what is a mortgage advisor?

As a mortgage advisor, your main responsibility is to provide financial advice to clients who are looking for mortgage products. The primary goal is to work in the best interest of your clients by reviewing their finances and calculating how much they can borrow without negatively affecting their financial situation. 

Mortgage advisors can work for banks and mortgage providers, or they can work independently. When you work independently, you have access to mortgage products from all lenders, giving you the ability to offer your clients a wide range of options. Your role is to find the best mortgage solutions that meet your client’s needs. Additionally, you assist clients with the mortgage application process and help them evaluate their income to determine if they can meet the financial obligations associated with the loan.

Effective communication skills are essential for this role because you work with clients from various backgrounds. For example, a client in the manufacturing or mining industry may need help understanding the financial implications of different mortgage products. As a mortgage advisor, it's your responsibility to guide them towards the best decision while adhering to strict industry regulations for providing financial guidance.

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average mortgage advisor salary

If you are considering a career as a mortgage advisor, you can expect to earn a yearly salary of $75,000. Entry-level positions for mortgage advisors pay $65,000 per year, but with experience, your earnings can gradually increase to over $85,000 annually. Moreover, some lenders and financial institutions may offer commissions on products sold to mortgage advisors.

how to increase your salary as a mortgage advisor

If you're considering a career as a mortgage advisor, keep in mind that your salary can be influenced by several factors. Your level of experience can impact your earnings - those who are just starting out may earn less than someone who has been working in the field for several years. However, having additional qualifications or specialised knowledge can lead to a higher salary.

The company you work for is also an important factor in determining your salary. Larger financial institutions may offer higher salaries and commissions due to their greater resources, while smaller startups may have limited funding and therefore offer lower salaries. Additionally, working in a metropolitan area may increase your salary potential since there is often a higher demand for mortgage advisors in these locations.


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types of mortgage advisors

Some of the types of mortgage advisors include:

  • tied mortgage advisors: as a tied mortgage advisor, your role involves offering mortgage products from a limited number of financial institutions or a specific provider. You will need to help your clients understand the various mortgage products available and assist them with the application process.
  • independent mortgage advisors: as an independent mortgage advisor, you have the flexibility to work with all mortgage providers, allowing you to provide a wide range of mortgage services to your clients. Your role involves searching the entire market for suitable mortgage products that meet your clients' needs. You can choose to work for an established firm as an independent mortgage advisor or work in-house.
smiling female sitting at table
smiling female sitting at table

working as a mortgage advisor

Working as a mortgage advisor is an interesting career where you help people finance their dream homes. If you want to join the profession, check out the role's specific duties, work environments and career prospects.


education and skills

Before becoming a mortgage advisor in Australia, you require an approved qualification and a licence. Some of the qualifications include:

  • educational qualifications: pursue an approved course such as a Certificate IV in finance and mortgage broking. Completing the certification requires obtaining a licence to work as a mortgage advisor. Alternatively, pursue a diploma in finance and mortgage broking management. While it is not a licensing requirement, some employers prefer mortgage advisors with a diploma.
  • experience: after completing your studies, apply for an Financial Service Providers certification (FSPR). Licensing and registration for financial service providers is provided by the Financial Markets Authority (FMA), where you can apply FAP license. Join an association like the Financial Dispute Resolution Service (FDRS), and you will be linked to a practising mortgage broker or advisor to mentor you for two years.

mortgage advisor skills and competencies

To be successful as a mortgage advisor, you require the following skills:

  • strong interpersonal skills: as a mortgage advisor, you require an outgoing and friendly personality. Your friendly personality helps you communicate well with clients and lenders. Getting along with clients is also useful in building relationships and providing useful advice.
  • organisation skills: working as a mortgage advisor is challenging since you perform multiple tasks. You require organisation skills to manage financial statements and loan documents. Organisation skills also help you keep track of your clients and their appointments.
  • negotiation skills: you require negotiation skills to help your clients get the best deals. Since you are the middleman between the lender and the borrower, you ensure they are on good terms. Your negotiation skills are invaluable in negotiating contracts.
  • attention to detail: as a mortgage advisor, you work with various financial statements, loan applications and mortgage products. You pay strong attention to details so that you don't miss anything. Your attentiveness to details helps you fact-check the contract and ensure it suits your client.

FAQs about working as a mortgage advisor

Here, you will find the answers to the most frequently asked questions about the profession of a mortgage advisor.

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