Mortgage Broker Australia: Expert Guidance for Home Buyers

As a home buyer in Australia, navigating the complex world of mortgages can be overwhelming. A mortgage broker can guide you through the process and help you secure the best loan for your needs.

In Australia, mortgage brokers are regulated by the Australian Securities and Investments Commission (ASIC) to ensure they operate fairly and transparently. This means you can trust that your broker is looking out for your best interests.

A good mortgage broker will have access to a wide range of lenders and loan products, allowing them to compare and contrast options to find the best fit for you. This can save you time and money in the long run.

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A good mortgage broker will be there for you throughout the entire process, managing the application through to the settlement.

To find the right mortgage broker, you should prepare a wishlist of what features you want in your mortgage, how much you want to borrow, what type of property you want and where you want to live.

A mortgage broker's role is to assess your borrowing capacity and understand your financial situation before offering any options.

They'll also educate you about how mortgages work, including interest rates, fees, and charges.

Here are some key tasks a mortgage broker performs:

Before seeking a mortgage broker, it's essential to have all the necessary supporting documents to verify your situation.

Finding the right mortgage broker is crucial for a smooth homeownership journey. Look for brokers who have a license and are accredited under the National Consumer Protection Act.

You should also check if they are a member of a reputable industry association such as the Mortgage and Finance Association of Australia, the Mortgage Industry Association of Australia, or the Credit Ombudsman Service.

To find a good broker, consider going directly to brokerage firms with experienced brokers, or use consumer-oriented websites like Your Mortgage to reach out to the right brokers. Word-of-mouth referrals from friends and family can also help you find a reliable broker.

Here are some qualities to look for in a mortgage broker:

Finding the right mortgage broker can be a daunting task, but it's essential to choose one wisely. A good broker can make a huge difference in your homeownership journey.

To start looking for a broker, you should consider going directly to brokerage firms that have a roster of experienced brokers. Some consumer-oriented websites, like Your Mortgage, can also help you reach out to the right brokers.

You should also ask for word-of-mouth referrals from friends and family, as these recommendations can give you a better sense of your broker's work ethic and experience. Are they punctual and organized? Do they show in-depth market knowledge?

A licensed and accredited broker is a must, so make sure they have a license and are accredited under the National Consumer Protection Act. They should also be a member of a reputable industry association, such as the Mortgage and Finance Association of Australia, the Mortgage Industry Association of Australia, or the Credit Ombudsman Service.

Here are some qualities to look for in a mortgage broker:

Finding the right mortgage broker can be a daunting task, but it's essential to ask the right questions to ensure you get the best service. A good broker will be there for you throughout the entire process, managing the application through to settlement.

You should prepare a wishlist of what features you want in your mortgage, how much you want to borrow, what type of property you want, and where you want to live before seeking a mortgage broker. This will help them understand your goals and find the most competitive option available for your circumstances.

A mortgage broker's interests vest in finding you the best home-loan deal, but it's crucial to ask the right questions to ensure they're working in your best interest. Here are the top 10 questions to ask your finance broker:

Asking these questions will help you get to know your broker and ensure they're the right fit for you. Remember, a good broker will prioritize your needs and work with you to find the best home loan solution.

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The Top 100 Mortgage Brokers in Australia are a list of the best in the business, with a $123 million loan threshold. These top brokers have raised the bar in the industry.

You can find the list of the Top 100 Mortgage Brokers in Australia on Your Mortgage's website. They've been helping Australians compare home loans and find the right mortgage since 1995.

Lydian Financial Services is one of the companies that specializes in providing support services to these top mortgage brokers. They offer various tools to help mortgage brokers excel in their work.

Through Lydian Financial Services, mortgage brokers have access to a comprehensive platform and support structure to build a thriving business.

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To understand mortgage broker services, it's essential to know what they do. A mortgage broker specialises in finding the best loans among the products available while assisting with the application process.

