Complete guide to ASIC licensing and state-specific requirements for mortgage brokers in Australia
All mortgage brokers in Australia must hold an Australian Credit Licence (ACL) issued by ASIC or work as a credit representative under someone who holds an ACL. This ensures compliance with the National Consumer Credit Protection Act (NCCP).
Complete FNS40821 Certificate IV in Finance and Mortgage Broking or equivalent qualification that meets ASIC RG 206 minimum education standards.
Maintain adequate professional indemnity insurance coverage (typically $2-5 million) to protect clients and your business from potential claims.
Adhere to responsible lending practices including making reasonable inquiries about client circumstances, verifying information, and ensuring loans are not unsuitable.
Join MFAA (Mortgage & Finance Association of Australia) or FBAA (Finance Brokers Association of Australia) for industry support, CPD, and professional standards compliance.
Complete minimum 20 hours of CPD annually covering regulatory updates, industry trends, and professional skills development.
While the ACL sets national standards, some states have additional requirements for mortgage brokers
These costs are in addition to your FNS40821 course fees. Many brokers work as credit representatives under an aggregator's ACL initially to reduce upfront licensing costs while building their business.