Objective: To provide trainees with the knowledge and skills required to become proficient mortgage brokers in Australia.

Duration: 12 weeks (can be adjusted based on needs)

Requirements: Must be a full member of Oxbridge to access software
Commission Splits: 25%/75% (Leads give to Trainees) 50%/50% (Leads obtained by Trainees)

Week 1: Introduction to Mortgage Brokering

• Overview of the mortgage brokering industry in Australia
• Roles and responsibilities of a mortgage broker
• Regulatory framework: NCCP Act, ASIC regulations, and industry codes of conduct
• Ethical standards and professional conduct
• Use of Aggregation Software – Step by Step process

Week 2: Understanding Loan Products

• Types of loans: variable rate, fixed-rate, interest-only, etc.
• Features and benefits of different loan products
• Lender policies and eligibility criteria
• Loan-to-Value Ratio (LVR) and loan structuring
• Asset Finance, Private Finance, Development Finance, Mortages

Week 3: Mortgage Industry Fundamentals

• Mortgage market overview in Australia
• Key players in the mortgage industry: banks, non-bank lenders, credit unions, etc.
• Mortgage market trends and factors affecting interest rates
• Mortgage affordability assessment and Serviceability Calculators

Week 4: Customer Relationship Management

• Building rapport with clients
• Effective communication skills in mortgage brokering
• Understanding client needs and financial goals
• Conducting needs analysis and risk assessment

Week 5: Mortgage Application Process

• Step-by-step guide to the mortgage application process
• Documentation requirements for loan applications
• Pre-approval vs. formal approval process
• Managing client expectations throughout the application process

Week 6: Credit Assessment and Compliance

• Credit assessment fundamentals
• Understanding credit reports and credit scores
• Assessing borrower affordability and capacity
• Compliance with responsible lending obligations

Week 7: Mortgage Broker Software and Tools

• Introduction to mortgage broker software platforms (e.g., ApplyOnline, Mercury)
• Utilizing mortgage calculators and comparison tools
• Electronic lodgment and document management systems
• Training on CRM systems for client management

Week 8: Industry Regulations and Compliance

• Compliance requirements for mortgage brokers
• Regulatory updates and changes affecting the industry
• Anti-money laundering (AML) and Counter-Terrorism Financing (CTF) obligations
• Privacy laws and client data protection

Week 9: Loan Structuring and Risk Management

• Principles of loan structuring
• Mitigating risks associated with loan products
• Tailoring loan solutions to meet client needs and objectives
• Assessing and managing borrower risks

Week 10: Mortgage Insurance and Protection

• Understanding mortgage insurance options (LMI, Lenders Mortgage Insurance)
• Loan protection insurance and income protection options
• Mortgage repayment insurance
• Assessing insurance needs and providing recommendations

Week 11: Industry Ethics and Professional Development

• Ethical considerations in mortgage brokering
• Continuing Professional Development (CPD) requirements
• Professional networking and industry associations
• Building a personal brand and reputation as a mortgage broker

Week 12: Final Project and Assessment

• Participants will work on a final project, which may involve preparing a mortgage proposal for a client, conducting a simulated client meeting, or analyzing case studies.
• Assessment: Final exam and evaluation of the final project to assess participants’ understanding and application of mortgage brokering concepts.

Conclusion: Upon completion of the trainee mortgage broker course, participants should possess the necessary knowledge and skills to pursue a career as a licensed mortgage broker in Australia. They will be equipped to assist clients in securing suitable mortgage solutions and navigate the complexities of the mortgage market while adhering to industry regulations and ethical standards.