eChoice Broker Academy - eChoice Award Winning Mortgage … · 2017-09-14 · 15. Diploma in Finance and Mortgage Broking Management $490 16. Public Liability Insurance $200 TOTAL

1Copyright © eChoice.com.au Pty Ltd | ABN 59 082 572 683 | Australian Credit License 390528 |eChoice Home Loans Pty Ltd | ABN 61 069 528 463 | Australian Credit License 390502

About UsEstablished over 18 years ago, eChoice has fast become a major digital

brand that has helped over 50,000 Australians secure a home loan through a

network of over 30 lenders, and hundreds of loan products.

At eChoice our core focus is to empower consumers with accurate and best-

fit information on hundreds of loan products throughout the entire loan life

cycle. Our brokers are dedicated professionals and experts in their field.

Unlike our competitors in the industry, eChoice is a boutique operator,

servicing a niche and selective group of brokers. eChoice’s success and

growth to date has been achieved by powering its brokers with the right

levels of service, tools and support.

eChoice has continually been recognised as an industry leading organisation

over a number of years.

Award Winning Brand • Winner 2013 ABA, Best Digital Presence

• Winner 2014 MFAA, Aggregator of the Year Award (Retail & Wholesale)

• Winner 2014 ABA, Boutique Aggregator of the Year

• Finalist 2015 & 2014 AB+F, Best Career Development Programme

• Finalist 2015 & 2014 ABA, Best Training and Education

• Finalist 2014 ABA, Best Innovator + Major Brokerage of the Year

Franchise.

What is the Broker Academy? Our Broker Academy is focused on fostering passionate and motivated

entrants into the mortgage and finance industry.

It is an intensive program which delivers core job ready skills that will enable

you to succeed as an eChoice Broker managing your own business and

building a long term, tangible asset that is yours.

The Broker Academy is a comprehensive program that consists of a range of

flexible learning solutions tailored to meet your learning and lifestyle needs.

Tailor your pathway by selecting from online tutorials, webinars, workshops,

and self paced, all designed to get you job ready in the shortest possible

timeframe.

Joining the AcademyOur Academy caters for both new entrants to the industry as well as those

currently working within financial services.

To join the Broker Academy you will require;

• Certificate IV in Finance & Mortgage Broking

Please Note: eChoice offers new entrants an option to complete IV in Finance &

Mortgage Broking with our Industry preferred partner Kaplan Education

• MFAA or FBAA membership

• Professional Indemnity Insurance

• An ABN

• Credit & Investment Ombudsman (CIO) Membership Certificate.

Additionally, you must meet the minimum requirements provided in the

checklist outlined later in this pack. You will also be evaluated on your work

history, skills and knowledge, and life experiences.

What Does the Academy Focus On?At eChoice, our success is attributed to the success of our Mortgage

Brokers. Therefore, we are seeking motivated and capable participants who

are looking for an opportunity that will set them apart.

Our offering includes;

1. A comprehensive development program

2. Provision of a range of tools and resources

3. Ongoing one-on-one support.

How Does the Academy Work?The Broker Academy commences with five intensive days of face-to-face

workshops. Participants will be introduced to our partners to begin building

those essential relationships. We also develop your skills in systems and

processes we know to be most effective.

Please Note: It is essential that all participants attend one full week of face-to-

face tuition in either our Sydney. Melbourne or Brisbane intakes.

eChoice Broker Academy

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Helping You Grow Your BusinessOur focus is to help you manage and grow your business and build a

sustainable, successful career within the industry.

eChoice gives you all the benefits of a national brand, industry leading tools,

ongoing mentoring and support, licensing and compliance, without any

franchise fees and marketing levies.

We offer:

• Flexible Commission Models

• Access to High Quality Lead and Appointment Models

(by invitation only - eChoice Home Loan Manager)

• Award Winning Technology

• Award Winning Aggregation Model

• Support and Investment in Your Business

• Set & Forget Email Marketing Campaigns.

Unique IT PlatformA finalist at the Australian Broking Awards in 2014, FLeaTS (Fulfillment Lead

Tracking System), is eChoice’s end-to-end technology platform designed and

built in house by eChoice’s own development team. With ongoing updates

and investments, it ensures our brokers are supported and empowered to

service their clients faster, more easily and with greater care.