Before seeking a mortgage broker, you should prepare a wishlist of what features you want in your mortgage, how much you want to borrow, what type of property you want and where you want to live. This will help them clearly understand your goals and find the most competitive option available for your circumstances.

Mortgage brokers perform several tasks, including assessing your borrowing capacity, educating you about how mortgages work, and negotiating with lenders on your behalf. They will also research and understand the best loan options, apply for loans, and guide you through the whole process of buying a house.

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Applying for a home loan is a painstaking process that needs an attentive eye. A mortgage broker should always be on top of things and never leave out crucial information, as one overlooked mistake could cost you your dream home.

Mortgage brokers have to be detail-oriented because they're dealing with complex financial information. They need to carefully assess a buyer's borrowing capacity, understand their financial situation, and research the best loan options.

A good mortgage broker will guide you through the entire process, from finding the right loan to managing the application through to settlement. They'll also require supporting documents to verify your situation.

To ensure a smooth process, it's essential to work with a mortgage broker who is detail-oriented and can handle the complexities of home loan applications. A broker who is attentive to detail will help you avoid costly mistakes and find the best loan for your needs.

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Here are some key tasks that a detail-oriented mortgage broker should perform:

By working with a detail-oriented mortgage broker, you can ensure that your home loan application is handled efficiently and effectively.

Your credibility as a borrower is crucial when dealing with mortgage brokers. One of the essential things brokers check is your credit score, which serves as a report card that allows lenders to get a glimpse of how you are as a borrower.

A good credit score can give you the upper hand when negotiating with banks for better offers. Your broker might advise you to settle other financial obligations on time if your credit score is not at an ideal level.

Using a credit score can help you gauge your current borrowing power. You can use a tool like the Borrowing Power Calculator to get an idea of your borrowing power.

For home loans, the base criteria include a $500,000 loan amount over 30 years. These rates are only examples and may not include all fees and charges.

The comparison rate is a useful tool to compare different loan options, but it's essential to understand its limitations. The Comparison rate is based on a $150,000 loan over 25 years.

Different terms, fees, or loan amounts can result in a different comparison rate. For example, a $150,000 loan over 25 years is used as the basis for the comparison rate, not the actual loan amount you might be considering.

This means you should always check the fine print and calculate the comparison rate based on your specific loan details. Warning: the comparison rate is true only for this example and may not include all fees and charges.

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Choosing the Right Mortgage Product can be overwhelming, especially with so many options available. Since 1995, Your Mortgage has been helping Australians navigate the process and find the right home loan for their needs.

Not sure which type of loan is best for you? Your Mortgage can help you find out. With their expertise, you can get the latest home loan news and rate updates to make an informed decision.

When refinancing your home loan, it's essential to ask the right questions to ensure you get the best deal. A broker's interests are aligned with finding you the best home-loan deal, but which questions can you ask to get the most out of their services?

Mortgage brokers have a network of lenders and home loan products at their disposal, which can help you get a better deal. They can determine the best deal by performing several checks on your finances before submitting your home loan application.

Using a financial calculator can also give you an idea of how much the mortgage expense would be, allowing you to make a more informed decision.

A broker's interests are vested in finding you the best home-loan deal, but you need to ask the right questions to get the best outcome. There are top ten questions you can ask your finance broker to ensure you're getting the best deal possible.

It's essential to ask questions like what's the difference between a mortgage broker and a bank, and how can they help me find a better deal.

Monthly repayment figures are estimates that exclude fees, so keep in mind that actual repayments may vary.

These estimates are based on the advertised rates for the specified term and loan amount, which can give you a general idea of what to expect.

Actual repayments will depend on your individual circumstances and interest rate changes, which can be influenced by market fluctuations.

Monthly repayments will be based on the selected products' advertised rates and determined by the loan amount, repayment type, loan term, and Loan to Value Ratio (LVR) as input by you.

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Shore Financial stands out as a top choice for mortgage seekers. Established in 2013, they've been expanding rapidly in Sydney.

