Why Mortgage Broker Hiring Is Getting Harder Every Year

Mortgage Broker hiring has become one of the toughest challenges in financial services, and the numbers explain why. Brokers now set a record 81 per cent of new residential home loans, up from around 55 per cent in 2018, so firms need more brokers than ever. Yet the pool of experienced brokers is not keeping pace. The result is a market where good brokers are hard to find, harder to attract, and harder still to keep. 

Demand is rising faster than supply 

We asked our specialist mortgage broking team what they are seeing in the market, and this is what they had to say. 

“The demand side has never been stronger. With so many borrowers going through brokers now, our clients are all trying to grow their teams at the same time. The trouble is that the supply of experienced brokers has not kept pace, so everyone is fishing in the same small pond. A broker who can walk in with an established client book is one of the most contested people in the market right now.” – Lachie Young, Team Leader, Financial Services 

Due to the demand for mortgage and finance broking, broker hiring is getting harder than the supply of experienced brokers. More borrowers are choosing brokers than ever, so firms need more of them, but the pipeline of qualified, client-ready brokers grows slowly. As the channel grows, competition for brokers who can carry a client book from day one intensifies across the industry. 

Talent shortage in Broking 

Experienced brokers are scarce because the workforce is ageing, few new entrants reach full productivity quickly, and many successful brokers become self-employed or move to aggregators rather than staying as employees. Building a broker who can work independently and hold client relationships takes years, not weeks. 

The main supply constraints are: 

• An ageing broker workforce with a wave of retirements approaching 

• A slow pipeline, since new brokers take years to become fully productive 

• A strong pull towards self-employment and aggregator models 

• Demand that keeps outpacing the rate of new qualified brokers 

• Competition from lenders and adjacent financial services roles 

How do licensing pathways affect broker hiring? 

Licensing lengthens the time it takes to produce a job-ready broker. In finance and mortgage broking, entrants typically complete a Certificate IV, then a Diploma, and operate under an Australian Credit Licence or as a credit representative, usually with industry body membership. These steps protect consumers, but they also mean supply cannot respond quickly to a spike in demand. 

Brokers also work under a best interests duty, so employers need people who are not only licensed but capable of advising clients well. The typical pathway includes: 

• A Certificate IV in Finance and Mortgage Broking to enter the industry 

• A Diploma to advance and handle more complex lending 

• An Australian Credit Licence, or authorisation as a credit representative 

• Membership of an industry body such as the MFAA or FBAA 

Why brokers leave, and how to keep them 

Experienced brokers leave for higher earnings, more autonomy, or the chance to run their own business. Retaining them means competing on more than commission: a strong client pipeline, good support and technology, clear progression, and a culture that respects their independence. In a tight market, retention is far cheaper than replacement. 

Retention levers that work: 

• Offer a competitive and transparent remuneration structure 

• Provide leads, marketing and administrative support so brokers can sell 

• Invest in technology that removes low-value work 
• Create progression beyond writing loans, into mentoring or leadership 
• Give experienced brokers autonomy within a supportive team 

“We are seeing more experienced brokers decide to go out on their own or move to an aggregator model, which makes retention just as important as hiring. The firms that hold onto their people are the ones offering strong lead flow, good technology and a clear path to grow, not just the biggest commission split. When a broker feels supported and can see where their career is heading, they are far less likely to leave.” – Lachie Young, Team Leader, Financial Services 

Building your own brokers 

When experienced brokers are unavailable, the most reliable option is to grow your own. That means recruiting for aptitude, supporting new entrants through their qualifications, and pairing them with experienced mentors until they can hold a client book. It is a longer path, but it builds loyalty and a supply you control. 

Ways to build your own pipeline: 

• Hire for aptitude and client skills, then train the technical knowledge 

• Support Certificate IV and Diploma study with time and funding 

• Use structured mentoring to move new brokers towards independence 

• Bring in associate or support roles as a stepping stone to broking 

• Start building the pipeline now, before the next surge in demand 

Frequently asked questions 

Why are mortgage brokers in such high demand?  

Australian borrowers increasingly choose brokers over going direct to a lender. Brokers now settle a record share of new home loans, which drives strong demand for experienced brokers across the industry. 

How do you become a finance or mortgage broker in Australia?  

Most brokers complete a Certificate IV in Finance and Mortgage Broking, then a Diploma, and operate under an Australian Credit Licence or as a credit representative, usually with industry body membership. 

Is there a shortage of experienced brokers?  

Yes. Demand for broking is growing faster than the supply of experienced brokers, and an ageing workforce and slow pipeline make experienced, client-ready brokers particularly hard to hire. 

Ready to solve your broker hiring challenge? 

Broker hiring is not getting easier, and the firms that win are the ones with a plan for both hiring and growing talent. At Fuse Recruitment, we work across financial services and broking, helping firms attract experienced brokers and build the pipelines that reduce their reliance on a scarce market. If broker roles are sitting open, or your best people are being courted elsewhere, get in touch with our team to build a hiring and retention plan that fits your business.