Kickstart your mortgage broking career with a Certificate IV in Finance and Mortgage Broking—your first step to getting licensed in Australia
If you’re wondering how to get a mortgage broker license in Australia, completing the Certificate IV in Finance and Mortgage Broking is the minimum qualification. This course has a particular focus on loan assessment, financial product knowledge, and regulatory compliance.
It is part of the educational requirements to comply with Regulatory Guide 206 Credit Licensing: Competence and Training. RG 206 ensures that professionals have the necessary knowledge and skills to operate within the legal and ethical frameworks of the finance and mortgage broking industry in Australia.
Becoming a certified finance and mortgage broker opens the door to a rewarding career with opportunities for specialisation. Certification not only qualifies you as a mortgage broker but also equips you with skills in:
- preparing loan applications
- presenting broking options
- managing legislative obligations
Certification also demonstrates a commitment to professional development and adherence to industry standards, which can enhance your reputation in the field.
Here is everything you need to know about securing a Certificate IV in Finance and Mortgage Broking.
What to expect in a Certificate IV in Finance and Mortgage Broking course
Course Objectives
Certificate IV in Finance and Mortgage Broking (code FNS40821) aims to equip participants with the ability to:
- evaluate and process credit applications
- meet client needs in finance and mortgage broking
- present broking options and solutions
- develop productive relationships
- apply industry knowledge professionally
The Certificate IV in Finance and Mortgage Broking will usually take five months at a minimum. Successful completion of the course enables students to accurately assess credit applications, identify client needs, and recommend suitable financial products and services.
There is practical application, too. Students gain hands-on experience in these areas:
- preparing and presenting loan applications
- developing and maintaining product knowledge
- managing client relationships
- adhering to legislative requirements
This approach ensures readiness for real-world situations in the finance and mortgage broking sector.
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Eligibility requirements
There are often no educational entry requirements for this course. However, individuals are required to be aged 18 years or older to enrol. Having good communication skills, customer service aptitude, and problem-solving abilities can also enhance the learning experience and future career prospects.
The finance and mortgage broking industry is highly regulated. Keeping up to date with changing regulations and requirements for continuing professional development post-certification is necessary to succeed in this course.
Learning options
When considering the Certificate IV in Finance and Mortgage Broking, prospective students have the option to choose between online and in-person learning methods.
Online learning
This format is ideal for those who need the flexibility to study around their current commitments and prefer the convenience of accessing learning resources from anywhere. This approach allows students to progress at their own pace, with the support of experienced trainers and assessors.
In-person learning
This method facilitates immediate feedback and hands-on experience that can help a student grasp topics more comprehensively. In addition, participating in an on-campus program provides opportunities to network, which can be invaluable for professional growth.
Assessment process
The assessment process is comprehensive. It involves exams, assignments, and practical tasks. Expect a variety of assessment methods, including supervised open-book multiple-choice examinations and oral assessments conducted via audio recording.
This comprehensive approach ensures that students not only understand the theoretical aspects of finance and mortgage broking, but they can also apply this knowledge in practical, real-world contexts.
Once students pass all required assessments, they are awarded their qualification certificate.
Enrollment process and course fees
The Certificate IV in Finance and Mortgage Broking is available from various reputable institutions across Australia, each offering unique benefits and learning environments tailored to different needs.
The enrollment process for these courses involves applying through the provider's website, where prospective students can also find detailed information about course fees. Course fees are variable, and some institutions offer package deals for students looking to complete both the Certificate IV and the Diploma.
When considering costs, it's also essential to factor in both the tuition fees and any additional resources you may need.
Here are some institutions that offer the Certificate IV in Finance and Mortgage Broking:
Kaplan Professional
- Course Fee: $340
- Enrolment Process: enrol directly on the Kaplan Professional website
Kaplan Professional emphasises the development of skills to accurately evaluate credit applications, meet client needs, and manage professional relationships within the financial services industry.
Seven core units and five elective units make up 12 units of competency, which are awarded for the successful completion of Certificate IV in Finance and Mortgage Broking.
The assessment for this course includes both written and oral components, with two attempts allowed for each. More importantly, each session provides an opportunity to engage with a subject matter expert in real-time through live tutor sessions.
The Certificate IV in Finance and Mortgage Broking from Kaplan Professional will usually take 26 weeks to complete, with an additional 4 weeks allowed for resubmission of any assessment items if needed.