FLeaTS technology platform and software will enable you to efficiently manage your

own business as a mortgage broker, some of its features include;

• Loan Qualifier - Calculates client’s borrowing capacity and loan

qualification options

• Lead Management Tool - Start to end CRM, including email & SMS

functionality

• Electronic Lodgement - e-lodgement via NextGen’s ApplyOnline

• Brokerpedia – Access industry related information like lender policies

• Australian Property Monitors - Improve client loyalty with free

property reports

• CPD Training - Earn CPD hours & automatically track progress

• Commissions - Quick & easy claiming.

Marketing Tools & ServiceseChoice’s award winning Marketing Team has developed the My Marketing

Toolkit, giving you access to marketing tools and resources. These resources

focus on providing you with the strategies, developments and tools you need

to better grow your business.

The My Marketing Toolkit assisits with building out your client aquisition, engagement

and retention communication plan. Some of these tools include:

• Social Media Management - Outsource your social media strategy

• eWebsite Program - Promote your business with our one-stop-shop

web solutions

• Set & Forget Email Campaigns - Automated retention campaigns

• RBA Email Campaigns - Access to industry commentary and promotions

• Property e-Booklets - Educate your clients with access to segmented

property booklets

• Community Marketing & Strategic Alliances - A range of customisable

Community Marketing flyers

• Diversification Opportunity Programs - Make additional income with

external partner referral programs.

Meet A Past Graduate

Griffin Czipri

MPA YOUNG GUNS 2015 BANK WEST ROOKIE OF THE YEAR 2013 Blacktown, NSW

At only 25 years of age, Griffin Czipri is a young and savvy broker who

has outperformed in both client acquisition and sales. In 2013, Griffin

secured more than $40 million dollars in loan volumes - well above

the average volume of sales for most owner-operator brokers in the same

category - and in 2013 booked between 30-40 appointments with new

clients per month (with more than 80% of his clients being referred through

eChoice).

“The exceptional training and support I received at the eChoice Broker Academy

enabled me to ‘hit the ground running’ in my broking career. The steady flow of

highly qualified leads helped build my sales pipeline from day one, from which I

now generate regular referrals from satisfied clients.”

Benefits of the Academy

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One Path, Many Entry Points

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Broker Academy Matrix ScheduleWe have one path with many entry points, so we cater to everyone. Work through the Question and Answer below to determine the best entry point for you!

NEW STARTER QUALIFIED COMPLIANT ALMOST THERE

● Formal Qualification

● Minimum Compliance

Requirements

● Industry Membership

● Proven Effective Sales

& Process Skills

● Working Knowledge of Our

Industry Leading Software

● Lender Accreditations.

● Minimum Compliance

Requirements



& Process Skills






& Process Skills




● Proven Effective Sales &

Process Skills




Do you hold a minimum Certificate IV in

Finance & Mortgage Broking?

Do you currently hold CIO membership &

Professional Indemnity Insurance?

Are you currently a member of MFAA or

FBAA?

Do you have proven effective sales

ability & working knowledge of our

industry leading software?

LET US SUPPORT YOU TO OBTAIN:

*Not including Cert IV (if applicable), compliance requirements, industry membership and insurances. Please refer to the Getting Ready Checklist on page 4 for detailed break-down of all costs.

$1,000 incl GST $1,000 incl GST $1,000 incl GST $1,000 incl GSTTHE COST OF THE PROGRAM:


Before You Begin the Broker Academy

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ITEMS REQUIRED 30 DAYS PRIOR TO COMMENCEMENT COST

□ 1. Veda Credit File $80

□ 2. National Criminal History Record Check $42

□ 3. Registered ABN N/A

□ 4. Certified Copies of Two Forms of Identification (One Photo ID) N/A

□ 5. Personal Resume N/A

□ 6. Application for Accreditation Form N/A

□ 7. Authorised Credit Representative Statement N/A

TOTAL UPFRONT COST FOR 30 DAYS PRIOR REQUIREMENTS $122

ITEMS REQUIRED PRIOR TO COMMENCEMENT

□ 8. eChoice Broker Academy $1,000

□ 9. Certificate IV in Finance & Mortgage Broking with our preferred partner Kaplan Education $490

□ 10. Professional Indemnity Insurance $700

□ 11. MFAA or FBAA Membership Certificate $555

□ 12. Anti Money Laundering Course Completion Certificate $210

□ 13. Credit & Investment Ombudsman (CIO) Membership Certificate $125

□ 14. Your Own Laptop N/A

TOTAL UPFRONT COST FOR COMMENCEMENT REQUIREMENTSINCLUDING CERTIFICATE IV

$3,080

ADDITIONAL RECOMMENDED ITEMS

□ 15. Diploma in Finance and Mortgage Broking Management $490

□ 16. Public Liability Insurance $200

TOTAL UPFRONT COST FOR ADDITIONAL RECOMMENDED ITEMS $690

GRAND TOTAL UPFRONT COST FOR ALL ITEMSINCLUDING CERTIFICATE IV

$3,892

Getting Ready Checklist

Before you begin the eChoice Broker Academy you will need to organise the following items:


1. Veda Credit File

Cost $80

This is the first part of our “fit and proper person” test and is a pre-condition

to your appointment as an Authorised Credit Representative of eChoice.