Their team of professionals is dedicated to finding the ideal mortgage for each client's unique needs. They work diligently to create and evaluate a core business plan.

Shore Financial prioritizes client happiness and positive feedback, which is reflected in their high-quality service delivery.

Boss Money Mortgage Brokers have a proven track record, with their director Tom Uhlich consistently winning accolades. With over 25 years of experience in the financial services industry, Tom founded Boss Money in 2016.

Their skilled team deals with multiple lenders daily and has the expertise to identify potential issues when borrowing money. The team has increased its lender panel to over 40 banks, providing clients with more options for their borrowing needs.

Boss Money has a remarkable track record, having resolved over $635 million in debts and assisted more than 1,333 clients in just five years. Tom's professionalism, diligence, and knowledge were invaluable in guiding clients through the lending process.

Tom is known for being the hardest working man in the mortgage industry, and his staff's exceptional service has earned them numerous recommendations. James, a mortgage broker at Boss Money, is praised for understanding the market well, responding quickly, and finding the best options for clients.

Axton Finance is a reputable mortgage broking company that has received numerous honors for excelling in the sector. They have won awards such as Major Brokerage of the Year 2012 and Australian Brokerage of the Year 2011.

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Their team of mortgage and credit professionals is made up of ASIC-licensed credit representatives who are full members of MFAA and Connective Broker Services Pty Ltd. This ensures that clients receive personalized services and expert advice.

Axton Finance has access to over 30 lenders, allowing them to source great deals for their clients. They also provide ongoing support even after the loan has been settled, making the mortgage selection process stress-free.

Their commitment to trust-based growth and personalized services has earned them praise from clients, who appreciate the extra help they receive. One client even described their experience as "perfect", with Clinton Waters being "remarkably helpful" in explaining options and preparing the best file for their situation.

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The choice fight is a crucial aspect of choosing the right mortgage product. Closing bank branches removed options for people wanting to check out their deals.

Brokers offer choice and flexibility for customers not employed in traditional full-time work, such as contractors and "gig economy" workers. This is a significant advantage, especially for those with non-traditional income streams.

MFAA chief executive Anja Pannek notes that commissions are transparent and paid for by the lender. This means borrowers don't pay as much overall.

Ms Pannek sees the market share of brokers increasing, with the UK share being around 90 per cent.

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The mortgage broker industry in Australia is experiencing a boom, with two years of steep interest rate hikes sending more customers to brokers to get a better deal on their home loans.

People are voting with their wallets, shunning banks and going to brokers, with mortgage brokers writing 73.7% of all new home loans in the quarter to June, the second-highest result on record.

Customers want more options, and brokers are happy to provide them, with Melissa Gielnik of Smart Lending saying that brokers give customers "multiple solutions, and brokers generally find you the best rate out there in the market".

The value of home loans settled by mortgage brokers exceeded $100 billion for the first time in the June 2024 quarter, which is a significant milestone for the industry.

Brokers are not just about arranging loans, but also educating customers and helping them understand the landscape of home finance, according to MFAA chief executive Anja Pannek.

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Mortgage brokers can be polarising figures due to complications. There were plenty of bad actors in the industry to push buyers into unaffordable mortgages for their own benefit.

Some mortgage brokers have been known to exaggerate their qualifications and industry experience. This can make it difficult for buyers to make informed decisions.

It’s vital to do plenty of research before selecting a mortgage broker you feel comfortable dealing with. This can save you from potential pitfalls down the line.

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Loan Market is one of the biggest mortgage brokerage firms in Australia, established in 1994 by Sam White. It's a family-owned and led business that serves a network of over 650 brokers throughout Australia and New Zealand.

Loan Market has access to a panel of over 60 lenders and thousands of loan products. This means they can help individuals and businesses secure over $36 billion in loans annually.

A good mortgage broker will be there for their customer throughout the entire process, managing the application through to the settlement. Loan Market's customer satisfaction rating is 4.7 out of 5 on Product Review.

