Diploma of Finance and
Mortgage Broking Management
Develop skills to better manage your business
Some industry participants recognise the Diploma of Finance and Mortgage Broking Management, as the minimum qualification required for new Finance and Mortgage Brokers. Industry Associations and Aggregators may accept a minimum Certificate IV in Finance and Mortgage Broking qualification but may require evidence of commencement of a Diploma of Finance and Mortgage Broking Management upgrade.
This course covers important topics including the lending process, regulation, compliance, and relationship building. It builds the vital skills needed to learn more about building a successful business and brokering complex loans.
The FNS50322 Diploma of Finance and Mortgage Broking – Accountants & Financial Planners stream has been tailored for qualified Accountants or Financial Planners who have been in the financial services industry for at least two years. For more information, CLICK HERE.
This module is an introduction to the finance industry and the role of a finance broker. Learn about the many participants, sectors, and roles of the industry, including legislation and regulation impacting the role of a licensed finance broker, and how to operate compliantly using the systems and supports available to you.
Acting ethically is crucial to the success of a finance broker. Gain knowledge about ethical biases, cognitive biases and ethical decision making.
Ongoing business relationships are vital to sustaining a successful broking business. Discover how to engage and build relationships with clients, industry participants and third-party referrers.
Personal and Professional Development
This module focuses on managing personal professional development activities, how to prioritise and plan daily work tasks and goals. Learn how to support team members with their own work priorities and professional development.
Develop knowledge and understanding of different loan types and structures, including lender appetite and policy. This module illustrates the basics of how to commence the loan application journey with clients and manage the loan submission to post-settlement.
Develop knowledge and understanding of more complex loan types and structures, as well as, how to manage the loan application from first contact with a client through to post settlement of the loan application.
Risk management is a critical part of maintaining a compliant business – it is important to understand how to identify and manage potential risks before they occur, and the best strategies for dealing with them, should they occur.
Grow Your Business
Growing your business is all about planning! This module teaches how to plan ahead by considering target market clients, competitors, products and the actions for planning promotional activities in line with growth targets.
Each module consists of a range of the following assessment types:
- Written Assessments – short answer questions and case studies.
- Online Quizzes – multiple choice, fill in the gap and mix and match.
- Third Party Role Plays – these can be completed by video or access to an industry qualified third party to complete these with you.
- FNSFMK515 Comply with financial services regulation and industry codes of practice
- FNSCMP501 Comply with financial services legislation
- FNSCUS511 Develop and maintain professional relationships in financial services industry
- FNSFMB411 Prepare loan applications on behalf of clients
- FNSFMB412 Identify client needs and present broking options
- FNSINC412 Apply and maintain knowledge of financial products and services
- FNSFMB512 Identify and develop credit options for clients with special financial circumstances
- FNSFMB513 Present credit options to clients with special financial circumstances
- FNSFMB514 Implement complex loan structures
- FNSINC411 Conduct work according to professional practices in the financial services industry
- FNSINC514 Apply ethical frameworks and principles to make and act upon decisions
- BSBPEF501 Manage personal and professional development
- FNSPRM613 Grow financial practices
- FNSRSK512 Assess risks
- FNSRSK511 Undertake risk identification
Enrolment is valid for a period of twelve (12) months. Course extensions of up to three (3) months may be granted upon request, an extension fee will apply. Please refer to our terms and conditions for more information.
Although we provide twelve (12) months to complete this course, many that have an industry background or understanding of the broking process may complete the course in a shorter time frame of between 10-12 weeks. This will largely depend on personal capacity and available time. Those without an industry background, but have more available time to study, may also be able to achieve a shorter time frame.
Online (remote self-paced)
Distance learning: online self-paced learning is for those students who have the capacity and ability to study with minimal guidance. If you are new to industry and/or study, we strongly suggest completing your course via virtual classroom.
Virtual class (blended learning – consists of part virtual classroom and remote self-paced learning)
Attend a virtual class workshop from home or office, delivered via Zoom. Our highly experienced trainers guide participants through each module, using ‘true to life” client scenarios. Assessments are expected to be completed post-class. However, our trainer will cover the requirements during class.
Return for free! Our virtual class option allows you to re-attend your selected workshops during your enrolment period.
Recognition of Prior Learning
If you have previous industry experience or conducted prior training, you may be eligible for Recognition of Prior Learning. Please refer to the RPL information page to determine the eligibility criteria.
If you have previous industry completed or partially completed training with another education institute, you may be eligible for credit transfer. Please refer to the credit transfer page for more information.
Continued professional development hours are not based on how long it takes to complete your course.
Full Diploma: CPD Hours – 30
Diploma Upgrade from FNS40804-15: CPD hours – 22
Diploma Upgrade from FNS40820-21: CPD hours – 16
Post Nominal – DipFMBM
Payment can be made with credit card during the enrolment process or via the online learner portal, once the enrolment is complete. Alternatively, payments are accepted via bank transfer, the invoice number must be entered as the reference. Access to material and assessments will be granted once funds have cleared in our account.
