How to become a mortgage broker

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Written By workfin

Writes about finance and home loans, business loans 

In Melbourne, Sydney or any other city in Australia, want to know process of becoming a Mortgage broker.
Here is the list of steps you need to follow to become a mortgage broker in Australia

#1 Obtain qualifications

Obtain qualifications including a Certificate IV and a Diploma in Mortgage Broking.

#2 Choose an Aggregator

An aggregator is an organisation who will support you through accrediting you with a panel of lenders, providing you with software, marketing, business development, compliance support, and much more.

#3 Become a Credit Representative

Get your Australian Credit License (ACL), or become a representative of a license holder. A credit license is issued by ASIC and empowers you to engage in credit activities such as giving credit advice.
Credit license holders are held to very high standards, so as a new broker it may be more appropriate to become a representative of a license holder.
For instance, your aggregator may be a licence holder that can appoint you as a representative. 

#4 Get MFAA or FBAA membership

Get your MFAA or FBAA loan-writer category membership. It will allow you to commence your profession as a mortgage broker.

#5 Find a Mentor

Choose a mentor who will help you navigate your first two years as a broker and oversee your work.