General overview
Becoming a mortgage broker in Australia involves several steps. Here's a general overview:
Meet eligibility requirements
You need to be at least 18 years old, have a clean criminal record, and meet the Australian Securities and Investments Commission's (ASIC) requirements for honesty, integrity, and competency.
Complete relevant education
You must complete a Certificate IV in Finance and Mortgage Broking. This qualification covers the legal and regulatory framework, industry practices, and lending products relevant to mortgage broking.
Gain industry experience
Many lenders prefer brokers with industry experience. Working in a related field such as banking, finance, or real estate can be beneficial.
Join an aggregator or brokerage firm
Most mortgage brokers operate under an aggregator or brokerage firm. Aggregators provide support, access to lenders, and compliance assistance. Joining one can simplify the process and provide valuable resources.
Obtain an Australian credit licence (ACL)
Mortgage brokers in Australia must operate under an ACL, either as an individual or as part of a company. You can obtain your ACL directly from ASIC or operate under another entity's license.
Complete professional indemnity insurance
Brokers must have professional indemnity insurance to cover any potential liabilities arising from their activities.
Continuous professional development (CPD)
Mortgage brokers must undertake ongoing training and development to maintain their knowledge and skills. This involves completing a minimum number of CPD hours each year.
Adhere to regulatory requirements
Mortgage brokers are subject to various regulatory requirements, including responsible lending obligations and disclosure requirements. Staying compliant with these regulations is essential.
Build a client base
As you start your career as a mortgage broker, focus on building relationships with clients and referral sources. Providing excellent service and demonstrating expertise will help you attract and retain clients.
Stay informed
The mortgage broking industry is constantly evolving, with changes in regulations, products, and market conditions. Stay informed about industry developments and continuously update your knowledge and skills.
Remember, the process of becoming a mortgage broker in Australia can vary depending on individual circumstances and regulatory changes. It's advisable to seek guidance from industry associations, regulatory bodies, and experienced professionals to ensure compliance and success in your career as a mortgage broker.


Are you looking for a job?
Now that you know how to become a mortgage broker, you should take a moment to check our current vacancies page.
At 11 Recruitment, we have a range of white-collar temp and perm jobs available. We're always on the lookout for top talent to place with our clients, so we encourage you to apply for any positions that are of interest.
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