Frequently asked questions
Considering a career in mortgage and finance broking?
Here are answers to some of the most common questions we hear from people exploring the profession. If you can't find what you're looking for, speak with an MFAA State Manager for guidance.
Getting started
Do I need previous banking experience?
No. Many successful brokers come from outside financial services. Experience in customer service, sales, relationship management, business development and leadership are all valuable.
Do I need a university degree?
No. A university degree is not required to become a mortgage and finance broker.
What qualifications do I need?
Mortgage and finance brokers must complete recognised qualifications before entering the profession.
How long does it take to become a broker?
Timeframes vary depending on study commitments and individual circumstances.
Understanding the profession
What does a mortgage broker do?
Mortgage and finance brokers help clients understand their options and find finance solutions that suit their needs.
What skills help brokers succeed?
Strong communication, relationship building, problem solving and professionalism are important skills for brokers.
Can I own my own business?
Yes. Many brokers eventually establish and grow their own businesses.
What does a mortgage broker do?
Mortgage and finance brokers help clients understand their options and find finance solutions that suit their needs.
What skills help brokers succeed?
Strong communication, relationship building, problem solving and professionalism are important skills for brokers.
Can I own my own business?
Yes. Many brokers eventually establish and grow their own businesses.
Business and income
How do mortgage brokers earn income?
Mortgage brokers are generally paid by lenders when a loan settles and may also receive ongoing trail commissions while the loan remains in place.
Income can vary depending on factors such as:
- whether you work for an existing brokerage or operate your own business
- the number of clients you assist
- the types of lending you specialise in
- your experience and referral network
- how long you have been operating in the industry
As with many professional services businesses, income often grows as client relationships, referrals and business systems develop over time.
What can I expect in the early years?
The first few years are typically focused on building experience, establishing referral relationships and growing a client base.
Some brokers join established brokerages and earn a salary or salary-plus-commission arrangement, while others choose to build their own businesses from the outset.
The pace at which a business grows varies between individuals and depends on factors such as experience, networks, business model and market conditions.
What are the main start-up costs?
The costs involved in becoming a mortgage and finance broker will vary depending on whether you join an existing brokerage or establish your own business.
Common costs may include:
- Completing the required qualifications
- MFAA membership and ongoing professional development
- Mentoring fees
- Aggregator fees, where applicable
- Technology, software and business tools
- Professional indemnity insurance and compliance requirements
- Marketing and business development activities
Many new brokers choose to join an established brokerage while they build experience and industry knowledge, while others prefer to establish their own business from the outset.
Understanding the different business models and support options available can help you determine the pathway that best aligns with your goals, experience and financial circumstances.
What is an aggregator?
Aggregators provide access to lenders, technology, compliance support and business resources.
Do I need a mentor?
New brokers generally need to engage a mentor as they transition into the profession.
What support is available?
The MFAA offers access to mentoring, professional development, industry events, State Managers, industry resources and professional communities.
What is an aggregator?
Aggregators provide access to lenders, technology, compliance support and business resources.
Do I need a mentor?
New brokers generally need to engage a mentor as they transition into the profession.
What support is available?
The MFAA offers access to mentoring, professional development, industry events, State Managers, industry resources and professional communities.
Where can I learn more about becoming a broker?
If you're considering a career in mortgage and finance broking, the Pathway to Broking Guide provides a practical introduction to the profession, including qualifications, mentoring, aggregators, business models and the steps involved in getting started.
Whether you're exploring a career change or actively planning your next move, the guide can help you better understand what to expect and the support available throughout your journey.
Ready to explore a career in broking?
Download the Pathway to Broking Guide
Get a practical introduction to qualifications, mentoring, aggregators and the steps involved in becoming a broker.
Speak with an MFAA State Manager
Receive personalised guidance from someone who understands the industry. Ask questions, explore your options and gain confidence in your next steps. There is no obligation.
Join the MFAA
Ready to get started? Explore membership options and become part of Australia's leading mortgage and finance broking community.
📩 Enquiries and contact
Have questions or need more information about becoming a broker? Get in touch with us Monday to Friday, 8:30am - 5:00pm AEST
The MFAA is the trusted mark of professional excellence in mortgage and finance broking