To become a Canstar Certified Mortgage Broker, mortgage brokers must demonstrate that they meet the following certification criteria: 

PART 1: BROKER DECLARATION & BACKGROUND CHECKS

The broker declares via statutory declaration that, in the last ten years they have not:

1. Had an application for the grant or renewal of a licence or authorisation under the National Consumer Credit Protection Act 2009, refused, suspended, canceled or revoked, or had any restrictions applied.

2. Had any disciplinary action in relation to any such authorisation by any regulatory authority or industry body.

3. Been the subject of any investigations or proceedings that are still current or pending and which may result, or resulted, in disciplinary action being taken in relation to any such authorisation.

4. Been engaged in the management, or been a Responsible Manager, of any companies or businesses that have had a licence under the Corporations Act (or previous corresponding laws) cancelled or suspended.

5. Been reprimanded, disqualified or removed, by a professional or regulatory body in relation to matters relating to the person’s honesty, integrity or business conduct.

6. Had any past, present or pending claim made against a professional indemnity insurance policy in relation to advice they have provided.

7. Been refused professional indemnity insurance.

8. Been denied accreditation as a mortgage broker by a credit provider, mortgage manager or mortgage insurer.

9. Had their accreditation cancelled or suspended by a credit provider, mortgage manager or mortgage insurer, or had their membership of an aggregator or franchise group terminated, or had similar action pending against them.

10. Been the subject of administrative, civil, or criminal proceedings or enforcement action, which were determined adversely to the broker (including by consenting to an order or direction, or giving an undertaking not to engage in unlawful or improper conduct) in any country.

11. Had a lender, originator, industry association, aggregator or external dispute resolution scheme decline or withdraw accreditation or membership.

12. Been the subject of a lender, originator, industry association, aggregator, regulator or external dispute resolution scheme investigation for misconduct, fraud or any other reason.

13. Been found guilty of a criminal offence, and/or been charged with a criminal offence, involving fraud, dishonesty, drug trafficking or violence.
If the broker has been found guilty of any criminal offence in the past 5 years, the broker must notify Canstar within their application.

14. Ever been declared bankrupt or been subject to control under the Bankruptcy Act 1966.

15. If in the last 5 years, the broker or the broker’s services have been the subject of a complaint to AFCA, the broker must provide the relevant complaint details to Canstar.

16. Been disqualified to act as a Director of a company.

The broker declares via statutory declaration whether they have ever:

17. Carried on business under any other name than the name shown in the application.

18. Have been known by any name other than the name shown on the application.

19. If the broker’s answer to question 17 or 18 is yes, the broker must answer question 1 – 16 in relation to that other name or business in their statutory declaration.

Broker reference checks & register searches

20. The broker must provide 2 professional referee reports to Canstar.

21. The broker must not be listed on ASIC’s banned and disqualified register.

22. Canstar will arrange for the broker to complete a police check.

23. Canstar will run a bankruptcy check on the broker. 

The broker must provide Canstar with the following documentary evidence:

24. A list of compliance policies and procedures that the broker adheres to.

25. Confirmation of the broker’s AFCA membership.

26. Confirmation that the broker is a member of the FBAA and/or the MFAA.

27. Confirmation that the broker undertakes continuing training of 25-30 CPD hours per year for the last 2 years (training record to be provided).

28. Certificate of currency of Professional Indemnity insurance.

29. That the broker provides clients with clear, transparent fee disclosures (including FSCG).

30. An example credit assessment.

PART 2: BROKER PERFORMANCE STANDARDS

1. Minimum qualification: Certificate IV in Finance Mortgage Broking and Diploma of Finance and Mortgage Broking Management (FNS50322; FNS50320; or FNS50315).

2. Minimum experience: 3 years as a mortgage broker in the past 5 years.

3. Within the last 3 years, the broker has settled at least 50 home loans.

4. The broker must have at least 25 lenders on their panel of available lenders, including at least 2 of the Big 4 Banks.

5. The broker does not charge fees directly to consumers.

6. The broker has a minimum of 5 positive customer references from the last 3 years.

7. The broker is in full compliance with the Australian Privacy Act 1988.

PART 3: WORK RELATED RISK & INTEGRITY SCALE

1. The broker completes Work-related Risk and Integrity Scale (WRISc) assessment to Canstar’s reasonable satisfaction.

Brokers are required to obtain an outcome of ‘Does not exhibit the specific scoring pattern’ for both the Erratic Lifestyle Index and the Dispositional Deviance Index in order to meet Canstar’s integrity requirements.

PART 4: CANSTAR MORTGAGE BROKER CERTIFICATION TEST

1. The Broker passes the Canstar Mortgage Broker Certification Test. The test is a mixture of questions about home loan products, credit assistance scenarios and macroeconomic issues.

Important Information

Brokers who meet the Canstar Certified Mortgage Broker certification criteria as set out above, can refer to themselves as Canstar Certified Mortgage Brokers. This is because Canstar is satisfied that the individual broker meets the four eligibility criteria as described.

Canstar Certified Mortgage Brokers are independent contractors, operate under their own, or another licensee’s, Australian Credit Licence, and are not Canstar’s agent or representative.  Canstar will have no input into the advice or product recommendations a consumer receives from a Canstar Certified Mortgage Broker. Canstar Certified Mortgage Brokers are not operating on behalf of Canstar. 

If a broker successfully completes the certification process, the broker may pay Canstar a fee to use the official Canstar Certified Mortgage Broker badge in their business.  Canstar may earn a fee from the Canstar Certified Mortgage Broker or the broker group it is affiliated with, for settled Home Loans arising from referrals via our website to Canstar Certified Mortgage Brokers.  Fees payable may vary depending on the home loan product and product provider.  

Not all mortgage brokers available in the market have undertaken the certification process. Canstar has invited a limited number of brokers from the Loan Market Group to undertake the process initially, and only those who have successfully completed the certification process are entitled to use the logo and wording “Canstar Certified Mortgage Broker”. Being certified as a Canstar Certified Mortgage Broker is not a representation that the holder’s mortgage broking services are superior to all other brokers who do not hold the certification.