Mortgage Broking Courses

In Australia, the FNS40821 Certificate IV in Finance and Mortgage Broking is the minimum qualification for mortgage brokers (see ASIC’s Regulatory Guide 206). If you’d like to join a professional association, you might need to complete extra courses before you’re eligible to join. For example, membership with the Finance Brokers Association of Australia (FBAA) requires the FNS40821 Certificate IV in Finance and Mortgage Broking, while the Mortgage and Finance Association of Australia (MFAA) requires the FNS50322 Diploma of Finance and Mortgage Broking Management for Associate Credit Adviser (ACA) or Credit Adviser (CA) membership.

After you’ve obtained the minimum qualification, you can then apply for an Australian Credit Licence (ACL) as long as you have at least two years of experience within the financial sector. If you don’t have this work experience, you can become a credit representative working with a company or employer with a registered Australian Credit Licence (ACL).

Mortgage broking could be a fantastic career choice if you’re good with numbers and enjoy developing strong relationships with clients. It could offer a generous income, work-life balance, and an opportunity for self-directed, autonomous work. ASIC regulates and certifies mortgage brokers as a profession, so before you get started, ensure you have the relevant qualifications and necessary certification or licensing.

Mortgage brokers are go-betweens for banks and lenders and people looking for a home loan. The broker works with home buyers to work out what they want from a home loan, what they can afford to borrow, and the right mortgage products. Mortgage brokers assess the client’s financial situation and explain how each loan might work. They’ll stay up to date with different lenders’ policies and mortgage products, so they can make the most appropriate recommendations for home loans, and they’ll guide home buyers through the application to settlement process. For all this expert advice, the mortgage broker gets paid a fee or commission from lenders.

Mortgage brokers are regulated and certified by ASIC, and the law forbids mortgage brokers from recommending products unsuitable for clients. The profession is heavily regulated with many compliance rules, but it can be highly rewarding for detail-oriented people with strong analytical skills.

Before working as a mortgage broker, you’ll need to complete the relevant qualifications for eligibility for ASIC certification or for eligibility to work under an employer with a registered Australian Credit Licence (ACL). Kaplan Professional’s FNS40821 Certificate IV in Finance and Mortgage Broking and FNS50322 Diploma of Finance and Mortgage Broking Management both offer an entry point to becoming a mortgage broker.

Mortgage brokers are intermediaries between borrowers and lenders or banks. They help everyday people with securing the right home loan for their financial situation. Some of their key responsibilities include:

• Communication – Mortgage brokers tend to interact a lot with clients, including discussing client’s requirements and helping them understand how home loan products differ. They can assist clients with things like home loan costs and extra features like offset accounts and redraw facilities. Mortgage brokers assist with basics like working out borrowing capacity, deposit requirements, and repayment amounts.
• Recommendations – Mortgage brokers help with assessing a client’s financial situation, understanding their goals, and making appropriate recommendations for mortgage products.
• Documentation – A mortgage broker can assist clients with gathering the necessary documents to verify their identity, income, assets, debt, and credit history. These can include pay slips, bank statements and other documents.
• Research and analysis – As a mortgage broker, you’ll likely spend time researching different home loan products from banks and other lenders. Armed with a solid understanding of available products, you can then make better recommendations to borrowers, while saving them from having to do numerous hours of research.
• Negotiate – You might be able to help borrowers find a great deal they otherwise wouldn’t find on their own. If you have strong relationships with lenders, you can help you clients negotiate better terms.
• Application – Mortgage brokers often assist clients with putting together applications for home loans. They can provide valuable advice on submitting a complete application and even on getting finances in order before applying to improve chances of success
• Updates – Your relationship with borrowers can continue even after they purchase their property. For example, you can give them updates on changes in the home loan market or help them refinance and secure another mortgage later down the track.

Ultimately, mortgage brokers use their knowledge of the home loan space to assist borrowers with achieving their goals – as opposed to simply selling home loans. From helping people who are buying their first home or investment property to someone downsizing, mortgage brokers need to understand which loans are best for different types of customers.

You’ll need to have certain qualifications to become a mortgage broker. By completing Kaplan Professional’s FNS40821 Certificate IV in Finance and Mortgage Broking or FNS50322 Diploma of Finance and Mortgage Broking Management, you’ll fulfil the qualification requirements for a mortgage broking career pathway.

To become a mortgage broker in Australia, the minimum education requirement is the FNS40821 Certificate IV in Finance and Mortgage Broking. This is required by the Australian Securities and Investments Commissions Regulatory Guide (RG 206).

There are no educational entry requirements for Kaplan Professional’s mortgage broking qualifications. However, individuals are required to be 18 years or older to enrol.

Individuals who are in Australia on a student visa are unable to enrol in this subject. If you are in Australia on a visa and wish to enrol, you need to check that you are enrolling in accordance with the study conditions of your visa.’

Kaplan Professional recommends individuals with less than 6 months experience in the finance sector complete the optional subject, Introduction to Finance Principles (IFP). Individuals who’ve completed the  aren’t required to complete the Introduction to Finance Principles (IFP).

The FNS40821 Certificate IV in Finance and Mortgage Broking is an ideal course for those entering the mortgage broking industry, or who are currently working in the industry but are looking to gain a qualification and work as a mortgage broker. This qualification has 12 units of competency; seven (7) core subjects and five (5) electives. This qualification is recognised by the Finance Brokers Association of Australia (FBAA) and the Mortgage & Finance Association of Australia (MFAA) but individuals must upgrade to a Diploma within 12 months to maintain MFAA membership status – see the webpages for membership eligibility criteria.

The FNS50322 Diploma of Finance and Mortgage Broking Management is also for those wanting a career in the finance and mortgage broking industry, or who are already in the industry looking to upgrade their education. The FNS50322 Diploma of Finance and Mortgage Broking Management is made up of 15 units of competency; 10 core subjects and five (5) electives. the Mortgage & Finance Association of Australia (MFAA) – see the MFAA webpage for membership eligibility criteria.

Both qualifications provide valuable insight to those wanting to the enter the mortgage broking industry. However, the FNS50322 Diploma of Finance and Mortgage Broking Management provides more in-depth information and fulfils the education requirements to meet financial broker status with the MFAA. Individuals who’ve successfully completed the FNS40821 Certificate IV in Finance and Mortgage Broking can upgrade to the FNS50322 Diploma of Finance and Mortgage Broking Management.

^*Additional requirements may be needed to apply for membership with professional associations. Additional requirements may differ depending on the level of membership you apply for. Please refer to relevant association’s website for further details.

Yes. Individuals who have successfully completed the  FNS40821 Certificate IV in Finance and Mortgage Broking can upgrade and enrol into the FNS50322 Diploma of Finance and Mortgage Broking Management.

The minimum education requirement to apply for membership with the Mortgage and Finance Association of Australia (MFAA) is the FNS40821 Certificate IV in Finance and Mortgage Broking, but you will be required to upgrade to the FNS50322 Diploma of Finance and Mortgage Broking Management within 12 months to maintain your membership.

To apply for membership with the Finance Brokers Association of Australia (FBAA), the minimum education requirement is the FNS40821 Certificate IV in Finance and Mortgage Broking.

^*Additional requirements may be needed to apply for membership with professional associations. Additional requirements may differ depending on the level of membership you apply for. Please refer to relevant association’s website for further details.

Our experienced and knowledgeable Course Advice team is available to answer all your questions, whether they’re about available qualifications, enrolment dates, completion pathways or just general study advice.