Many youngsters, as well as seasoned professionals in the field of finance, insurance and banking in Australia are now contemplating mortgage brokering as a career option, given the range of benefits successful brokers enjoy. The real estate market in Australia is perhaps at its all time best after the economic slowdown of 2008 when terms of this business were revised. So, who wouldn’t want to cash in on this prospect now? Mortgage brokers help individuals or businesses with selection and approval of loans to finance residential or commercial property purchases. Listed below is the crux of a how to become a mortgage broker guide:
Learn about Reputed Institutions in Your Area that Conduct Relevant Course Programs
Are you good with the numbers or have prior experience in a related field? Anyone who wishes to become a mortgage broker should know that healthy commissions followed by closed deals become a reality only when you actually become an expert. Even if you can compare loan schemes within minutes or have enough experience in the real estate market, you’d still have to undergo a mortgage brokering course to set your feet firmly on the ground and grab the first batch of clients.
Understand the License Requirements Applicable
Getting licensed is absolutely necessary to succeed in the rewarding but competitive field of mortgage brokering in Australia. You can check the official website of a reputed real estate brokering firm or government agency that lays down the rules for mortgage brokering professionals. The Australian Securities and Investments Commission is the agency that regulates professionals working in this field. Institutions that impart coaching to aspiring mortgage brokers generally help all candidates with licensing or accreditation.
Mortgage brokers in Australia are legally required to maintain a minimum of Professional Indemnity Insurance. For Mortgage and Finance Association of Australia, for example, the required insurance cover is worth around 2 million dollars. This is the insurance cover that you need to buy for one cover alone. The aggregate insurance cover too should be in the same range.
Getting a license alone is not going help you succeed. Instead of focusing on the question ‘how to become a mortgage broker,’ you should focus on ‘how to succeed in this field.’ Mortgage brokers in Australia are legally required to be associated with an outside agency that can resolve conflicts or common disputes. These outside agencies function as a typical conflict resolution service provider firm. If you’re keen on working with some reputed lenders, you may also need to become a member of a recognized and reputed industry body. Such credentials are not absolutely necessary but they go a long way in asserting your credibility to lenders as well as prospective clients. As you progress, you can join multiple industry bodies to help your prospects find you on their own!
Mortgage brokering is a lucrative career but you must not ignore the fact that you need the right training, professional acumen and a natural affinity for numbers and calculations to succeed in the field.