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Mortgage and Financial Broking


This page provides information and data on the Mortgage and Financial Broking sector, which is one component of the Financial Services industry, and includes mortgage and financial broking management.

The Mortgage and Financial Broking sector is involved heavily with the wider Housing and Financial Services industries. Mortgage Brokers assist individuals to source and apply for mortgage financing, while Financial Brokers assist clients with more general financial needs and may facilitate the purchase or trading of a range of financial products.

Nationally recognised training for Mortgage and Financial Broking is delivered under the FNS – Financial Services Training Package.

For information on other financial services, see the Financial Services cluster page.

All data sources are available at the end of the page.

Employment trends

Employment snapshot

Detailed employment information is not available for the Mortgage and Financial Broking sector; information for the occupation Financial Broker has been used as a proxy for this sector. Employment for Financial Brokers was variable between 2001 and 2021, with a particularly strong rise between 2013 and 2019. Employment peaked in 2019 at 36,800 before falling to 34,900 in 2021. Employment is projected to increase to 35,500 by 2025.

Training trends

Training snapshot

Program enrolments in Mortgage and Financial Broking-related qualifications declined each year between 2016 and 2019, and rose sharply in 2020. Enrolments rose from approximately 8,020 enrolments in 2019 to around 12,040 in 2020. Program completions declined each year between 2016 and 2019, before rising in 2020. There were approximately 3,870 completions in 2019 and around 4,770 in 2020.

For enrolments during 2020, training in Mortgage and Financial Broking-related qualifications took place at the certificate IV level (68%) and diploma or higher level (32%). This training was comprised of the Certificate IV in Finance and Mortgage Broking, which had approximately 8,160 enrolments, and the Diploma of Finance and Mortgage Broking Management, which had roughly 3,880 enrolments. All students had the intended occupation of Finance Broker.

In 2020, private training providers delivered the vast majority of Mortgage and Financial Broking-related training (97%). The majority of Mortgage and Financial Broking-related subjects were funded through domestic fee for service (95%). New South Wales and Victoria had the highest proportion of students enrolled in Mortgage and Financial Broking-related qualifications at 34% and 33% respectively.

The largest proportion of training was delivered in New South Wales (38%), followed by Queensland (37%) and Victoria (21%).

Apprentice and trainee commencements in Mortgage and Financial Broking-related qualifications have fallen dramatically since 2012. Completions have fallen in a similar fashion since 2013. In 2020, there were 86 commencements, the highest number since 2013, and 13 completions, the lowest number since 2014. Apprentices and trainees in this sector have an intended occupation of Finance Broker. In 2020, New South Wales reported the largest proportion of Mortgage and Financial Broking-related apprentices and trainees, with 47%, followed by South Australia with 16%, Victoria with 14%, and Queensland with 13%.

For more data specific to your occupation, industry group or training package, visit NCVER's Data Builder.

For more data specific to your region visit NCVER’s Atlas of Total VET.

If you are interested in extracting NCVER data to construct tables with data relevant to you, sign up for a VOCSTATS account.

Industry insights

Industry insights on skills needs

According to the Financial Services IRC’s 2019 Skills Forecast, mortgage broking is an important and growing industry in Australia. The mortgage broking sector employed over 16,000 people in 2018 within small mortgage adviser organisations, national home loan franchisees or the mortgage broking components of major banks. Strong demand for property is driving demand for mortgage brokers. Mortgage and Finance Brokers need skills relating to: preparing loan applications, identifying client needs for broking services, complying with financial services legislation and industry codes of practice, applying principles of professional practice to work, and developing and maintaining in-depth knowledge of products and services used.

The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry: Final Report states that the mortgage broking industry is a key distribution channel for home loans, accounting for more than half of all residential home loans settled. In his final report, Commissioner Kenneth M. Hayne made a number of recommendations about mortgage brokers, including:

  • Recommendation 1.2 – Best interests duty: The law should be amended to provide that, when acting in connection with home lending, mortgage brokers must act in the best interests of the intending borrower. The obligation should be a civil penalty provision. This recommendation gives mortgage brokers the same duty to their clients as financial advisers owe their clients.
  • Recommendation 1.5 – Mortgage brokers as financial advisers: After a sufficient period of transition, mortgage brokers should be subject to and regulated by the law that applies to entities providing financial product advice to retail clients. This recommendation will ensure consistent treatment of mortgage advisers and financial advisers.

In Restoring Trust in Australia's Financial System: The Government Response to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, the Government agreed to introduce a best interests duty for mortgage brokers to act in the best interests of borrowers. The Government agreed that a breach of the best interests duty should be subject to a civil penalty. And the Government agreed, following the implementation of the best interests duty, to further align the regulatory frameworks for mortgage brokers and financial advisers. These changes will have a significant influence on Australia’s mortgage broking sector.

