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Considering a return to broking

Discussion in 'Property Finance' started by beachgurl, 30th Dec, 2015.

  1. beachgurl

    beachgurl Well-Known Member

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    With my youngest starting school in just over 12 months' time I'm weighing up my options on a return to work. The more I think about it, the more it makes sense to return to broking, both for work/life balance andmy continuing interest and networking in property.

    I did have my own ACL and I still receive a small monthly trail from an aggregator.

    Does anyone know how to reinstate an ACL or if it can be done? Or if I'd be better off becoming a credit rep and apply for a new ACL down the track?
     
  2. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    What specific benefit do you perceive of maintaining an ACL v CR.

    A large number of small to medium producers in our agg groups have gone from ACL to CR.

    ta
    rolf
     
  3. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    I've got an ACL - in hindsight, probably would have made life easier just being a credit rep of my agg.

    Cheers

    Jamie
     
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  4. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    I have just done a restructure and gone to a CR status while my new ACL is being processed. Its much easier having an ACL as you don't need to worry about the licence holders extra compliance requirements - i need to meet all clients face to face as a CR, but not as an ACL holder for example.
     
  5. Redom

    Redom Mortgage Broker Business Member

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    Depends on what your looking for from the ACL. For most, if its just to do standard mortgage broking, the cost/benefit tradeoff of an ACR might win out at the end of the day. Not too sure on the procedure on renewing, but the ASIC website may have it up there.
     
  6. teetotal

    teetotal Well-Known Member

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    Too much overdose of Brokers' lingo in this thread :p
     
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  7. York

    York Finance Broker Business Member

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    ASIC - Australian Securities and Investment Commission

    ACL - Australian Credit License
    CR - Credit Representative
    Agg - Aggregator
     
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  8. Scott No Mates

    Scott No Mates Well-Known Member

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    I was wondering why a broker would've done their ACL (Anterior Cruciate Ligament) unless your broking was extremely athletic.
     
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  9. wylie

    wylie Moderator Staff Member

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    Yes indeedy. My head is spinning :eek::p
     
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  10. York

    York Finance Broker Business Member

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    Yeah apparently a broker had a client who was an Olympic sprinter. But the client didn't have time to meet with the broker. So the broker said I'll come to you. The broker conducted the meeting whilst running along side the sprinter taking notes. Half an hour later, the broker gets an ACL. :D
     
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  11. Scott No Mates

    Scott No Mates Well-Known Member

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  12. Corey Batt

    Corey Batt Finance Strategist Business Plus Member

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    Brokers have a work/life balance? ;)

    Biggest benefit of ACL is flexibility in compliance processes - most of the providers processes are clunky as it gets, having the ACL means you can streamline and focus on the important things.

    Not sure about reinstating ACL's - perhaps have a chat with one of the companies which can arrange your ACL licencing like QED Risk Services.
     
  13. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    It would be a new application to get an ACL 'reinstated' because the old licence has been cancelled. Easy enough to apply again.
     
  14. beachgurl

    beachgurl Well-Known Member

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    Compared to law which is my other option, yes :)

    Thanks for all your replies.
     
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