Commonwealth Bank of Australia
Online Access
Forgotten your
password?

Broker Accreditation

How to become an accredited Residential Mortgage Broker with the CommBank

Back to Home

Broker Accreditation

How to become an accredited Residential Mortgage Broker with CommBank.

Brokers need to contact their Head Group accreditation team to create an online application.

 

New CommBank accreditation

To be considered for accreditation we require brokers to:

  • Hold a minimum of a Diploma of Finance and Mortgage Broking Management (or an Advanced Diploma/Associated Diploma/Bachelor/Bachelor Honours Degree/ Graduate certificate or Diploma/Masters Degree or a Doctoral Degree that has a finance component)
  • A current member of either the Mortgage and Finance Association of Australia (MFAA) or the Finance Brokers Association of Australia (FBAA);
  • An employee, credit representative or director of a CommBank Approved to Recruit ACL;
  • Meet our experience criteria:
  • One year writing regulated residential home loans, or
  • Written at least 20 regulated residential loans with different lenders; or
  • One year’s experience in a role as a Home Loan Processor/Relationship Manager/Business Development Manager with a residential lender / credit assessor / financial advisor; or
  • Accredited an CommBank Group Commercial broker

 

Key documents

Below is a list of documents broker will require when completing their application;

  • Current Drivers Licence or Passport
  • Diploma of Finance and Mortgage Broking Management (or an Advanced Diploma/Associated Diploma/Bachelor/Bachelor Honours Degree/ Graduate certificate or Diploma/Masters Degree or a Doctoral Degree that has a finance component)
  • Current membership certificate with either the Mortgage and Finance Association of Australia (MFAA) or Finance Brokers Association of Australia (FBAA)
  • Evidence of Permanent Residency by way of a working Visa (if applicable)
  • Copy of a National Police Check (please note, this can take approx. 25 days to attain)
 

E-learning Modules

When the application is received by CommBank and an assessment is completed the Broker will be required to complete three short e-learning modules and two quizzes before they receive their Broker ID.

 

Timelines

Assessment of the application can take up to 10 business days. Where there is outstanding information (including completion of the e-learning modules) this may extend further.

Should a Broker’s application not meet minimum standards, pass assessment or not provide outstanding documents within 10 business days the application will be withdrawn and Head Groups and Brokers will be notified.

Once a Broker receives their Broker ID they will be assigned a Relationship Manager to support them. The Relationship Manager will also check-in with the Broker at different points over the first six months to ensure they have all the information they need regarding CommBank policy and procedures.

 

Transfer applications

To transfer a brokers CommBank accreditation, we require brokers to:

  1. Hold a Certificate IV or Diploma of Finance and Mortgage Broking Management
  2. Be credit licenced to act as a residential Mortgage Broker. This includes an authorised Direct Credit Representative or employee of an ACL; Director of an ACL or Owner of an ACL
  3. Have a clear Release Letter from the previous Head Group

A list of documents a broker will require when completing their application:

  • Copy of current Drivers Licence or Passport
  • Certificate IV or Diploma of Finance and Mortgage Broking Management
  • Current membership certificate with either the Mortgage and Finance Association of Australia (MFAA) or Finance Brokers Association of Australia (FBAA)
  • Evidence of Permanent Residency i.e. Passport or appropriate Visa
  • Copy of National Police Check (please note, this can take approx. 25 days to attain)
  • Copy of Head Group Release Letter (if broker is seeking to transfer to another Head Group or ACL and retain CommBank accreditation)

 

CommBank Approved to Recruit ACL

We have streamlined the way an ACL can be CommBank Approved to Recruit.

An ACL can be elevated to Approved to Recruit subject to CommBank approval if they:

1. have been subject to an independent risk & compliance review (not self-assessment) within the past 12 months, that includes a Responsible Lending file review of at least 5 files across a number of Lenders;
            a. these reviews where conducted by an employee of this Head Group, which is not associated with the ACL, or have been conducted by an external provider.

2. are currently not subject to any risk or compliance actions by the Head Group;

3. have not been subject to an investigation by any other Lender;

4. have not had their residential mortgage broking accreditation, suspended, revoked or terminated by any other Lender;

5. are currently meeting all contractual obligations with us, as their Head Group;

6. are currently meeting all regulatory requirements as an ACL holder.

The Head Group must attest that the ACL has met the criteria outlined above and also nominate the ACL to be Approved.

Please speak with your Head Group for more information.

Mortgage brokers seeking accreditation will still be required to apply via a CommBank Approved to Recruit ACL. Please speak with your Head Group accreditations team to confirm if you are aligned with an Approved to Recruit ACL.

No changes have been made to those ACLs that are already CommBank Approved to Recruit.

An ACL’s status does not impact the ability for the brokers aligned to that ACL to conduct business with CommBank or affect the service level that an ACL or those brokers receive.