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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. The employment level for Financial Brokers has increased overall between 2002 and 2022 despite some fluctuations, with a particularly strong rise from 34,800 in 2021 to 45,200 in 2022. Employment is projected to increase further to 48,000 by the year 2026.

Training trends

Training snapshot

Program enrolments in Mortgage and Financial Broking-related qualifications declined each year between 2017 and 2019, before rising sharply over the next two years to just under 15,750 in 2021. Program completions followed a similar pattern reaching around 6,770 in 2021.

For enrolments during 2021, all training in Mortgage and Financial Broking-related qualifications took place in the Certificate IV in Finance and Mortgage Broking (65%) or Diploma of Finance and Mortgage Broking Management (35%) with the intended occupation of Finance Broker.

For 2021 enrolments, private training providers delivered the vast majority of Mortgage and Financial Broking-related training (98%). The majority of Mortgage and Financial Broking-related subjects were funded through domestic fee for service arrangements (95%).

New South Wales and Victoria had the highest proportion of students who enrolled in Mortgage and Financial Broking-related qualifications during 2021 at 35% and 32% respectively. The largest proportion of training was delivered from New South Wales (41%), followed by Queensland (28%) and Victoria (24%).

Apprentice and trainee commencements in Mortgage and Financial Broking-related qualifications fell dramatically between 2012 and 2020 before a substantial increase to just under 460 in 2021. Completions have fallen in a similar fashion since 2013 then increased slightly in 2021 to around 25. Apprentices and trainees in this sector have an intended occupation of Finance Broker. In 2021, New South Wales reported the largest proportion of Mortgage and Financial Broking-related apprentices and trainees, with 38%, followed by Queensland with 26%.

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.

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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

National Skills Commission 2022, Occupation Employment Projections viewed 10 August 2022,

  • by ANZSCO, selected occupations, employment projections to May 2026
    • Financial Brokers.


Australian Bureau of Statistics 2022, 6291.0.55.001 - EQ06 - Employed persons by Industry group of main job (ANZSIC), Sex, State and Territory, November 1984 onwards, viewed 1 August 2022.

  • Employed total by ANZSIC 4 digit Financial Brokers, 2002 to 2022, 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
    • FNS40821 - 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
    • FNS50322 - 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:

  • 2017 to 2021 program enrolments
  • 2017 to 2021 program completions
  • 2021 subject enrolments.


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:

  • 2012 to 2022 commencements
  • 2012 to 2022 completions
  • apprentices and trainees in-training October to December 2021 collection, by qualification and state and territory of data submitter.
Updated: 27 Oct 2022
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