Yes, as an independent business operator you can charge brokerage/service fees for your time and advice as long as the fees are disclosed to your clientele and in accordance with any relevant compliance requirements.
You will get ALL the support you need – and unlike other expensive mentor programs which can costs in excess of $20,000 over 2 years, we are here to assist you for the life of your business. Membership with Red Rock is not a quick fix – it is an ongoing business relationship.
- Practical induction training, setup and advice.
- Participation in ongoing professional development days.
- We check and review your loan applications for compliance.
- Access to your experienced lending personnel.
- Hundreds of downloadable tools, marketing & support services.
- Assistance with loan scenarios.
- Assistance preparing loan applications.
- Ongoing phone and email access with mentoring personnel.
Yes, your client data is and will always remain yours.
Yes – you can keep your own brand, whilst a member broker your business remains independent.
No, There are two options in regard to licensing:
- Become an Authorised Credit Representative (ACR) of Red Rock Brokers Group Pty Ltd (Most members follow this option) or
- Hold your own Australian Credit Licence (ACL). (min 2 years experience in credit required)
Yes. You must hold and maintain your own Professional Indemnity Insurance cover. We have relationships with insurance provides that can provide you with highly competitive group policy premiums at discounted pricing to benefit your business.
Most of our models have no minimum volume requirements. Our objective is to ensure that you achieve consistent growth through volume increases, it is in both our best interests to ensure that you achieve consistent month to month settlements.
Yes, our lender panel includes general insurance and life insurance providers covering a wide range of insurances including home & contents insurance, building insurance, landlord insurance, motor vehicle and life insurance (mortgage protection) policies, and deposit bonds. Members also have access to our panel asset finance manager to provide finance for a range of assets including but not limited to cars, boats, trucks, machinery, plant and equipment.
As a member you automatically meet the initial requirements of the FBAA in that we provide your nomination for membership. All our members receive complimentary basic mentoring services to assist with your day to day business operation. Our approach to mentoring is highly flexible and provided on a case by case bases customised to suit your individual needs. Your membership is all encompassing and covers off the requirements enforced by the FBAA in relation to industry mentoring requirements.
Under FBAA membership requirements, an applicant with less than 2 years experience (over the past five years) in the finance industry, must be nominated for membership by another member (or member’s representative) who undertakes to mentor (or ensure the mentoring of) the applicant (mentee) until they have had at least 2 year’s experience. Membership with Red Rock Brokers Group provides you with this nomination.
How long the process will take will depend on what per-requisite requirements you have already met. Essentially in order to start writing loans the following is required, which form part of the application process;
- National Police Check
- Bankruptcy Search
- Credit Check
- Minimum Certificate IV in Finance & Mortgage Broking (FNS40811)
- Membership with an approved External Dispute Resolution Scheme Australian Financial Complaints Authority (AFCA)
- Membership with the Finance Brokers Association of Australia (FBAA)
- Professional Indemnity Insurance
All of the above steps have varying time frames for completion. We have ongoing affiliate relationships with many providers and we will assist you throughout in completing each process.
To coincide with industry mentoring requirements for new to industry applicants our membership agreement has a minimum term of 24 months. This is to ensure that new to industry members receive the full breadth of support, mentoring and training required to gain the necessary hands on industry experience to successfully establish their broking business. At any time should you wish to exit, 30 days notice is required.
We operate on a case by case basis when it comes to mentoring. Assistance and access to various educational, credit and compliance tools along with support from Red Rock mortgage professionals is available for any ongoing assistance you require. Most Members have business experience, whether it be in real estate, accounting, financial planning or similar. We realise that depending on your individual circumstances the levels of mentoring and/or assistance required will vary with each of you.
Mentoring is not a legislative requirement under NCCP for Credit Representatives. However, industry bodies such as FBAA and MFAA have imposed their own mentoring requirements for new members. We believe the availability of up to date resources and support is crucial in ensuring our members remain compliant and successful.
The minimum educational requirements required by the industry regulator ASIC to become a mortgage/finance broker is Certificate IV in Finance and Mortgage Broking FNS40811. A Diploma level qualification is NOT required although you may choose to do this educational course if you so desire.
Yes. The information you provide in the member joining process is strictly confidential and is only used for assessment and compliance purposes.