A Finance Broker operates as an independent agent in the course of financial negotiations and arranges loans of money on behalf of clients.
Occupation description
A Finance Broker operates as an independent agent in the course of financial negotiations and arranges loans of money on behalf of clients.
Occupations considered suitable under this ANZSCO code:
- Lease Broker
- Mortgage Broker
Occupations not considered suitable under this ANZSCO code:
- Financial Market Dealer
- Futures Trader
- Stockbroking Dealer
- Commodities Trader
- Insurance Broker
- Financial Investment Advisers and Managers
- Credit and Loans Officer
These occupations are classified elsewhere in ANZSCO or are not at the required skill level.
Finance Broker is a VETASSESS Group C occupation
This occupation requires a qualification assessed as comparable to the educational level of an Australian Qualifications Framework (AQF) Diploma or higher.
Applicants can fulfil the assessment criteria for this occupation in four different ways.
Additional qualifications in a highly relevant field of study include those comparable to the following levels:
- AQF Diploma
- AQF Advanced Diploma
- AQF Associate Degree
- or AQF Graduate Diploma
** Highly relevant paid employment duration (20 hours or more per week)
1-3 minimum years of employment highly relevant to the nominated occupation, completed at an appropriate skill level in the five years before the date of application for a Skills Assessment.
4 minimum 4 years of relevant employment required – three years of relevant employment (can be outside the last 5-year period) in addition to at least one year of highly relevant employment within the last five years before applying.
*If employment is prior to the completion of the qualification at the required level, an applicant must have at least one year of highly relevant employment at an appropriate skill level within the last five years. The remaining three years of pre-qualifying period may be within the last ten years.
A positive assessment of both qualification level and employment duration is required for a positive Skills Assessment outcome.
Qualification and Employment Criteria
Employment
Highly relevant tasks include, but are not limited to:
- Determining clients’ specific financial requirements, and researching and reviewing finance products for suitability to meet clients’ requirements.
- Analysing clients’ financial status, discussing financial options and developing financial strategies.
- Recommending loan combinations that meet clients’ needs.
Additional tasks may include:
- Arranging home loan mortgages and other types of finance for clients through banks, lenders, and finance companies.
- Preparing documents that set out the conditions of finance, repayments and loan periods.
- Ascertaining clients’ current financial position and financial intentions.
- Providing information and advice about credit products and associated finance transactions.
- Identifying a range of credit providers that may approve a loan for a specific situation.
- Assessing clients’ borrowing capacities.
- Assisting in the selection of the most suitable loan structure and products that suit clients’ objectives.
- Completing loan application documents.
- Updating clients on the progress of their application and their credit approval.
- Keeping in touch with credit providers to ensure that settlement of clients’ loans occurs without unnecessary delay.
Employment information
Finance Brokers are ‘’go-betweens’’ who typically liaise with banks and credit unions on behalf of their clients to arrange home loans, car loans, commercial finance and investments.
They work as independent agents in assisting clients to access loans from a range of financial institutions. They typically work for dedicated mortgage broking or lease broking businesses, often small or medium-sized enterprises. Some may be self-employed.
Please note that Financial Dealers, Financial Investment Advisers and Managers are separately classified in ANZSCO, and will not be considered under this occupation.
Supporting Material for Assessment
When applying for a Skills Assessment, please ensure you submit sufficient evidence supporting your proof of identity, qualification and employment claims. A full list of the documents required can be found on the VETASSESS website under Eligibility Criteria.
While the VETASSESS Skills Assessment for migration purposes is distinct from an assessment for licensing or registration purposes, you are advised to provide copies of relevant licences (including from overseas), if held.
You are also further encouraged to provide evidence of membership of, or affiliation to, industry or professional bodies and copies of any relevant prizes, certificates or other forms of commendation.
You should also provide details of any relevant training or professional development courses undertaken. These may be detailed in the Curriculum Vitae/Resume provided.
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