What they do
Mortgage brokers need to constantly keep up-to-date on possible mortgages deals for clients. They will interview clients to assess their needs and then review their available mortgage packages, explain any pros and cons of each of the options, and recommend the best ones to the client. They may assist the clients with applying for the loan. They may be involved in finding new clients for the business. They will also need to keep records of all the transactions they are involved in.
Working conditions
A mortgage broker would normally work 38 hours per week, Monday to Friday. Some mortgage brokers work after hours or on Saturdays and some travel to customers' homes or workplaces. They would normally work in an office.
Tools and technologies
Mortgage brokers need to have some computer skills and will usually work with various software packages.
How do I become one?
Education and training
To become a mortgage broker you usually need to complete a formal qualification in finance and mortgage broking or a related field. The education and training requirements for this occupation are undergoing a formal review. This may or may not lead to changes in the requirements.
The Certificate IV in Finance and Mortgage Broking is offered at registered training organisations throughout Western Australia.
You can also compete a traineeship. The assistant financial broker traineeship usually takes 24 months to complete.
You can also complete a degree in commerce, majoring in finance, or finance and property.
Most universities in Western Australia offer relevant courses. Contact the universities you are interested in for more information.
Apprenticeships and traineeships
As an apprentice or trainee, you enter into a formal training contract with an employer, enabling you to complete training towards a nationally recognised qualification. You spend time working and learning practical skills on the job and you spend some time undertaking structured training with a registered training provider.
You can do an apprenticeship or traineeship if you are a school-leaver, re-entering the workforce or as an adult or mature-aged person wishing to change careers. You can even begin your apprenticeship or traineeship while you're still at school.
If you are still at school you can access an apprenticeship through your school. Talk to your school's VET Co-ordinator to start your training now through VET in Schools. If you are no longer at school you can apply for an apprenticeship or traineeship and get paid while you learn and work.
Required registration and licensing
You may need to hold an Australian Credit Licence (ACL) in order to work in this field. Further information regarding licensing requirements is available from the Australian Securities and Investment Commission (ASIC).