{
  "id": "entry-pathways/start-a-broking-career/start-a-mortgage-broking-career-from-application-to-your-first-settled-loan",
  "title": "Start a Mortgage Broking Career: From Application to Your First Settled Loan",
  "slug": "entry-pathways/start-a-broking-career/start-a-mortgage-broking-career-from-application-to-your-first-settled-loan",
  "description": "How to become a mortgage broker with Redrock — no experience needed, Cert IV FNS40821 included, mandatory mentoring, structured induction and up to 3 months with no monthly fee.",
  "category": "",
  "content": "Changing careers into mortgage broking is a serious decision — months of consideration, real questions about qualification, income transition and whether you can actually do the work. This page answers the practical questions in the order they usually arise.\n\n## Do I need experience or a qualification to start?\n\nNo prerequisite experience or education is required to begin. The Certificate IV in Finance and Mortgage Broking (FNS40821) is included in the joining package, along with compliance courses covering FBAA compliance fundamentals and financial abuse awareness.\n\nCourse codes and education requirements change. Confirm the current position with the training provider and the relevant association before relying on it.\n\n## Do I need my own licence?\n\nNo. Most new brokers join as an authorised credit representative of Red Rock Brokers Group Pty Ltd (ABN 40 149 728 030), which holds Australian Credit Licence 405961. Redrock carries the licensing infrastructure; you operate under its compliance framework.\n\nYou retain full ownership of your brand, your business and your client relationships.\n\nMoving to your own ACL later is possible. Be aware that ASIC Regulatory Guide 206 generally expects a responsible manager to demonstrate at least two years of relevant problem-free experience — that is guidance about how ASIC assesses applications, not a statutory minimum, and it is only one part of the organisational competence requirements. Both arrangements run under the same member broker agreement, so you can hold your own licence and stay with Redrock. The trade-offs are in [Credit Representative or Your Own ACL](/comparisons-decisions/credit-representative-or-your-own-acl-which-licensing-path-fits).\n\n## What does joining involve?\n\nThe application covers eligibility declarations, a document checklist, identity verification, reference checking, a national police check and privacy consent.\n\nFrom acceptance, the new-to-industry program runs across five steps:\n\n1. **Onboarding and setup** — systems, portal access, accounts\n2. **Induction training** — video modules with multiple-choice assessment\n3. **Tailored mentoring** — one-on-one with experienced credit personnel\n4. **Support** — live support through your first deals\n5. **Ongoing training** — webinars, professional development days, CPD\n\nNew-to-industry brokers get up to three months to complete induction with no monthly fee, so you are not paying aggregation costs while you train. The full walkthrough is in [the Redrock induction program](/onboarding-training-mentoring/the-redrock-induction-program-how-joining-actually-runs).\n\n## What about mentoring?\n\nMentoring is not optional for new-to-industry brokers. It is required under MFAA and FBAA membership standards and under the licensee's supervision obligations — it is not a standalone statutory rule, and you should treat anyone describing it that way with caution. Association standards set the duration and the requirements, and they change, so confirm the current position with the MFAA or FBAA.\n\nAt Redrock it is included rather than charged separately. Your mentor is an experienced credit professional who works with you on live loan scenarios: packaging, structuring, serviceability and compliance.\n\nThe mentoring commitment is part of why the minimum term is two years on every model.\n\nMore detail in the [mentoring, training and support FAQ](/faqs/mentoring-training-and-support-frequently-asked-questions).\n\n## What will I actually be able to sell?\n\nYou will be guided through your first lender accreditations. Most new brokers complete about eight in their first twelve months from the [60+ lender panel](/lender-panel-diversification/the-redrock-lender-panel-60-lenders-accreditation-and-diversification), which covers the large majority of scenarios a new broker meets. You add lenders as your client scenarios demand rather than all at once.\n\nDiversification streams — asset finance, insurance referrals, deposit bonds, personal loans — can be added as your business develops. Note that non-mortgage commissions are paid at **80% of commission received on every model**, so diversified revenue is lower-margin than your core book once you move up the splits.\n\n## What does it cost?\n\nThe initial investment is quoted on application. [The initial investment page](/costs-income/the-initial-investment-what-joining-redrock-covers) covers what it buys.\n\nThe fee structure:\n\n- All fees quoted **excluding GST**\n- A **minimum two-year term** on every model\n- A **monthly fee per credit representative**, with one included\n- Up to **three months with no monthly fee** during induction\n- An additional credit representative is a **one-off charge of 50% of the initial investment** — not a monthly cost\n\n## What will I earn?\n\nNew entrants start on the [New Entrant model](/commission-models/new-entrant-commission-model-80-80-split-for-brokers-starting-out) at 80% upfront and 80% trail. The higher splits — Advantage at 90/90, Prime at 95/95, Maximiser at 100/95 — apply as volume and experience build.\n\nBeyond that, nobody can tell you what you will earn, and you should be sceptical of anyone who tries. Income depends on your settlement volume, average loan size, lender mix, retention and whether you charge fees. What can be explained is the structure: [how mortgage brokers earn](/costs-income/how-mortgage-brokers-earn-the-four-income-streams-and-the-trail-book-as-an-asset) covers the four income streams and how a trail book builds into an asset that belongs to you.\n\n## The honest picture\n\nBroking rewards consistent, relationship-driven client acquisition. The brokers who succeed treat the first year as a building year: completing accreditations, working their networks, converting mentoring into real competence.\n\nPlan your finances for that. Upfront commission arrives after settlement, not after the client says yes, and trail takes years to become meaningful. The infrastructure risk is what Redrock removes — licensing, compliance, software, lender access and a mentor are in place from day one. The income risk is yours.\n\nRedrock has 181 brokers nationally and has operated since 2004. If you want to talk it through, call **1300 667 694**, or start with the [joining and qualifications FAQ](/faqs/joining-and-qualifications-frequently-asked-questions).",
  "geography": {},
  "metadata": {},
  "publishedAt": "2026-07-29T01:17:26.789109+00:00Z",
  "tags": [
    "mortgage broker licensing",
    "certificate iv finance broking",
    "loan packaging and structuring",
    "trail book ownership model"
  ],
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}