The Australian Mortgage Broker – How to Qualify

The first thing to be aware of for anyone who wishes to become a mortgage broker in Australia is that you must become acquainted with the Mortgage Industry Association of Australia (MIAA). The MIAA has set the standard for the mortgage industry in Australia and as such, they have set the standard for qualifying as a mortgage broker.

The first step toward qualifying to become a mortgage broker in Australia is to get the proper training. The majority of lending institutions will require that you have gone through the MIAA to obtain your training and that you have a minimum of the MIAA Compliance Pack or the three individual modules themselves: the MIAA Uniform Consumer Credit Code (UCCC) modules, the MIAA Privacy Module, and the MIAA Compliance Essentials Module. The great thing is that all of these can be completed online through the MIAA. The MIAA may also recognize training from other sources, so check with them to determine what other training programs qualify.

Mortgage Brokers working within Western Australia are required to have a Finance Brokers License whether you are accessing regulated or unregulated loans. In addition, the Australian Capital Territory requires finance brokers to register with them to work with UCCC regulated loans. It is highly recommended that you check with the state you will be operating in to be sure of the regulations that may affect you.

Of course, when in business for yourself, especially when you are working with the public, you need to have insurance. As a broker, you will need to obtain Professional Indemnity insurance with coverage of minimum of $1,000,000 per claim and $3,000,000 when using an aggregate.

bviously, throughout this process you will undoubtedly become a member of the MIAA, which is necessary, as most lenders require you to have membership status with them. Once you have the training, membership, insurance and licenses you need you will be well on your way to becoming a successful mortgage broker, helping people realize their dreams by becoming homeowners.