How to become a mortgage broker in Melbourne

Photo of author
Written By workfin

Writes about finance and home loans, business loans 

Want to know process of becoming a Mortgage broker in Melbourne, Victoria, Australia.

Here is the list of steps you need to follow to become a mortgage brokering business in Melbourne, VIC, Australia

  1. 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.  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 your MFAA or FBAA loan-writer category membership. It will allow you to commence your profession as a mortgage broker.
  5. Choose a mentor who will help you navigate your first two years as a broker and oversee your work.