Monarch Institute
- Course Fee: $1,500 upfront or $69.23 per week
- Enrollment Process: complete an online form on the Monarch Institute website. A course consultant will be in touch soon after
Monarch Institute’s course materials for Certificate IV in Finance and Mortgage Broking were developed by the previous Head of Professional Development at the Mortgage and Finance Association of Australia (MFAA). The 12 units of competency are packaged into eight modules.
It offers tailored learning developed by industry experts, including opportunities for membership with the Finance Brokers Association of Australia (FBAA) and the MFAA upon completion. You also get a free student membership into the Institute of Public Accountants (IPA) when you enrol.
The course is designed to be completed within 12 to 24 hours. Monarch Institute provides a blend of case studies, multiple-choice questions, short-answer questions, and roleplays for assessments.
TAFE NSW
- Course Fee: $7,040 (fee may be available at a reduced cost)
- Enrollment Process: on-campus at Bankstown or off-campus by filling out an online form at the TAFE NSW website
TAFE NSW offers the Certificate IV in Finance and Mortgage Broking on-campus or off-campus.
The course aims to develop knowledge in lending products and services, preparing students with the skills to present broking options, prepare loan applications, and develop product knowledge in seven core units and five specialty units over six months. It will take 15 hours of class time plus seven hours of additional study time.
TAFE NSW also offers a free assessment in Language, Literacy, and Numeracy (LLN) to help match your skills with the course requirements. This assessment ensures you're placed on the right course and receive the support you need for success.
Holmesglen Institute
- Course Fee: The full fee is $5,697, with government-subsidised and concession fees available at $1,863 and $373, respectively. Additional course costs may include a course learning manual ranging from $150 to $250.
- Enrollment Process: visit the Holmesglen Institute website for application process and requirements
Unlike the others on this list, Holmesglen Institute offers a fully on-campus delivery at its Chadstone location with a part-time duration of six months.
This program is developed in collaboration with industry professionals, focusing on business finance and mortgage broking. It also offers pathways to further studies like the Diploma of Finance and Mortgage Broking Management.
Holmesglen's approach to learning includes a supportive environment with industry mentors and mortgage brokers guiding students through their studies.
Beyond these institutions, numerous registered training organizations (RTOs) across Australia offer this qualification. Prospective students should explore local RTOs or consult the Australian Government's My Skills website for a complete list of providers.
Career pathways after certification
Enroling in a Certificate IV in Finance and Mortgage Broking course is a pivotal move for anyone looking to specialize in mortgage broking in Australia. Graduates are well-positioned to pursue roles such as mortgage broker, finance officer, customer service officer, or even establish their own broking business.
Further studies
This qualification lays the groundwork for further professional development. Many students progress to the Diploma of Finance and Mortgage Broking Management to deepen their expertise and enhance their career prospects.
Professional associations also recommend ongoing Continuing Professional Development (CPD) to stay compliant with industry regulations and maintain a competitive edge in the field.
Professional associations
Having a Certificate IV in Finance and Mortgage Broking can improve your chances for membership in professional associations such as the Mortgage & Finance Association of Australia (MFAA) or the Finance Brokers Association of Australia (FBAA).
Membership in these professional associations is highly regarded in the industry. The MFAA and FBAA provide members with access to continuing CPD opportunities, industry updates, and networking events. CPD is mandatory for maintaining membership with these associations, ensuring professionals stay informed and competent in their field.
The MFAA will still require members to complete 30 CPD hours per year, covering a range of activities from reading and research to courses and workshops.
Industry compliance
Adhering to industry compliance and maintaining high ethical standards are fundamental for finance and mortgage broking professionals. Engaging in education on compliance, ethics, and the latest regulatory changes is crucial for professionals to uphold their responsibility to clients and the industry. By doing so, they not only meet legal obligations but also build trust and credibility with clients, which are essential components of a successful broking career.
Should you get a Certificate IV in Finance and Mortgage Broking?
Deciding whether to pursue a Certificate IV in Finance and Mortgage Broking depends on your career goals, interests, and the requirements of the finance and mortgage broking industry. Ultimately, it’s for those who are looking to become a mortgage broker in Australia.
The journey toward earning your Certificate IV in Finance and Mortgage Broking, while challenging, is immensely rewarding. As you consider taking this step, remember that the effort you invest now can open doors to a range of career opportunities within the finance and mortgage broking industry.
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Are you ready to take the Certificate IV in Finance and Mortgage Broking? What steps are you taking to help you prepare? Let us know in the comments