Here are some key features of Loan Market:

Nectar is a mortgage broker that specializes in helping first-time homeowners find the right loan for their needs. They have a user-friendly website where customers can find multiple schemes available across each state.

Their brokers have partnered with Clear Credit Solutions to help clients with poor credit obtain loans, taking advantage of new laws mandated by ASIC that started from July 2021.

Nectar's approach is refreshing, as they focus on finding the loan that's right for the customer, rather than the easiest loan to get.

Customers can get in touch with Nectar's brokers to discuss their options and find the best loan for their situation.

The mortgage broker industry is booming, with 73.7% of all new home loans written by brokers in the quarter to June, the second-highest result on record.

In fact, this is a 6.5 percentage point increase from the same quarter a year ago, according to the Mortgage & Finance Association of Australia (MFAA).

Customers are voting with their wallets, shunning banks and going to brokers to get a better deal on their home loans and reduce crippling repayments.

People are looking for more options and solutions, and brokers are able to provide that, with multiple solutions and the best rate in the market.

Banks need the pipeline of work from brokers, as seen in the statement from Melissa Gielnik of Smart Lending.

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Non-Bank Lenders offer personalised, hands-on support and flexible credit policies that brokers value over brand recognition and commissions.

Brokers are increasingly turning to non-bank lenders to tap into the near prime lending space, where they can unlock new opportunities.

Non-bank lenders are gaining popularity due to their ability to provide bespoke solutions that cater to individual clients' needs.

Brokers signal growing concern over rates and fees charged by non-bank lenders, however, highlighting the importance of careful consideration when choosing a lender.

Non-bank lenders are a viable alternative to traditional banks, providing brokers with more options to suit their clients' requirements.

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Australia's mortgage industry is a competitive space, but some companies stand out for their exceptional work culture.

These top employers foster a family-like culture, emphasizing employees' needs based on their feedback.

They prioritize their employees' well-being and create an environment that encourages growth and collaboration.

A family-like culture is key to employee satisfaction, and these top mortgage companies in Australia have it down.

They understand that happy employees are more productive and driven, leading to better outcomes for their clients.

By listening to their employees' feedback, they're able to tailor their approach to meet their needs and create a positive work environment.

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The mortgage broker industry is a significant player in the market, with billions at stake. Through the June 2024 quarter, the value of home loans settled by mortgage brokers exceeded $100 billion for the first time.

Banks pay brokers fees and commissions for bringing loan customers to them, essentially for "arranging" the loan. This arrangement has been a major factor in the growth of the industry.

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Mortgage brokers have made a remarkable recovery from the scandals in 2018, which were dudding customers. The industry has since implemented best practices and is now considered a trusted option for home buyers.

Brokers are not just about helping customers get a mortgage, but also educating them on what's required and getting them "finance ready".

The lack of enforcement in the mortgage broker industry is a major concern. According to Tom Abourizk, head of policy at CHOICE, ASIC hasn't taken a leading role in holding bad brokers to account.

There have been no prosecuted cases that alleged a breach of the best interests duty, apart from those where ASIC was "in the background". This lack of enforcement has allowed some brokers to prioritize their own interests over those of their customers.

The majority of loans written by brokers still go to the Big Four banks or their subsidiaries, which often don't offer the best rates. This raises questions about what's driving brokers to sign up customers with these banks.

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Brokers' income is entirely based on commission, which can create conflicts of interest. If they don't write a loan, they don't make money, creating a situation where they might prioritize high-commission loans over the best deals for their customers.

NAB's chief executive, Andrew Irvine, even lost five of his best bankers to a competitor that paid bonuses, highlighting the impact of commission structures on the industry.

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A mortgage broker's role is to find the best loans among the products available, while also assisting with the application process once they have helped you find a property. They perform several tasks, including assessing the buyer's borrowing capacity and educating them about how mortgages work.

To find the right home loan, it's essential to prepare a wishlist of what features you want in your mortgage, how much you want to borrow, what type of property you want, and where you want to live. A good mortgage broker will help you find the most competitive option available for your circumstances.