PWC’s Skills for Australia has completed work on a project to address the new and emerging skills needs required of mortgage broking professionals. In line with the broader changes across the Financial Services industry, the mortgage broking sector is required to adapt and change according to industry demands. Trends include regulatory changes and developments following changes to minimum education standards for the provision of advice and the Financial Services Royal Commission. Industry had highlighted the need for the Certificate IV in Finance and Mortgage Broking and the Diploma of Finance and Mortgage Broking to be updated in line with industry standards and training products deficiencies, as cited by the Financial Services Royal Commission findings. The nine mortgage broking units in scope for this review have been updated in line with the consultation findings that an increased awareness of mortgage broker regulators is required and adherence to professional standards and ethics need to be further improved. Furthermore, industry had identified the need for learners to develop their technical skills and improve their understanding of new technologies, particularly those used to enhance customer experience and broker efficiency. This transformation in the sector is addressed in the updated qualifications and units of competency.

KPMG’s report The Evolving Mortgage Market: Winning the Fight for Customers, reveals that respondents to their recent survey rated issue resolution and empathy as the most important attributes of their desired customer experience when taking out a mortgage. Interestingly, these customer experience attributes are also where the biggest gaps between desired and actual customer experience exist.

Based on recent conversations with employers about their recruitment plans, Hays has developed a list of The Most In-Demand Skills for 2021. Within Australia’s mortgage and financial broking jobs market, the skills in greatest demand are Brokers and Lending Managers with mortgage and or business lending and credit experience.

The National Skills Commission’s Skills Priority List: June 2021, lists the occupation of Finance Broker as having ‘Moderate’ future demand. Research has not identified any significant difficulty filling vacancies for this occupation across Australia, except in New South Wales where there is a shortage.

COVID-19 impact

The Mortgage Brokers sector is anticipated to grow over the next five years according to IBISWorld’s Mortgage Brokers in Australia: Market Research Report. The Reserve Bank of Australia (RBA) reduced the cash rate to a historic low of 0.10% in November 2020 in response to the COVID-19 pandemic. Historic low interest rates have encouraged younger Australians to purchase their first home, while existing mortgage holders have looked to refinance their loans. The economic uncertainty stemming from the COVID-19 pandemic has led to more Australians approaching Mortgage Brokers, especially because a mortgage is a long-term commitment. While the cash rate reduction reduced mortgage rates, banks have tightened their lending policies due to economy uncertainties. This factor has encouraged homebuyers to consult Mortgage Brokers to find the most appropriate loan. Australia's economic recovery from the COVID-19 pandemic, consumer sentiment and residential property market conditions will continue to affect Mortgage Brokers.

Links and resources

Data sources and notes

Department of Employment 2021, Employment Projections, available from the Labour Market Information Portal

  • by ANZSCO, selected occupations, employment projections to May 2025
    • Financial Brokers.


Australian Bureau of Statistics 2021, Employed persons by Occupation unit group of main job (ANZSCO), Sex, State and Territory, August 1986 onwards, 6291.0.55.003 - EQ08, viewed 1 August 2021

  • Employed total by ANZSIC 4 digit Financial Brokers, 2001 to 2021, May Quarter.


Training data has been extracted from the National VET Provider Collection, Total VET Students and Courses from the following training package or qualifications:

  • FNS Financial Services Training Package
    • FNS40810 - Certificate IV in Finance and Mortgage Broking
    • FNS40811 - Certificate IV in Finance and Mortgage Broking
    • FNS40815 - Certificate IV in Finance and Mortgage Broking
    • FNS40820 - Certificate IV in Finance and Mortgage Broking
    • FNS40804 - Certificate IV in Financial Services (Finance/Mortgage Broking)
    • FNS50310 - Diploma of Finance and Mortgage Broking Management
    • FNS50311 - Diploma of Finance and Mortgage Broking Management
    • FNS50315 - Diploma of Finance and Mortgage Broking Management
    • FNS50320 - Diploma of Finance and Mortgage Broking Management
    • FNS50504 - Diploma of Financial Services (Finance/Mortgage Broking Management).

This includes superseded qualifications and training packages.

Data covers a range of selected student and training characteristics in the following categories and years:

  • 2016 to 2020 program enrolments
  • 2016 to 2020 program completions.


Total VET students and courses data is reported for the calendar year. Program enrolments are the qualifications, courses and skill-sets in which students are enrolled in a given period. For students enrolled in multiple programs, all programs are counted. Program completion indicates that a student has completed a structured and integrated program of education or training. Location data uses student residence. Subject enrolment is registration of a student at a training delivery location for the purpose of undertaking a module, unit of competency or subject. For more information on the terms and definitions, please refer to the Total VET students and courses: terms and definitions document.

Low counts (less than 5) are not reported to protect client confidentiality.

Percentages are rounded to one decimal place. This can lead to situations where the total sum of proportions in a chart may not add up to exactly 100%.

FNS Financial Services Training Package apprentice and trainee data has been extracted from the National Apprentice and Trainee Collection, including:

  • 2011 to 2020 commencements
  • 2011 to 2020 completions
  • apprentices and trainees in-training October to December 2020 collection, by qualification and state and territory of data submitter.
Updated: 25 Oct 2021
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