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What does AAMC stand for?
Australasian Academy of Mentoring and Coaching.
Is AAMC Training Group a Registered Training Organisation?
Yes, our registered training organization number is 51428 and verification of this is obtainable via the National Training Web Site.
How do I Enrol?
Please follow the instructions on the 'How To...' document or video on the Student Resources page.
Do you run courses Australia-wide?
We offer some qualification courses via Virtual Classroom around Australia (times advertised in AEST) and all courses online. We also run Face to Face sessions for Corporate groups when requested and are expanding globally.
Are your courses ASIC approved?
Yes, our financial services qualification courses are approved by ASIC.
Are your courses nationally recognised or recognised by MFAA and FBAA?
Yes, our qualification courses are nationally recognised, as well as being recognised by industry associations and aggregation partners, specifically the FBAA and MFAA.
What is RPL?
Recognition of prior learning (RPL) is defined in the AQF as follows: Recognition of prior learning is an assessment process that involves assessment of an individual’s relevant prior learning (including formal, informal and non-formal learning) to determine the credit outcomes of an individual application for credit. For more information visit our Credit Transfer/RPL Info.
What are CPD Hours?
Continual Professional Development (CPD) provides each individual with a framework within which they must take responsibility for their own learning. A number of associations have CPD programs in place and the CPD has become a legal requirement in many sectors of the finance industry. Hours are awarded for each activity and these hours are set by the relevant associations or the regulatory bodies pertaining to the relevant profession.
How to get set up as a broker?
The steps are as follows:
- Broker study and training - The first requirement to become a mortgage broker is to complete a Certificate IV Finance and Mortgage Broking. However, this is just to act as a credit representative for your brokerage and aggregator. You should invest as much as you can in your professional development so you can better serve your customers.
- Complete a credit history check - The aggregator and the industry association you join will ask for this as proof that you’re of good character. If you have a bad credit history, some lenders will not accredit you and your aggregator and industry body may reject your membership application.
- Complete a police history check - Under ASIC’s financial services licensing requirements, you’re required to get a ‘Class 25 Federal Police Check’. This is a specific requirement for obtaining your Australian Credit Licence (ACL) or to become an Australian Credit Representative (ACR).
- Apply for EDR membership - You need this before applying for membership with an industry association. If you’re operating directly through an aggregator or you’re a self-employed contractor, you’re required to join an External Dispute Resolution (EDR) Scheme. This falls under the requirements set out in Regulatory Guide 165 (RG 165) ‘Licensing: Internal and external dispute resolution’.
- Apply for Professional Indemnity Insurance (PI Insurance) - You cannot join an industry body without sufficient PI cover in place. If you’re a PAYG broker, you can simply be added to your employer’s policy. PI will protect you and your business against claims for any financial loss your clients incur as a result of your services. ASIC requires you have a minimum of $2 million in aggregate and $1 million per claim of PI cover.
- Join an industry association -Once you’ve been approved for an EDR scheme and PI insurance, you need to become a member of a professional industry body. This will either be the MFAA or the FBAA depending on the brokerage you join. Both are excellent organisations and add a lot of value to the mortgage broking industry.
- You need to provide proof of your identity - Once you have your certificate and professional body membership, you’re ready to join a brokerage. To sign up to a brokerage and their aggregator, you have to provide 100 points of identification:
Birth certificate.
Citizenship certificate.
Current passport.
Drivers licence.
ID card.
- Set up your Australian Business Number (ABN) - Note: If you’re an employee, you do not need an ABN to become a mortgage broker. You should speak with your accountant before setting up as a self-employed contractor or if you’re working as a sole trader directly through the aggregator.
- Sign the origination or sub-origination agreement - The aggregator or sub-originator contract is the agreement you have in place with the aggregator, or your employer, depending whether you’re a PAYG employee or self employed. It sets out the terms and conditions of upfront and trail commission rates and membership fees.
- Do I need an Australian Credit Licence? - Since 1 July 2010, anyone wishing to work as a mortgage broker is required to obtain an ACL or become an authorised credit representative (ACR) of a licence holder.
- Choosing an aggregator - An aggregator, otherwise known as a franchisor or dealer group, is effectively the middle man between a bank and a mortgage broker. Choosing the right aggregator for your business model is essential.
- Setting up lender accreditations - In order to access the home loan products available from the aggregator’s panel of lenders, you have to get accreditation.
- Mentoring - Both the MFAA and the FBAA require all new brokers to be mentored for the first two years of practice. It may be a requirements but it’s a great opportunity as well!
How do I apply for a Financial Service License (AFSL)?
AFS licensees.
You must have an Australian financial services (AFS) licence to conduct a financial services business.
If you carry on a business of providing financial services, you must hold an AFS licence (unless you are exempt or are authorised to provide those services as a representative of another person who holds an AFS licence).
AFS Licence Application Process
In summary, the basic steps you need to follow when obtaining an AFSL are:
1. Determine which authorisations you need - It is important that you obtain the appropriate authorisations to operate your new financial services business. As a starting point, the following aspects must be considered:
- What financial products will your business be working with?
- Will you be dealing or providing advice in these financial products?
- Will this service be provided to retail or wholesale clients, or both?
- Will you be making a market in a financial product?
- Will you be operating a registered scheme?
- Will you be providing a custodial or depository service?
2. Choose your Responsible Managers - you must ensure that the Responsible Managers (RM) nominated have appropriate skill and experience to provide the authorisations that your business is seeking.
3. Draft your Documents for ASIC - The documents submitted to ASIC for your AFSL application are known as ‘Proof Documents’. There are two types of proof documents, ‘Core Proofs’ and ‘Additional Proofs’. Core Proofs are the initial set of documents which go to ASIC.
4. Additional Proof Documentation - Depending on the authorisations for which your business is seeking to get an AFSL, ASIC will require the submission of additional proof documentation.
5. Prepare your Ongoing Compliance Program - The ongoing compliance obligations of your new or varied AFSL will require procedure documents.
If I complete my studies, can I sell Financial Services Products?
By completing your studies, this does not mean you can sell financial products until you are accredited to sell under an AFSL holder.
You will become either an Authorised Representative of theirs or your company can apply to become a Corporate Authorised Representative and you will be noted as an authorised representative of your company under the AFSL licence holder that allows this to happen.
Can I seek an extension if I am unable to complete my assessments within the specified 12 month period?
The system will remind you via email when your course is about to expire. When it does, you will have a Renew button in your Members Area that you can click and select to extend your course for an administration fee. However, if your course has been superseded, this option may not be available, whereupon you should contact our office to discuss your options.
Are all AAMC trainers industry experienced?
Yes, all trainers at AAMC Training must hold the necessary training qualification being either the TAE40110 Certificate IV Training and Assessment or equivalent. They must also have attained the qualification of the course they are training.
Can our company arrange exclusive / tailored classes to meet our specific needs?
Yes, we can tailor courses to suit our corporate clients and an exclusive course may be offered if you have 5 or more students.
How and when will I receive my results and certificate?
For qualification courses, once you have been found Satisfactory in all your assessments and have been approved to certification, AAMC Training will email a certificate password to enable you to download your certificate (PDF) from your members area. A PDF of all CPD certificates are available in your Members Area immediately after successful completion.
What happens if I don’t pass?
AAMC trainers and assessors will endeavour to assist you through the process of your assessments. If you do not pass on your first attempt, you will be invited to re-submit additional information (up to 3 times) at no cost. We want to help you achieve success whenever possible.