The document you provide must be dated no earlier than three months prior

to your application.

Although you are able to request your Credit File for free through the Veda

website, we recommend you pay $80 for the service so you can receive it

via email the following business day, and also so you can keep track of your

Credit File on an ongoing basis.

Veda Credit File: http://www.veda.com.au

2. National Criminal History Record Check

Cost $42

This is the second part of our ”fit and proper person” test and is a pre-

condition to your appointment as an Authorised Credit Representative of

eChoice. The document you provide must be dated no earlier than three

months prior to your application.

The cost for a National Police Check on an individual is currently $42.

Information: http://www.afp.gov.au/what-we-do/police-checks/national-

police-checks.aspx

Application Portal: https://afpnationalpolicechecks.converga.com.au

3. Registered ABNYou will become a contractor to eChoice Home Loans Pty Ltd upon your

successful application to our Broker Academy program. To this end, you will

be required to either:

a. Register yourself as a sole trader with your own ABN, or

b. Create a Pty Ltd company with its own ABN and establish yourself as the

director - please bear in mind that this option will require you to purchase

two CIO memberships as per section 5.

Australian Business Register: https://abr.gov.au

4. Certified Copies of Two Forms of Identification (at least one Photographic ID)You will require copies of two of your current forms of identification certified

by a Justice of the Peace. Of these, at least one must be a photographic

document.

We require that you provide either your current driver’s licence or your

current passport, and prefer that you provide both. If you cannot supply

both, simply speak to us about what other forms of identification may be

acceptable.

5. Personal ResumeYou are required to provide us with a personal resume in order to determine

your suitability for the Broker Academy program. Your résumé must outline

your complete previous work history and at least two work-related referees

that we can contact via phone or email.

6. Application for Accreditation FormYou are required to complete and return an Application for Accreditation

form. When completed, please return via email to [email protected].

7. Authorised Credit Representative StatementThese documents are supplied by eChoice and we will forward these to you

following your initial expression of interest in our Broker Academy program.

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What You Need To Know 1/3



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8. eChoice Broker Academy

Cost $1,000 (inc. GST)

Graduate at the end of our Academy as a qualified and authorised Mortgage

Broker Credit Representative of eChoice, as well as accreditation with our

top lenders.

9. Certificate IV in Finance & Mortgage Broking

Cost $490 (inc. GST)

In addition to the Broker Academy Program, completion of this qualification

is a requirement of the industry in order to pursue mortgage broking as a

career.

This is the nominal cost of a Certificate IV in Finance and Mortgage brokering

when completed with our industry preferred partner Kaplan Education.

Please contact Kaplan Education on 1300 662 203 or email enrolments@

kaplan.edu.au to discuss our preferred partnership with Kaplan Education.

10. Professional Indemnity Insurance

Approximate Cost $700

PI insurance is required in the event that a claim made against you through

CIO or FOS resulting from your normal line of work as a broker is successful,

and limits your personal liability for such claims.

The minimum cover you will require is $2,000,000 per claim and $6,000,000

in the aggregate. You must also be covered for all activity related to providing

credit assistance to borrowers, i.e. mortgage products and product referrals

for personal loans, insurance, deposit bonds et al, and you must also purchase

84 months of runoff cover.

The cost given here is the approximate annual cost of a professional

indemnity insurance policy specifically tailored for mortgage broking, which

should cover all of the above.

eChoice has a preferred supplier agreement with Scott & Broad for PI

insurance. Information including contact details and more accurate costings

for their mortgage broking related insurance policies are available in a

separate document.

11. MFAA or FBAA Membership Certificate

MFAA Initial Application Fee $555

The Mortgage and Financiers’ Association of Australia (MFAA) and the

Finance Brokers’ Association of Australia (FBAA) are industry associations,

and you are required to be a member of either body.

Please be aware that the MFAA require you to have completed your Diploma

in Finance and Mortgage Broking Management in order to qualify for

membership with them.