Mortgage brokers are not just about finding a loan, but also about educating their customers and getting them "finance ready". They will guide you through the whole process of buying a house and manage the application through to settlement.

In Australia, the value of home loans settled by mortgage brokers exceeded $100 billion in the June 2024 quarter, for the first time. This growth is a testament to the importance of mortgage brokers in the industry.

A good mortgage broker will be there for their customer throughout the entire process, managing the application through to the settlement. They will usually require supporting documents to verify your situation.

Here are some key tasks that a mortgage broker performs:

Working with a mortgage broker can be a game-changer for first home buyers. Enlisting early help from a lending professional can give you a clear understanding of your borrowing power and help you navigate the complex world of mortgages.

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Getting your finances in order is crucial before applying for a mortgage. This includes checking your credit score and paying off any debts to increase your chances of approval.

Choosing the right mortgage lender is a critical decision, and a mortgage broker can help you compare rates and options from different lenders.

Lydian Financial Services offers administration support, customer relationship management (CRM) software, and an online chat community to mortgage brokers.

Aussie Home Loans has over 1,000 brokers and more than 200 stores in Australia, providing a wide reach in the country.

Their mortgage specialists are an integral part of their local communities, making them a trusted and familiar presence in many areas.

Loan Market Group has access to a panel of over 60 lenders and thousands of loan products, making it a one-stop-shop for loan comparisons.

They help individuals and businesses secure over $36 billion in loans annually, and have a 4.7 out of 5 customer satisfaction rating on Product Review.

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Aussie Home Loans is a prominent home loan and mortgage brokerage firm that caters to more than 320,000 clients. They were founded in 1992 by John Symond and his nephew James Symond.

Aussie has the most extensive retail network in Australia, with over a thousand brokers and more than two hundred stores. Their mortgage specialists are an integral part of their local communities.

One of the unique selling points of Aussie Home Loans is their access to a panel of more than 20 leading lenders and 3,000 loans. This provides customers with lucid options and mortgage advice that caters to their home loan needs.

Aussie's business was founded on family principles and still operates as a family-style enterprise today, now as a part of the Lendi Group. This family approach has helped them build strong relationships with their clients and communities.

Some clients have praised Aussie's mortgage specialists for their exceptional service. For example, one client said that Phil and the team at the Belmont branch were "amazing" and always on the ball. Another client, Tristan, was highly recommended for his excellent service and competitive rates.

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Lydian Financial Services offers support services to mortgage brokers, providing them with tools like administration support, CRM software, and an online chat community.

Their focus is on partnering with B2B brokers to aid with lending and debt requirements, leveraging the experience of their funding partners who have over two decades of financial planning expertise.

Lydian has a comprehensive platform and support structure to help mortgage brokers build a thriving business.

They provide numerous services and features that give mortgage brokers all the necessary elements to flourish.

Mortgage brokers can access a range of services through Lydian Financial Services, including administration support and CRM software.

Their online chat community is a valuable resource for mortgage brokers, allowing them to connect with others in the industry and share knowledge and best practices.

You can contact Lydian Financial Services at 0413 609 349 or [email protected] for more information.

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A mortgage broker can make the process of loan application fast, increasing your overall chances of getting approval from your chosen lender.

They're not just agents who sell you home loans, but life partners committed to helping you achieve your goals. Experienced brokers understand unique circumstances and work with you to find a mortgage that suits your needs.

Good mortgage brokers will guide you throughout the process, from loan application to settlement day.

Achieving your goals with a mortgage broker is a game-changer. They are not just agents who sell you home loans, but life partners committed to helping you achieve your dreams.

Experienced mortgage brokers can make the loan application process fast and increase your chances of getting approval from your chosen lender.

A good mortgage broker will guide you through the entire process, from loan application to settlement day, making the experience less overwhelming and more manageable.

