Unit of competency Outline
Date retreived
23/07/2026 12:10 AM AWST
23/07/2026 12:10 AM AWST
Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.
Provide finance and mortgage broking services
Provide finance and mortgage broking services
Unit of competency
National Code
FNSFMB402A
FNSFMB402A
State Code
D4103
D4103
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
29/07/2014
Field of Education
081101 - Banking And Finance
Original Release Date
29/07/2014
Nominal Hours
20
Description
This unit describes the performance outcomes, skills and knowledge required to determine a client's finance broking requirements and explain capabilities, legal and compliance related issues so the client is aware of their rights.This unit may apply to job roles subject to licensing, legislative, regulatory or certification requirements so Commonwealth, State or Territory requirements should be confirmed with the relevant body.
Notes
Elements and Performance Criteria
1. Educate client and build rapport
- 1.1. The finance and mortgage broking process is explained to the client in a clear and unambiguous way with the background, credentials and role of the broker clarified to build rapport
- 1.2. The services, values and capacity of the organisation are presented to the client and the client's understanding of the fees and charges are confirmed
- 1.3. Procedures for complaints handling and resolution are identified and confirmed with the client
2. Determine client's existing financial situation
- 2.1. Client is asked to disclose relevant facts to begin determining their personal and financial situation and the current income, expenditure and liabilities of the client are established
- 2.2. Current investment and assets position of the client are determined and an initial analysis of client's financial position undertaken based on the extent of client disclosure
3. Determine client goals and priorities with respect to finance broking
- 3.1. Client is asked to clarify their investment goals and expectations
- 3.2. Risk issues and tolerance are explored comprehensively with client and client concerns, if any, are identified and responded to promptly and appropriately
- 3.3. Client priorities are established and confirmed
- 3.4. Specialist advise is sought where necessary or client is referred to appropriate sources where required advice or services cannot be provided
4. Prepare necessary documentation follow-up
- 4.1. All relevant client facts, information, financial and personal histories are documented, checked and managed confidentially in accordance with organisation policy and guidelines and relevant legislation and industry codes of practice
- 4.2. Client records are created or updated where necessary in a clear and concise format and securely filed in a format and location readily accessible to other appropriate advisers
RANGE STATEMENT
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.
Finance and mortgage broking process may include:
assessment of loan and pre-approval
complaints procedures
exchange of contracts
follow-up service and information
interview
letter of offer
needs analysis
regulators' guidelines
relevant industry standards and codes of conduct
settlement
the overall loan process
unconditional approval.
Background, credentials and role of the broker may include:
broker commitment to service
educational qualifications
participation in related professional associations
responsibilities of the broker
roles played by intermediaries such as lenders.
Services, values and capacity may include:
organisational commitment to service
pricing and fee structures
printed organisation information such as:
history
mission statement
client charter
range of services provided
relevant industry standards and codes of conduct
relevant legal requirements
the relationship between ethics and regulatory requirements such as good faith
types of classes of mortgage products
what to expect from broker.
Fees and charges may include:
commissions from lenders
commissions paid to franchisees
loan establishment fees
loan value fees
trailing commissions.
Procedures for complaint handling and resolution may include:
contact with client relations officer
contact with the mortgage industry ombudsman
in-house procedures.
Client's relevant facts may include:
age
business needs
debt position
family income or support
investment history
marital status
savings.
Personal and financial information may include:
details of the client's needs and objectives for:
income
security
liquidity
the time period they hope to hold property for.
Investment goals and expectations may include:
approach to investing:
speculative
passive
active
beliefs about performance, security and fluctuations in income and capital
income expectations
long-term or short-term goals
return expectations
security.
Risk issues and tolerance may include:
access restrictions of product
attitude to risk:
conservative
moderate
high
borrowing risk or gearing
flexibility of product
market and sector risks:
economic cycle
interest rates
property values
property management
specific product risk
volatility of income and capital.