The FBAA only require you to have completed your Certificate IV in Finance

and Mortgage Broking, but may place more stringent requirements on you

around your eligibility for membership with them.

The cost given here is the current sum total applicable to the initial

application fee plus the annual fee for membership with the MFAA. The cost

of membership with the FBAA can vary depending on your eligibility and

level of broking experience.

MFAA: http://www.mfaa.com.au – FBAA: http://www.fbaa.com.au

12. Anti-Money Laundering Course Completion Certificate

MFAA Initial Compliance Pack $210

You will be required to complete an Anti-Money Laundering course as part of

your membership process with the MFAA or FBAA.

We will require a copy of the certificate issued on completion of this course

in order to meet our obligation to ASIC of ensuring you are competent in

identifying attempts at money laundering or other forms of suspicious

transactions such as terrorism financing. This is the cost applicable to the

MFAA’s online Initial Compliance Pack course, which contains an AML

component.



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13. Credit & Investment Ombudsman (CIO) Membership Certificate

$125 Per Membership

You are required to be a member of an External Dispute Resolution

Scheme (EDRS) under the National Consumer Credit Protection Act 2009

(NCCP). In addition, ASIC requires all persons to be appointed as Credit

Representatives to hold a current membership to an EDRS.

As a Credit Representative of eChoice, you are required to become a

member of the same EDRS as the one eChoice belongs to, which is CIO.

The cost per membership to CIO is currently $125. Should you choose to be

accredited with us as the director of a company rather than a sole trader, we

will require you to purchase a second CIO membership for your company at

an additional cost of $125.

CIO: http://www.cio.org.au/

14. Your Own LaptopIn order to run FLeaTS Online, there are no system requirements, however

you will ned access to the internet.

15. Diploma in Finance and Mortgage Broking Management


Once you have completed your Certificate IV in Finance and Mortgage Broking,

eChoice recommends you complete a Diploma in Finance and Mortgage Broking

Management in order to be better prepared for more complex lending scenarios.

This is also a requirement of becoming a member of the MFAA.

This is the approximate nominal cost of a Diploma in Finance and Mortgage

Broking Management when completed via online e-Learning modules. Costs may

vary if you elect to study through a workshop or via distance learning.

16. Public Liability Insurance


When you purchase your PI insurance, you will have the option to add

public liability coverage to the value of $20,000,000 to your policy. eChoice

recommends you take this additional coverage, and it is usually available at

an additional cost of approximately $200 depending on your insurer.


How Long Does The Process Take?

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Obtaining the necessary memberships, insurances and other compliance

documentation you need to become a mortgage broker is a lengthy and

complicated process.

To expedite this process, eChoice will provide you with a Letter of Intent

to provide to CIO, your industry body of choice (MFAA/FBAA) and your PI

insurer following your initial expression of interest in our Broker Academy

program.

There are a number of steps you can take to ensure your accreditation is

processed with all speed:

1. Apply for your Veda Credit File and your National Police Check

immediately. These often take a few business days to be processed and

will be issued to you via email.

2. While you wait for the above documents to be issued to you, ensure your

personal resume is as current as possible, and if required, update it with

any missing information immediately.

3. Locate a Justice of the Peace in your area and arrange for them to certify

your photographic identification as soon as possible.

4. Log on to either:

https://www.mfaa.com.au/develop/Pages/coursecatalogue.aspx or

https://www.fbaa.com.au/aml and sign up for either:

a. The MFAA Initial Compliance Pack, or

b. The Anti-Money Laundering and Counter-Terrorism

Financing Course provided by AAMC on behalf of the FBAA

You are able to complete this part of the process without needing to apply for

membership to either industry body, therefore we recommend you complete

this step as quickly as possible.

5. Apply for membership to CIO and speak to your insurer about obtaining

PI insurance. You will require your Letter of Intent from us to do this. In

both cases, you should allow between five and ten business days from

the day you initially enquire on these to the day you receive the required

documentation.

6. Once you have all of the above, you are able to proceed with your

membership application to the MFAA or FBAA. Either organisation will

require around ten business days to finalise your application and issue

you with your membership certificate.

With all of this taken into consideration, you should allow a total of thirty days

from the day you receive your application documentation and your Letter of

Intent from us to receiving your MFAA or FBAA membership certificate.

• Please note costs quoted above are a guide only and subject to change.

Documents

eChoice Broker Academy - eChoice Award Winning Mortgage … · 2017-09-14 · 15. Diploma in Finance and Mortgage Broking Management $490 16. Public Liability Insurance $200 TOTAL