Mortgage brokers can understand your unique circumstances and work with what you have to find a mortgage that suits your needs, making homeownership more accessible.

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Seeking quality advice is crucial for property investors, whether you're a seasoned pro or a first-time buyer.

Investment success is often dependent on the quality of guidance you receive.

A mortgage broker can provide valuable insights and expertise to help you navigate the complex world of mortgages.

Whether you're looking to invest in a rental property or your own home, a good broker can help you find the right loan for your needs.

A quality mortgage broker will take the time to understand your financial situation and goals, providing tailored advice that suits your circumstances.

This personalized approach can help you avoid costly mistakes and make more informed decisions about your mortgage.

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As a mortgage broker in Australia, the process typically begins with a free consultation to discuss your financial situation and goals. This initial meeting helps determine whether you're eligible for a mortgage.

You'll need to provide financial documents, including pay slips, bank statements, and identification, to support your application. In Australia, the Australian Securities and Investments Commission (ASIC) requires lenders to assess your creditworthiness based on these documents.

The mortgage broker will then shop around for the best loan options from various lenders, considering factors like interest rates, fees, and loan terms. This can save you time and effort, as they have established relationships with multiple lenders.

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A good mortgage broker should always respect your time and should not keep you hanging, especially in the most pressing times.

To ensure they're efficient, brokers need to be organized. They should keep structured schedules and to-do lists to manage their commitments.

This means they should be punctual and responsive to your needs, like not showing up late to meetings or never returning your calls. You want to work with a broker who can handle multiple clients at once without dropping the ball.

A structured schedule and to-do list can help them stay on top of their work and prioritize your needs. This way, you can focus on finding your dream home without worrying about your broker's organization skills.

Here are some key characteristics of an efficient mortgage broker:

By working with an efficient mortgage broker, you can avoid unnecessary stress and make the home-buying process smoother.

Getting your finances in order is a crucial step in buying a house in Australia. You'll need to save for a deposit, pay off any debts, and ensure you have a stable income.

You'll need to see how much you can borrow to determine how much house you can afford. This involves checking your credit score and getting pre-approval from a lender.

Choosing the right mortgage lender is a big decision. You'll want to research different lenders, compare interest rates, and read reviews to find the one that suits your needs.

Getting pre-approval from a lender will give you an idea of how much they're willing to lend you. This will help you narrow down your house search and make an offer on a property.

It's essential to choose the right mortgage product for your situation. This might involve considering a fixed-rate or variable-rate loan, or a loan with features such as offset accounts or redraw facilities.

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Once you've found a property you like, it's time to make an offer. This will involve working with a real estate agent to negotiate the price and terms of the sale.

You'll need to ensure you have a clear understanding of all the costs involved in buying a house in Australia. This includes the purchase price, stamp duty, and other fees.

Getting a mortgage broker can be a great way to navigate the mortgage process. They can help you compare different lenders and find the best deal for your situation.

A mortgage broker can also help you with the paperwork and application process. They'll work with you to gather all the necessary documents and submit your application to the lender.

It's essential to carefully review your loan documents before signing. This will ensure you understand the terms and conditions of your loan, including the interest rate and repayment schedule.

Once your loan is approved, you'll need to finalize the purchase of the property. This will involve exchanging contracts, paying the deposit, and completing the settlement process.

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In Australia, mortgage brokers must complete a minimum of 40 hours of training and professional development every year to stay licensed.

To become a mortgage broker in Australia, you need to complete a Certificate IV in Mortgage Broking, which typically takes around 6-12 months to finish.

There are over 19,000 mortgage brokers operating in Australia, according to the Australian Securities and Investments Commission (ASIC).

To get a mortgage broker license in Australia, you need to meet the requirements set by ASIC, which include having a good credit history and being a fit and proper person.

The Australian mortgage industry is regulated by the National Credit Code, which sets out the rules and guidelines for mortgage brokers to follow.

Mortgage brokers in Australia can earn a good income, with some top performers earning over $100,000 per year.

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