Join Australia's most dynamic and respected property investment community

Broker course

Discussion in 'Property Finance' started by MissP, 25th Apr, 2016.

  1. MissP

    MissP Member

    Joined:
    14th Mar, 2016
    Posts:
    13
    Location:
    sydney
    hello,

    Not sure if this is in the right in the forum.
    I am interested in becoming a mortgage broker.
    Does anyone have recommendations what courses I require to complete?

    Can you let me know what the duration of the course is and cost?

    Is there a fastrack course? Cost/durations?

    Am looking at a career change.. Not currently working in the property field.

    Thanks
     
  2. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

    Joined:
    18th Jun, 2015
    Posts:
    10,440
    Location:
    Sydney
    Just go for the cheapest you can find. It can be completed in a day online. I did mine at AAMC from memory.
     
  3. beachgurl

    beachgurl Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    490
    Location:
    Sydney
    Doing the course is the easy bit. You then need to find a mentor for 2 years before you can go out on your own
     
  4. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
    14th Jun, 2015
    Posts:
    1,342
    Location:
    Gold Coast
    I prefer my peops to do the face to face and ideally do Cert 4 and the diploma at the same time.

    While Most aggregators and associations allow a12mth window, my mentors teach that expectancy of making a big success of broking rather than "dream big start small" works.

    ta
    rolf
     
  5. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    2,505
    Location:
    Sydney & Gold Coast
    Welcome aboard, @MissP. You're in for an exciting, challenging change :)

    I’d recommend doing the Cert IV and Diploma face-to-face. You can do them over 5 days (full time), then you’ll be left with some assignments to complete in your own time. Will cost a couple of grand.

    I did mine a Walker & Miller in North Sydney.
     
  6. Angel

    Angel Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    1,611
    Location:
    Paradise, Brisbane
    Is there a Brisbane course?
     
  7. Redwood

    Redwood Well-Known Member Business Member

    Joined:
    22nd Jun, 2015
    Posts:
    389
    Location:
    Melbourne
  8. Redom

    Redom Mortgage Broker Business Member

    Joined:
    18th Jun, 2015
    Posts:
    954
    Location:
    Sydney
    Kaplan does the job, the assignments were relatively useful.

    5 day workshop sounds a bit time intensive IMO for what you get out of the actual course, most of the training is done on the job. The course provides the basic framework, legal/complaince understanding of the market. It won't really help with loan structuring, lender policy, business side of things etc - much of this is learned via experience/scenarios.
     
    Redwood likes this.
  9. miximitosis

    miximitosis Well-Known Member

    Joined:
    24th Jun, 2015
    Posts:
    97
    Location:
    Townsville
    I recently did my Cert IV and Diplima through the National Finance Insitute in Brisbane (I did it with two ladies that work for you @Rolf Latham ;) ). I did the full 5 day face to face course with assignments to be completed after and thought it was quite good. If you have no finance background I would highly recommend the face to face course to ask questions.
     
  10. MissP

    MissP Member

    Joined:
    14th Mar, 2016
    Posts:
    13
    Location:
    sydney
    Thanks very much everyone for your advice and comments.
     
  11. SirDingo

    SirDingo Well-Known Member

    Joined:
    12th Mar, 2016
    Posts:
    87
    Location:
    SA
    How long does the Diploma take as opposed to the Certificate IV?
     
  12. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
    14th Jun, 2015
    Posts:
    1,342
    Location:
    Gold Coast
    f2f both together 5 days,with prob 4 to 10 days assignment work post f2f

    Cert 4 one can do in less than 5 days total.

    ta

    rolf
     
    SirDingo likes this.
  13. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,340
    Location:
    Canberra and Sydney
  14. Northy85

    Northy85 Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    276
    Location:
    Sydney
    Is that for real, you can actually get a real diploma in 14 days or so? Most other diplomas I have looked into take around 2 years to complete.
     
  15. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,296
    Location:
    Melbourne, Nationwide
    It's not difficult to get qualified as a broker. The hard part is being successful at it and it's getting harder. The Paraeto Principal has the industry pegged.
     
    Northy85 likes this.
  16. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,340
    Location:
    Canberra and Sydney
    It's for real.

    Getting clients in the door as a new entrant is a different story.

    Cheers

    Jamie
     
    Northy85 likes this.
  17. Mumbai

    Mumbai Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    771
    Location:
    Sydney
    Noob question alert :
    If a mortgage broker does his/her own loan, do they still get the commission and trailing income?
     
  18. York

    York Finance Broker Business Member

    Joined:
    24th Jun, 2015
    Posts:
    1,667
    Location:
    Sydney
  19. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,340
    Location:
    Canberra and Sydney
    Yep - just sent some loan docs back for an IP I've refinanced today :)

    Some lenders don't like it - others haven't got an issue with it.

    Cheers

    Jamie
     
  20. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    2,505
    Location:
    Sydney & Gold Coast
    Getting the paper is easy.

    The learning comes after that :)
     
    Terry_w, Jess Peletier and Northy85 like this.