Renewed interest in broking

The Loan Market Broker Academy in Queensland received 75 applications over the holiday break, which was a substantial increase on the 17 received over the same period the year before.

Loan Market Queensland state manager Andrew White said the applications bucked the trend of an ageing and shrinking industry.

“To see such a large group eager to join our academy is the perfect way to end 2012,” Mr White said.

“Nearly 70 per cent of these applicants are from people under 30 years old, when usually in the past less than one in four applications is from this age group.

“It is certainly encouraging to have younger generations considering a career as a mortgage broker.”

The increased interest in the broking profession is an encouraging sign for the brokerage. MFAA statistics indicate that the industry has been shrinking.

The average age of new entrants to the industry in 2012 was 39, with the overall average age being 45, according to the MFAA.  

Loan Market Queensland Academy manager Lindy Spillman said Loan Market would carefully process all the applications before placing them in the two-year program.

“Our academy covers all aspects of the home finance industry and provides the dedicated training needed for a variety of backgrounds and skill levels,” she said.

According to Mr White, graduates emerge from the program as “fully-accredited mortgage brokers with a Diploma, Certificate IV and affiliations with financial service and industry associations”.

The Loan Market Queensland Academy officially opened in July last year, but the group also has programs in Sydney and Melbourne.