Certificate IV in Financial Services
(Finance/ Mortgage Broking)
This course provides those, currently working in the industry, who need to obtain or update their qualifications with the skills and knowledge that meet the competencies for FNS40804 Certificate IV in Financial Services (Finance/Mortgage Broking) from the Financial Services Training Package (FNS04). This course is also suitable for those considering employment in the mortgage broking industry. The pathway adopted has widespread industry support in meeting local needs in addressing the Mortgage Broking specialisation.
This qualification is designed to reflect the role of employees working in finance/mortgage broking who perform duties such as:
- securing new clients and contacts interested in mortgage or finance broking services
- presenting broking options to clients based on identified needs
- preparing and presenting loan applications to lenders
- assisting in the settling of a loan
- managing legislative and code of practice obligations relevant to the mortgage and/or finance broking industry specifically
The traditional model of financial services is unquestionably changing as consumers move to understand more of the financial options available to them and brand loyalty erodes. The consequences of this has been a shift to personal financial services where people use the one-on-one services of brokers, planners and advisers to sift through the options available and to establish longer term direct relationships.
The number of both complying and non-complying mortgage lending businesses has grown significantly in recent years and employment in this area has shown parallel growth.
This course satisfies the requirement of Vocational Training Order (VTO) 3134 Financial Services (Finance/Mortgage Broking) Certificate IV.
Diploma in Financial Services (Finance/Mortgage Broking Management)
This course provides participants with the skills and knowledge that meet the competencies for the Diploma of Financial Services (Finance/Mortgage Broking Management) contained in the Financial Services Training Package (FNS04)(FSTP).
The pathway adopted has widespread industry support in meeting local needs in addressing the Mortgage Broking specialisation.
Establish Client Relationships and Analyse Needs and Develop, Present and Negotiate Client Solutions have been included so that course graduates can seek ASIC Tier Two registration compliance.
This course is designed to prepare graduates for employment as mortgage lenders/brokers. It includes skills and knowledge in client interview skills, loan serviceability and mortgage products.
FAQ
The Certificate IV course costs $850 for new students.
The Diploma costs $1,400 for new students or $400 if you have completed the Certificate IV in Financial Services.
The Certificate IV online course takes 25 weeks for new students.
The Diploma takes 32 weeks for new students and 6 weeks if you have completed the Certificate IV.
You can course complete in a shorter timeframe, or take the time granted above to complete your course when undertaking the course online or by correspondence.
Any one who is serious about a career in the Mortgage Finance Industry will find this course important as an introduction into the industry or for those already in industry wanting a good base for further courses of study at TAFE, Securities Institute or University.
Yes, please contact: Debbie Anderson
Phone: (02) 9780-5528
Email: debra.anderson@tafensw.edu.au
All students will receive a Participant's Manual which incorporates all study materials, case studies and glossaries. There are no textbook requirements for any of the courses.
Within each unit there will be a series of online, self-marked activities. You need to complete all activities with 80% accuracy. At the completion of each unit and all unit activities you will be required to complete an assignment. This assignment will consist of scenario based questions which require you to apply the knowledge gained to practical situations.
Online and corresponsdence students have a variety of help options:
- Email your Online Facilitator
- Online chat sessions scheduled according to the needs of the group
Industry Core Units
- Communicate in the workplace
- Use technology in the workplace
- Apply health and safety practices in the workplace
- Apply principles of professional practice
Sectoral Core Units
- Comply with financial services legislation, industry and professional codes of practice
- Process applications for credit
- Prepare and present loan application to lender
- Provide finance and/or mortgage broking services
- Present broking options to client
Elective Units
- Develop and maintain in-depth knowledge of products and services used by your organisation or sector
- Settle application and loan arrangements in the financial/mortgage broking industry
- Establish client relationship and analyse needs
- Develop, prsent and negotiate client solutions
Enrichment modules
- Finance Law
- Maintain trust accounts
Please note : Western Australian students are required to complete these two units to meet licensing requirements in Western Australia.
All units in the Certificate IV course as well as the following additional subjects:
- Lending Risk Management
- Maintain Trust Accounts
- Collection techniques
Please Note: Western Australian students will also be required to complete Finance Law 3.
TAFE NSW recognises the skills and knowledge that you have gained through previous studies, work and life experiences. When you start your course we will take these skills into account. This is called recognition.
If you are given recognition, it means that you do not have to do all the units in your course
You may be considered for recognition if you have:
- Successfully completed the same unit in another TAFE course
- Successfully completed similar unit with other training providers, either in Australia or overseas
- Relevant industrial, workplace, community or life experiences.
To apply for recognition you will need to provide evidence of your previous study or experience such as original result notices, certificates or references. Any application should be submitted for assessment in the first few weeks of your course.
