A career as a finance broker can be extremely rewarding.
Great brokers are not only helping their customers obtain finance, they're helping their customers achieve their dreams - whether that be the 'great Australian dream', creating a safe and secure home to raise a family, laying the foundations for financial prosperity, or financing a dream business.
In addition, finance brokers meet a diverse range of interesting customers, and are exposed to a variety of challenging, yet ultimately rewarding, experiences.
The path to becoming a broker, particularly a mortgage broker, can be broken down into the following key steps.
1) Sign up to the industry's leading broker association, the MFAA. Signing up is free and gives you access to some of the benefits of MFAA membership including MFAA News. Sign up here.
2) Obtain qualifications including a Certificate IV and a Diploma in Mortgage Broking. There are a variety of providers who can help you get these qualifications here.
3) 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. You can find a list of aggregators here.
4) 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.
5) Upgrade your MFAA membership to a loan-writer category membership, allowing you to commence your profession as a mortgage broker. Upgrade your membership here.
6) Choose a mentor who will help you navigate your first two years as a broker and oversee your work.
Whilst there are several other smaller steps along the way to becoming a broker, by joining the MFAA first, we will be able to give you dedicated step-by-step help and support along your journey. MFAA broker members also receive an extensive range of benefits that will help them build and run successful businesses. Find out more about what the MFAA offers you here.
Begin your career right now - join the MFAA!