In order to work as a Finance Broker you will need to undertake a Nationally Recognised Course.
Qualifications are required; during the the licence application process, for membership into one of the industry professional bodies, to achieve authorised agent status underneath a current licence holder and prior to accreditation with banks and lending bodies.
Minimum qualification standards are currently set at two levels, firstly at a regulatory level set by the “Australian Securities and Investment Commission” (ASIC) and secondly at a professional level set by the “Mortgage and Finance Association of Australia” (MFAA).
All industry participants who offer “credit” (lend money) and “credit related services” (advice and recommendations on borrowing money) must comply with ASIC regulations. ASIC oversees the “National Consumer Credit Protection Act” (NCCP) which set out the legal framework governing activities within this industry.
ASIC Educational Requirements
Regulatory Guide 206 states that the Certificate IV in Finance and Mortgage Broking (Formerly FNS40804, now FNS40811) in the minimum educational requirement for Responsible Managers and Authorised Representatives.
The secondary level of standards is set at “Professional” level through a professional body, such as, MFAA. These standards are not legally enforceable and there is no official requirement for new entrants to join a professional body or comply with their standards. There are however benefits that come along with membership to a
professional body (such as MFAA), especially for Brokers. Many Banks and Lending Institutions choose to only deal with members of a professional body. In this way professional bodies can impose higher standards by denying membership to those who fall short of their criteria.
Walker & Miller training services offer flexible and blended learning programs which allow you to obtain a Mortgage Broking qualification within weeks as opposed to months. If you are currently working in the industry and need to obtain or update your qualifications, the online programs are an ideal way to help you succeed in your chosen profession.
These programs are also suitable for those considering employment in the Mortgage Broking industry. The program has widespread industry support, with qualification issued by an “MFAA Preferred Provider” making your application for membership to the professional body significantly easier.
MFAA Educational Requirements
All MFAA members and new entrants must be enrolled into the Diploma of Finance and Mortgage Broking Management (Formerly FNS50504, now FNS50511). There is no requirement for the Diploma qualificationto have been completed