CLICK HERE TO DOWNLOAD A GUIDE ON HOW TO BECOME A MORTGAGE BROKER

The Finance Industry is a dynamic and exciting sector, which has a positive impact on the end-customer. At the heart of the industry is the Great Australian Dream of owning your own home with customers needing assistance in acquiring a loan through their mortgage broker.

The core service of the finance industry professional is to help people fulfil their dreams. On the commercial lending side of the industry, mortgage professionals are often contributing to the achievement of business objectives through the provision of funds to either start or expand a business, also a very gratifying activity!

The three main categories of career opportunities within the mortgage industry could be explained as follows:

Mortgage Brokers and Lending Officers

These positions may be considered the front-line salespeople of the respective lending institutions. Their typical duties include implementing lead generation strategies, attending to initial customer enquiries, completing loan applications and collecting supporting documents, lodging applications with either credit departments or lending institutions and following the loan through to ensure settlement. While the emphasis may be slightly different from, for example, a bank to a mortgage broking firm, the overall position responsibilities are similar. This has been recently proven within the industry, with key personnel moving from lending institutions to mortgage broking firms and vice versa.

If your strengths lie in marketing and business development, then you may prefer to work as a single-operator mortgage broker. However, if you prefer customers being supplied through 'the organisation', then a larger broking group, or franchise or lending institution may be better suited to your skills.

Loan Processors and Credit Managers

These positions can be a back-office role, which may have limited customer contact and limited selling is involved.  Some experienced industry mentors believe that these positions provide ideal grounding for new entrants to the mortgage industry before they progress to front-line roles. Learning what goes on "behind-the-scenes" before moving into the customer spotlight can lead to a more successful career.  If you don't believe you have the right "people skills" just yet, but are very efficient and enjoy working on finer detail, then this could be a rewarding long-term career option for you.

Alternatively, if you would like to become a mortgage broker, lending officer or credit manager, but don't yet feel you have the lending expertise or confidence, then this type of position may be a sound starting point.

Business Development Managers

This generally "hidden career option" within the mortgage industry has evolved primarily as a result of the rapid growth in mortgage broking. Business Development Managers are employed by lending institutions and aggregators to service the needs of mortgage brokers and to sign-on additional mortgage brokers. The role can be challenging and rewarding as you are working towards making other mortgage professionals succeed.

In addition to these career options there are numerous other careers in information technology, marketing, management and human resources. Like any industry, success lies in the motivation to achieve results on a daily basis. The most powerful weapon is the human soul on fire, so work out a way to light yours and you will succeed.

We have also seen a number of qualified Accountants choose to study the skills of a mortgage broker as understanding financials can work very well for clients seeking loans for their business.

Dual scopes - Accounting + Mortgage Broking

The latest focus from some of our work-experienced students is to combine their existing accounting skills with mortgage broking services.  We are seeing qualified accountants realising the potential of becoming a "one stop shop" for their clients, offering both the loan product and the accounting services.  This is proving popular with their clients.  The skills from a good accountant who can understand financials of a business can be invaluable when that business is seeking a loan to start or expand.

For more information about career opportunities in the finance industry, refer to our source of mortgage-related websites at our Resource Centre.

For more information on joining the MFAA industry body click here.

Or click on the Seek website to see what mortgage broker jobs are currently advertised.

Just finished school?

The government website www.yourcareer.gov.au has a School Leavers Information Kit which can help you make the next move. You may want to consider a Certificate III in Business to develop valuable knowledge to enter the business world.  Click this link for the School Leavers Information Kit.

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NFI Jobs .....

Click on our Graduate Placement to view a variety positions for new mortgage broker graduates.

If you are interested in joining the NFI team as a casual/part-time course trainer or assessor, please email your resume to enquiries@financeinstitute.com.au providing a summary of your employment history, qualifications and training experience. Trainers will need to have both training and broking and banking experience/qualifications as well as a current TAE.