The FNS50322 Diploma in Finance and Mortgage Broking Management is currently the highest qualification for Finance and Mortgage Broking. If you are seeking to broaden your business management skills, consider completing our BSB50120 Diploma of Business. Discounted course fees apply for existing AAMC Training members.
About the Mortgage Broking Industry
In general, Finance and Mortgage Brokers may perform the following duties;
- Prospect for new clients and referral partners;
- Assist clients in obtaining loan or lease options that are ‘not unsuitable’ to meet their finance requirement/s by assessing their needs, eligibility and capacity to service the required debt;
- Research, present and negotiate suitable products based on the information presented to meet their clients’ requirements;
- Assist clients requiring further products and services by linking them to the required product or services provider, such as personal protection insurance or financial advice;
- Apply for the loan/lease facility with the chosen lender on behalf of the client, monitor the progress of the application through to settlement;
- Provide client after-care service to their clients;
- They may also start or own a business, which will involve the day-to-day tasks required to set up and manage the business.
When the client has selected a product that suits their lending requirements and goals, the broker will lodge the loan/lease application with the chosen lender with whom they will need to be accredited (often via their Aggregator/licensee). The broker’s role is to ensure that the loan/lease is managed through to settlement, maintaining contact with the client and ensuring the client is satisfied with the service provided. The broker may earn a commission from the lender and/or charge a fee for their service. The commission may be paid via their Aggregator (licensee), who may take an agreed % of this money and pass the remaining amount to the broker. For example, a mortgage loan commission is often made up of an upfront payment, which can vary between 0.5% and 0.7% of the loan amount and a trailing commission of between 0.15% to 0.25% of the loan amount (paid over the life of the loan) whilst the broker is still managing that loan for the client. Commissions may cease if the client refinances their loan without engaging the broker or they pay it out in full. Payments may vary between lenders, and clawback may apply when a client terminates the loan early, usually within the first 24 months.
A Finance broker’s potential earnings will depend on the size and number of loans they settle. Aggregator Partnership or Business Development Managers may assist new to industry brokers with strategies on how to achieve a desired level of income. However, like any business it is up to the individual to realise their own goals.
Mortgage Brokers generally assist clients in acquiring loans to purchase, build or refinance residential property for owner occupation or investment.
Finance Brokers is a broader term used by industry but can mean the broker’s main source of business is assisting clients to acquire loans and/or leases to purchase assets for business and personal use, such as equipment, motor vehicles, and business equity. They may also assist clients in acquiring home loan finance.
The finance and mortgage broking industry is regulated by the Australian Securities and Investment Commission (ASIC). The Certificate IV in Finance and Mortgage Broking is the minimum requirement for business professionals who provide retail consumer credit advice (for consumer loans). They must become accredited under the National Consumer Credit Protection Act (NCCP) and hold a Credit Representative status (CR) under an Australian Licence Holder (ACL). Finance Brokers that do not offer consumer credit advice will not be required to hold an ACL or become an ACR of that licensee.
An Aggregator is a true business partner offering new to-industry brokers to start their journey with confidence. New-to-industry brokers must become licenced as a credit representative under the Aggregator’s credit licence. Aggregators provide business set-up guidance through an onboarding process. They also offer ongoing coaching, access to a range of lenders products via an accreditation process, loan lodgement and client management platform, broker commission payments and a compliance framework to ensure the finance broker operates compliantly. Other services include marketing, business planning and operational support, client acquisition strategies, networking events and professional development. Their fees vary from a monthly fee to a percentage of commission earned.
Industry associations advocate for the rights of those operating within the industry. They lobby the government to keep the industry fair and transparent for its members. Becoming a member of one or more industry associations is mandatory for many Aggregators. Membership provides benefits such as networking and professional development events, industry regulation updates, business support and professional development training.
Finance Brokers offering consumer credit advice may be required to be mentored for a minimum of 24 months. Mentors work closely with brokers to ensure they proactively learn all facets of the role whilst ‘on the job’. The industry requires them to teach and coach their broker mentees, attend client interviews, and review loan applications before submitting them to the chosen lender.
The AAMC Training team are more than happy to refer you to our industry partners for those who have yet to speak to someone in the industry.
For further regulatory information regarding the National Consumer Credit Protection Act (NCCP), visit the ASIC website link here: National Credit Code | ASIC.
Traineeships & Funding
Victorian state funding may be available for this course. Check the eligibility requirements here.
AAMC Training Group is a wholly Australian-owned Registered Training Organisation (RTO number 51428), operating nationally and internationally.
Have Further Questions
Continual Professional Development (CPD) provides each individual with a framework within which they must take responsibility for their own learning. A number of associations have CPD programs in place and the CPD has become a legal requirement in many sectors of the finance industry. Hours are awarded for each activity and these hours are set by the relevant associations or the regulatory bodies pertaining to the relevant profession.
AAMC Training Group is a wholly Australian owned Registered Training Organisation (RTO number 51428), operating nationally and internationally.
All of our qualification courses are both nationally recognised by the FBAA and MFAA.