action plans for complex loans

The course also teaches students how to build a network of industry partners who will provide referrals and offer opportunities to gain industry experience in the form of internships and entry-level graduate positions.

The Diploma of Finance and Mortgage Broking Management is recognised by the Mortgage and Finance Association of Australia (MFAA) and the Finance Brokers Association of Australia (FBAA) and Australis College has been listed as a preferred RTO by both these associations.

Once you have your qualification with Australis, you’re well on your way to having the mortgage broking career of your dreams.