Client concerns may include:
possible accrued debt
price or interest resistance
resistance to organisation or broker
risk
timing issues
uncertainty about the product.
Relevant legislation and industry codes of practice may include:
Australian Securities and Investments Commission (ASIC) Act
Corporations Act
jurisdiction of various regulators
Privacy Act
relevant legal principles
Uniform Consumer Credit Code (UCCC)
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.
Finance and mortgage broking process may include:
assessment of loan and pre-approval
complaints procedures
exchange of contracts
follow-up service and information
interview
letter of offer
needs analysis
regulators' guidelines
relevant industry standards and codes of conduct
settlement
the overall loan process
unconditional approval.
Background, credentials and role of the broker may include:
broker commitment to service
educational qualifications
participation in related professional associations
responsibilities of the broker
roles played by intermediaries such as lenders.
Services, values and capacity may include:
organisational commitment to service
pricing and fee structures
printed organisation information such as:
history
mission statement
client charter
range of services provided
relevant industry standards and codes of conduct
relevant legal requirements
the relationship between ethics and regulatory requirements such as good faith
types of classes of mortgage products
what to expect from broker.
Fees and charges may include:
commissions from lenders
commissions paid to franchisees
loan establishment fees
loan value fees
trailing commissions.
Procedures for complaint handling and resolution may include:
contact with client relations officer
contact with the mortgage industry ombudsman
in-house procedures.
Client's relevant facts may include:
age
business needs
debt position
family income or support
investment history
marital status
savings.
Personal and financial information may include:
details of the client's needs and objectives for:
income
security
liquidity
the time period they hope to hold property for.
Investment goals and expectations may include:
approach to investing:
speculative
passive
active
beliefs about performance, security and fluctuations in income and capital
income expectations
long-term or short-term goals
return expectations
security.
Risk issues and tolerance may include:
access restrictions of product
attitude to risk:
conservative
moderate
high
borrowing risk or gearing
flexibility of product
market and sector risks:
economic cycle
interest rates
property values
property management
specific product risk
volatility of income and capital.
Client concerns may include:
possible accrued debt
price or interest resistance
resistance to organisation or broker
risk
timing issues
uncertainty about the product.
Relevant legislation and industry codes of practice may include:
Australian Securities and Investments Commission (ASIC) Act
Corporations Act
jurisdiction of various regulators
Privacy Act
relevant legal principles
Uniform Consumer Credit Code (UCCC)
EVIDENCE GUIDE
The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.
Overview of assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
communicate knowledge of the finance and mortgage broking industries effectively with clients
apply analytical skills to assess client needs
apply knowledge of investment opportunities, risk, company policies and relevant legislation so clients can make informed decisions.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
access to and the use of a range of common office equipment, technology, software and consumables
access to finance and mortgage product information
access to relevant software system and data.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency
observing processes and procedures in workplaces or role plays
verbal or written questioning on underpinning knowledge and skills
setting and reviewing workplace projects and business simulations or scenarios
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.
Overview of assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
communicate knowledge of the finance and mortgage broking industries effectively with clients
apply analytical skills to assess client needs
apply knowledge of investment opportunities, risk, company policies and relevant legislation so clients can make informed decisions.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
access to and the use of a range of common office equipment, technology, software and consumables
access to finance and mortgage product information
access to relevant software system and data.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency
observing processes and procedures in workplaces or role plays
verbal or written questioning on underpinning knowledge and skills
setting and reviewing workplace projects and business simulations or scenarios
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| C9665 | FNSFBRK402B | Provide finance and/or mortgage broking services | Unit of competency |
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUR08 | FNSFMB402 | Identify client needs for broking services | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| D710 | FNS41011 | Certificate IV in Banking Services | Qualification |
| S707 | FNS40810 | Certificate IV in Finance and Mortgage Broking | Qualification |
| D708 | FNS40811 | Certificate IV in Finance and Mortgage Broking | Qualification |
| D716 | FNS50311 | Diploma of Finance and Mortgage Broking Management | Qualification |