Note: TAFE NSW is guided by the principles of validity, authenticity, sufficiency and currency in line with the requirements of the Australian Quality Training Framework.
When you enrol in the course, TAFE will send you a 'Welcome email' and post to you the course manual and a study timetable to help you in planning your time. The study timetable indicates the suggested time to take when working through each unit and also when assignments are due. Your facilitator will be monitoring your progress according to this timetable. You can of course complete each unit in a shorter timeframe.
As the course that you have enrolled in has to be completed within a specified time, it is important for you to set in place a study program. Your enrolment date is the date that you receive the 'Welcome email' from TAFE. At the expiration of the weeks allowed for your course, access to the online program will be removed and additional course fees will need to be paid by you to continue to remain enrolled in the course. You may apply for one extension of 4 weeks from your expiration date however a charge of $100 per unit not yet completed will apply.
To support the online program you will receive a hardcopy online participants manual within 7 working days of enrolment. This will include an online user guide to help you navigate the online course. However, as soon as you receive your 'Welcome email', you will be able to log in and start working through the program. If the manual is not received within 7 working days of enrolment please ring us on (02) 9780 5727.
Once you are registered and you receive your 'Welcome email', it is no longer possible to receive a full refund. This is because TAFE have spent time in setting up your records, establishing your logins, sending you your Online Participant's manual, etc. It is, however, possible to withdraw from the course and still get a partial refund, provided you notify TAFE of your withdrawal/reimbursement request no later than 5 days excluding weekends and gazetted public holidays after date of enrolment (also referred to as the 'Cancellation Window'). Provided your request is accepted TAFE will promptly refund you all but $150 of your course fee.
After 5 working days, you can still withdraw, however you will not be refunded any of your enrolment fee.
As this course involves considerable resource commitment over the first days of the student's enrolment, deferment of the program is not an allowed option.
Industry overview
It was not that long ago that if a person needed to obtain finance to buy a home, he /she would go and see a bank. This has now changed.
Following deregulation of the banking system in the 1980's, the last 10 years has seen a huge increase in non-bank lenders such as Aussie Home Loans, Wizard Home Loans or RAMS as well as non-conforming lenders such as Liberty Financial and Pepper Home Loans.
Many of these new lenders do not have a large branch network like the major banks but rely on Finance/Mortgage brokers to write business. As a result there has been a huge increase in the number of Finance/Mortgage Brokers who offer a channel through which customers can access this vast array of lenders and products which now includes the existing major banks and commercial loans.
Finance/Mortgage Brokers help customers find the right loan or related product by evaluating the loan application and submitting it to the most appropriate lender.
People are attracted to Finance/Mortgage Broking for a number of reasons:
- A change in career
- The opportunity to work for themselves
- The finance rewards a successful Finance/Mortgage Broker can earn
Whatever the reason, the competition within the finance industry among both lenders and Finance/Mortgage Brokers is fierce. The increasing range of Finance/Mortgage Broking related courses offered by TAFE NSW aim to equip you, the Finance/Mortgage Broker or potential Finance/Mortgage Broker, with skills and knowledge to help you succeed in your chosen profession.
There are no restrictions to you opening up your own business as a Mortgage Broker. The main hindrance will be achieving the volumes that the individual banks require to be a loan writer for them. Additionally you will need to seek individual accreditation from each lender which is very time consuming.
Most brokers set up their own business, but connect themselves with a Mortgage Aggregator. This assist with achieving the volumes desired by the lenders and ensuring you receive maximum commissions and trailers. The reason is that the group of brokers collectively reach the targets set. You still are rewarded for your individual loans. Additionally by joining an aggregator it provides you with additional support in the early stages of writing business. By joining the aggregator you do not need to undertake individual accreditations as you automatically can write business through the panel of lenders the aggregator has, i.e. 25 - 30 lenders.
Some aggregator are AFG, PLAN Australia and Mortgage Choice. You would need to research mortgage aggregators to determine any costs associated with joining their network, benefits, reputation, etc.
Your guarantee of quality
TAFE NSW is Australia's market leader in vocational education. With over 3,000 staff in nine colleges, and an annual enrolment of 79,000 learners, South Western Sydney Insitute is one of the largest training organisations in Australia.
South Western Sydney Institute has Registered Training Organisation (RTO) status under the Australian Quality Training Framework. AQTF is the nationally agreed arrangement for assuring the quality of the vocational education and training system.
Our use of the Nationally Recognised Training logo demonstrates that our training and assessment lead to nationally recognised Australian Qualifications Framework (AQF) qualifications or statements of attainment, that we comply with the quality requirements of the standards and that the information that we supply in our adveristising is both correct and ethical.
Sign up today and your name could be amongst those already nationally qualified.
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