Hi guys,
im just curious and interested in becoming a mortgage broker in the near future. Could you guys, give me some guidance on which course or were i can find the correct course to study and to get involve in becoming a mortgage broker?
At the moment i have quit uni(but still attending exams), but i am doing a tafe course next year in Business(Banking and Finance), also there is a short course available called Mortgage Lending(this will only give me a cert 3).
The courses that i know on offer that i have mentioned, are there other courses that i can do, that will directly bring me to be a mortgage broker?
cheers
S.I.Sdont you have like… 11 property’s? you should build an empire [
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“Your Profit is made when you buy… not when you sell” (Rich Dad)still_in_school,
Go to the Real Estate Institute of Australia website- reia.com.au and they have a “careers” section there.
Or just type “mortgage broker career qualifications” or something into google.com australia only site. It should bring everything on the topic up for you.
kay henry
thanks guys for the response, so far no luck with being able to search for courses, but what i dont understand, maybe a mortgage broker can fill in this gap for me. Some websites are saying that you dont need any formal qualifications, but a license, while others are saying you have to do a certificate 4 before you can acquire a license. And to be a complete mortgage broker you need an advance diploma,
could anyone fill in the correct answer, cause im gettin numerous results on google search engine. And im not sure what to look for?
Hi Jake,
Maybe SIS will build two empires. One property and the other as Australia’s largest mortgage broker. At least he is seeking alternative methods to financial freedom and not putting all his eggs in one basket.
C2
“Is it true the more you owe the more you grow until the bank steps in?”Hey SIS, why don’t you have a look at the newspaper, or http://www.mortgagemagazine.com.au , and contact one of the firms that are advertising. there are an awful lot out there advertising, and I’m sure they’ll be only too happy to let you know their requirements.
Cheers
Melthanks Mel, ill let you know what happens.
Hi SIS,
Some one asked this question before. May be you can search and find that topic. Mortgage choice charges 35k for their franchise biz. But people advised in the forum to start by working with other Mortgage broker and then you could start working your self. Hope some mortgage brokers will reply on this post soon.Cheers
HI SIS,
Try this link,
http://www.miaa.com.au
There you will find all the information you need,
Kind Regards
Steven.[email protected]
http://www.mobilemortgagemarket.com.au
Ph: 0402483216Thanks everyone for the replies, thanks steven for the website. Actually i just enrolled into the course and the first subject of the course that i will do is the privacy act. Anyway if anyone else who has done this course could you please tell me how you went, did you find the course to be hard or easy and would you recommend its worth while.
cheers
S.I.S
Hi Still_in_school,
Not sure whether this will be of any further help to you but:
To be a mortgage consultant in Australia you need to be a member of MIAA (Mortgage Industry Associate of Australia) http://www.miaa.com.au. To apply as a member you need to have completed one of the pre-requisite courses which are listed on their web site.
A good one that I know of is a Diploma of Mortgage Consultants offered by AAMC (go to http://www.aamc.net.au). Personally I wouldn’t waste your time and money with any other course.Something to note is that the industry is becoming increasingly regulated which means there are many more requirements to meet now than there used to be…..which is a good thing….hopefully stops all those dodgy loan writers, and will sort out the bad brokers from the good ones!
You will also need professional indemnity insurance.
I suggest you check out joining a mortgage aggregate like AFG for example, as thier are many benifits in doing this.
I would also encourage you to question your motivations for becoming a Mortgage Broker. There are hundreds of them popping up every day. It seems that the only ones that survive are those that are focused on the people and solving thier problems rather than those focused on making a heap of $$$$. So I suggest that you need to make sure that your motivations are to help people, in turn you will make the money.The mortgage broking industry is changing rapidly at the moment and will continue to do so over the next couple of years. It seems that the industry in Australia is following the trend in the US. Currently around 40% of mortgages are written through brokers, which is double what it was two years ago. In the states it is a lot higher than this, so i believe we will see a lot of groth in the mortgage broking industry in the next 2 years.
Also, if you are seriously looking at becoming a Mortgage Consulting (broker) I would highly recommend you do yourself a favour and check out http://www.thelifestyleplanner.com. Buying a franchise in this company will make your career as a mortgage broker much less hassle and greatly rewarding. The Lifestyle Planner will be the future of the mortgage broking industry, so check it out!
Regards,
Tim Wilson.
Thanks everyone for their responese.
Hi Tim, i check out the website you mentioned and i spoke to a lady who is a director of the company, everything is fine, but the duration or the course seems to have alot of conflict with the time i work and i very much doubt that i would have any chance in takin more time off my work, (long story short i had to take a week off work to do some things and then i told work i need another week off… they were too happy but $hit happens) Anyway i am really interested in being a mortgage broker and i aint really in it for the money, but for to help other people reach financial freedom too.
Though i have found a course in mortgage lending.(certificate 3 and 3 other short courses that must be done.) And this work well cause they are night time study, though i have found it that many insitutes that teach mortgage lending or consultation are either making the course harder or they are just not teaching as they can not get the number of students up. I did a mortgage lending examination today and past one of the short courses on my second attempt. (1st time scored 23 out of 30 and 2nd attempt 30 out of 30.)
Thanks very much for the info, but im surprise at home many set backs or milestones you have to get around just to become a mortgage broker, seems like a lot of work needed. Anyway i like a challenge and what i do learn im happy to share if anyone else is doing or is going to attemp in doing mortgage lending courses too.
cheers and thanks
S.I.S
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