Over the past year, there has been a significant drop in loan borrowing rate as customers are waiting for the right time after the Royal Commission got involved in the banking industry. But now it has been anticipated that the demand will grow in the property and mortgage industry and there are two main reasons for this to happen:
1. Customers taking out a new home loan would be able to borrow tens of thousands of dollars more, under a proposal from the banking regulator to unwind a key constraint that was put on lenders during the property boom.
In a move that was welcomed by the property sector and lenders, the Australian Prudential Regulation Authority (APRA) on Tuesday proposed scrapping a rule that has meant all new mortgage customers are assessed on their ability to manage repayments with 7.25 per cent interest rates.
2. The government has also announced its First Home Loan Deposit Scheme, which will allow first home buyers to access a mortgage with a deposit of just 5%, without paying Lenders Mortgage Insurance. The scheme will help 10,000 first home buyers purchase a home, and the government expects it to assist in slowing the housing downturn, stimulate the housing construction sector and generate positive knock-on effects for the economy.
How to get into the industry?
- To become a Mortgage Broker, the primary and most important qualification is to get FNS40815 Certificate IV in Finance and Mortgage Broking. It’s a minimum requirement to work as a mortgage broker in Australia.
- Mortgage Brokers in Australia are required to obtain an Australian Credit Licence (ACL) through ASIC. Alternatively, mortgage brokers will be able to work as a credit representative (ACR) under another individual or company’s ACL if they do not have ACL.
Think Academy of Business & Technology provides a Certificate IV in Finance & Mortgage Broking that meet the requirements of education as is outlined in ASIC’s 206. This course is available online at a very affordable price of under $500.