Embrace the Future with Mortgage Broker Mentors Australia
Your Life, Reimagined
What We Do
Mortgage Broker Mentors Australia provides holistic mentoring services to those who are new to the industry. MBMA provides mentoring nationally with the utilisation of group and one-on-one video conferencing. Our coursework is provided in partnership Mortgage and Finance Association of Australia's (MFAA) online learning platform.
MBMA Mentoring Program covers:
Getting Your Business Started
Self Sourcing Referrals/ Business
Customer Life Cycle Management
Off the Plan Lending
Reading Financial Reports
Commercial Lending & Equipment Finance
Introduction to SMSF Lending
Our Mentoring Story
Experienced. Certified. Supportive.
Our MFAA Accredited Mortgage Broking Mentor, Michelle has 35 years of experience in the Financial Services sector in Senior Sales, Relationship and Business Development roles. She has worked extensively in the Banking, Finance, Aggregation and Mortgage Broking channels including 20 years of service with a major Australian Bank and lending for 12 years in the residential and commercial space during that time. In her current leadership role Michelle has grown a team of brokers, tripling settlement volumes equating to more than double the industry average per broker within 6 months. She provides coaching and business development support, driving prospecting and strategic sales activity to increase broker revenue, profitability and customer service outcomes.
In previous roles Michelle has successfully recruited and relationship managed 100’s of brokers in Queensland and interstate. She is an exceptional communicator, influencer and negotiator, cultivating quality relationships and strategic partnerships across a diverse industry spectrum to drive sales success and integration to achieve business revenue growth. Michelle is passionate about helping brokers to fulfil their optimal client relationship and sales objectives, enabling them to build the best possible life for themselves and their family.
How To Become A Mortgage Broker
The process of becoming a successful broker
What is a mortgage broker?
At the most basic level, a mortgage broker acts as an intermediary between the borrower and the lender.
They operate under a credit licence and are certified by the Australian Securities and Investments Commission (ASIC) to recommend mortgage products based on a thorough assessment of a client’s situation, a broker must not recommend a product that is unsuitable for a client.
But it’s so much more than this!
What it takes to be successful
Personality-wise, you have to be a people-person with the mind of an analyst.
Other attributes include:
Willing to put in long hours.
Committed to professional development.
A passion for helping people.
Resilience to handle rejection.
Strong maths skills.
Sound judgement and common sense.
Good communication and negotiation skills.
High attention to detail.
As a bare minimum, you’ll need a:
Clear criminal record (minor exceptions can be made).
Clear credit history (minor exceptions can be made).
Clear standing with the banks.
Certificate IV Finance and Mortgage Broking.
Have the right to live and work in Australia.
Typically people who become mortgage brokers come from Banking and Financial Services or from the Real Estate industry. However, having the right attitude is key. That’s why mortgage broking is actually open to people from a wide variety of backgrounds. In fact, some of the most successful brokers didn’t even have a financial services background before they joined the industry!
Why do people choose a broking career?
Opportunity to earn a great uncapped income.
Independence in the day-to-day work so you can put your own personal spin on the service you deliver and how you advertise (as long as you’re following compliance requirements).
Help everyday Australians achieve their dreams of ownership, particularly those who don’t quite fit standard lending policy.
Outside of licensing, certification requirements and ongoing professional development required by your professional body, you don’t need a University Degree to become a mortgage broker.
What is the Earning Potential of a mortgage broker
The amount you earn per annum is limited only by the volume of loans you settle per month.
According to the 8th Edition MFAA's Industry Intelligence Service the average gross annual earnings for a broker is $128,709 (for the 6 month period Oct18 - Mar19).
The 10 Steps To Become A Mortgage Broker
Pathway to A Broking Career
Complete Certificate IV Finance and Mortgage Broking
The Certificate IV Finance and Mortgage Broking is the educational requirement to work in the Finance and Mortgage Broking industry. As part of this course, you will have access to 12 Units of Competency.
BSBITU306 - Design and produce business documents
FNSCRD301 - Process applications for credit
FNSFMB401 - Prepare loan application on behalf of finance or mortgage broking clients
FNSFMB402 - Identify client needs for broking services
FNSFMB403 - Present broking options to client
FNSFMK505 - Comply with financial services legislation and industry codes of practice
FNSINC401 - Apply principles of professional practice to work in the financial services industry
FNSINC402 - Develop and maintain in-depth knowledge of products and services used by an organisation or sector
FNSASIC302 - Develop, present and negotiate client solutions
FNSCUS501 - Develop and nurture relationships with clients, other professionals and third party referrers
FNSFMB501 - Settle applications and loan arrangements in the finance and mortgage broking industry
FNSSAM403 - Prospect for new clients
To successfully obtain your Certificate IV Finance and Mortgage Broking you are required to complete all 12 units.
