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How to become a Mortgage Broker

A mortgage broker is a person or company that arranges mortgages between lenders and borrowers; mortgages are a commonly found legal agreement where a bank lends money at interest in exchange for the title of the property until the debt is paid. A career being a mortgage broker involves tasks such as reporting, negotiating, filing documentation, excellent communication and other skills required to assess a borrows financial abilities.

Note that a stockbroker, however, is different in that the professional buys and sells securities on a stock exchange on behalf of clients, they do not work closely with a bank but are similar to a mortgage broker in that they will provide the best advice for your financial possibilities.

To become a mortgage broker, your career must start off with a qualification in finance, the minimum requirement to centre into this field is a Certificate IV in Finance and Mortgage Broking, however, other finance courses such as a Diploma will assist your career better. If you are planning to engage in credit activities within Australia you will need an ASIC Credit License (Australian Securities and Investments Commission) which requires a minimum two years prior experience before you can obtain the license.

To be successful, many lenders prefer if you are part of an industry body to prove you have the skills and backings of a large organisation.  The two major bodies include the Mortgage & Finance Association of Australia (MFAA) and the Finance Brokers Association of Australia (FBAA). It is important to know that the minimum qualifications to join to FBAA are a Certificate IV, whilst a Diploma is the entry requirement for the MFAA.

If you believe that a Diploma of Finance in Mortgage Broking Management is the start of your career in being a mortgage broker then consider the possible financial and mortgage broker courses available for you.

Diploma of Finance and Mortgage Broking Management

To help broaden your knowledge in finance or broking skills, consider studying a Diploma of Finance with specialisation in Mortgage Broking Management to help you build on a variety of skills such as commercial lending, risk management and broking options. Upon completion of this qualification you will be eligible for membership of the FBAA and be the best step towards fulfilling industry requirements to be a professional mortgage broker.

Diploma of Financial Services

A Diploma of Financial Services is an excellent start to your career, aiming to be a general pathway into the financial services industry for you. This nationally recognised qualification covers a wide range of areas including market analysis, financial forecasts and projections as well as budgeting topics including management and assessment.

Graduate Diploma of Applied Finance

The Graduate Diploma of Finance is commonly found to compress the first year of the Master of Finance but into a shorter course, that is designed for students who are seeking an extra qualification in Finance. This type of Diploma in Finance offers you flexibility if you wish to begin your career earlier as it can be completed in one or two years depending on your preferred study method. Once completing this program, a graduate can find employment in being an Analyst, Trader and other financial positions.

Online Finance Courses

If the career path of your choice looks difficult or limited to achieve, consider studying a finance course online to give you the flexibility and options to start your journey. Some online courses that may be suitable include:

  • Advanced Diploma of Accounting
  • Diploma of Financial Planning
  • Certificate IV in Accounting
  • Diploma of Finance