Each module has Learning Resources and assessment tasks, questions and role plays.
The REAA can provide you with all the course content required to obtain your qualification. They also have a platform in their learning portal where you can message the trainers to ask them any questions you have.
Complete Compliance Certificate for Anti-Money laundering and Counter-Terrorism Financing.
Mortgage Brokers are required to comply with various legislation and regulations which govern lending activities. The MFAA Initial Compliance Pack is designed to assist finance brokers in their understanding and compliance with key legislation. The course contains a series of modules and assessments and includes the updated AML3 requirements.
Module 1: NCCP
Module 2: Privacy Act
Module 3: Compliance Essentials
Module 4: MFAA Standards and Operating Guidelines
Module 5: Anti Money Laundering/Counter Terrorism Financing Act 3
Module 6: Literacy and Numeracy
Obtain a National Police Check
You can order you National Police Check through CVCheck. There’s no faster way to get a National Police Check than with CVCheck. They're a National Police Checking Service (NPCS) Accredited Agency, which means they meet a strict criteria from the Australian Criminal Intelligence Commission (ACIC), including verified company legitimacy and certain security requirements. Using a secure online service such as CVCheck, enables you to easily organise verification checks. Results are then efficiently distributed electronically, providing you with instant access to your Police Checks.
Complete a Personal Credit History and Bankruptcy Check
You will require your Credit History and Bankruptcy checks when applying for:
Becoming a Credit Representative, and
Registering for your external disputes membership
Seeking lender accreditation's
Join Australian Financial Complaints Authority
All Australian financial services licensees, Australian credit licensees, authorised credit representatives and superannuation trustees are required to be a member of the Australian Financial Complaints Authority (AFCA) under their financial services licence conditions, in accordance with ASIC Regulatory Guide RG 165.
AFCA’s members include banks, insurers, credit providers, financial advisers, debt collection agencies, superannuation trustees and many more. AFCA offer fair, independent and effective solutions for financial disputes facilitated by professional and experienced staff.
AFCA replaces the Financial Ombudsman Service (FOS), the Credit and Investments Ombudsman (CIO) and the Superannuation Complaints Tribunal (SCT) and is now the sole EDR body to resolve financial complaints.
You can commence your application Here.
Join a Professional Body
The primary purpose of a professional body is to advance its members interests through leadership in advocacy, education and promotion.
This means their role is to help members run more successful businesses, and help grow and ensure the sustainability of the mortgage and finance market.
There are two professional bodies to choose from when considering which to become a member of;
The MFAA and FBAA, each have their own offering. Our program aligns to the MFAA's minimum educational standards and our mentor is fully MFAA accredited. As coursework will be delivered via the MFAA online learning portal, MBMA mentees will be asked to join MFAA.
Obtain Professional Indemnity Insurance
Mortgage Brokers purchase PI policies to protect their business and personal assets and are required by law to hold a policy to run their business.
Most insurers now provide industry specific insurance policies to cater for the nuances of each industry. To this end you should ensure that your PI Insurance is placed with an insurer who provides a specific Mortgage Broker PI Policy Wording. For example, Insurance House offer a policy specific to the Mortgage Broking Industry.
Become an Australian Credit Representative
You will need to have your authorisation from the day you start being a mortgage broker. Strict penalties apply to those who unlawfully engage in credit activities.
ASIC assesses applications for credit representatives as part of its role as regulator of the consumer credit industry. As a Credit representative, you're authorised to engage in specified credit activities on behalf of a credit licensee. Your MBMA mentor will guide you through this process.
Trained on industry specific mortgage software
The broking industry is always changing, and in order to succeed you need an industry specific platform to lodge your loans, manage your workflow, customer service, marketing campaigns, research, product comparisons and compliance. We'll support you through this process with training from industry experts.
Complete Bank Accreditation's
With over 60 lenders on our panel, we'll assist you in obtaining those accreditations pertinent to commencing your career as a mortgage broker to enable you to meet your client's needs.
Ongoing Training and Mentoring
As an enrolled MBMA mentee, we will guide and support you through the above ten steps and beyond. We will continue to support you through a structured mentoring program so that on completion you are in control of your career and empowered to secure your financial freedom. To find out more about the specifics of the mentoring program visit our about program page.